Scalping with filtered arrows and pivot points offers a simplified approach to trading, focusing on two key indicators: a filtered arrow signal and pivot point levels. This strategy is tailored for day trading on the 5-minute timeframe, primarily targeting major currency pairs. Leveraging the MetaTrader 4 platform, traders can efficiently execute this strategy with clear entry and exit rules. This article outlines the setup, trading rules, and examples of trades using this strategy.
Strategy Setup
Timeframe: 5 minutes
Currency Pairs: Majors
Platform: MetaTrader 4
Indicators: Filtered Arrow, Pivot Points Levels, Symbol Changer
Trading Rules
Buy
Enter a buy position when the filtered arrow signal appears.
Sell
Enter a sell position when the filtered arrow signal appears.
Exit Position
Profit Target Options
Take profit at 7-15 pips.
Exit position when the next arrow signal appears.
Use pivot points levels as profit targets.
Stop Loss
Set initial stop loss at the previous swing high for sell positions or swing low for buy positions.
Money Management
Implement a Kelly criterion-based money management system.
Adjust position size: decrease by 15% after a win, increase by 15% after a loss.
Conclusion
Scalping with filtered arrows and pivot points offers traders a simplified yet effective approach to day trading major currency pairs on the 5-minute timeframe. By focusing on clear entry and exit signals provided by the filtered arrows and utilizing pivot points for target levels, traders can streamline their decision-making process. Implementing a robust money management strategy further enhances the potential for consistent profitability. With proper risk management and discipline, this strategy can serve as a valuable tool for traders seeking short-term opportunities in the forex market.
Trade Examples:
Include screenshots or descriptions of successful trades demonstrating the application of the strategy.
Download
https://drive.google.com/file/d/1VoayMb54XlxyDRR8o5gFFjJIkTb1TAXV/view?usp=sharing
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