Take advantage of Keltner Channels with the Trend Channel scalping system for Meta trader 4. It's composed of 2 only trading indicators and simple trading rules.
Time Frame (s): 5 Min chart
Currency Pairs (s): EUR/USD, GBP/USD
Used Indicators: Keltner Channels (period 42), Exponential Moving Average (EMA 10)
Trading Sessions: London, US
Trading Strategy:
BUY Rules:
Open long trading position when the EMA 10 (red line) crosses the upper Keltner Band from below. Place stop loss at the middle band or 12 pips max. Take profit objective: 7-25 pips.
SELL Rules:
Open short trading position when the EMA 10 (red line) crosses the lower Keltner Band from above. Place stop loss at the middle band or 12 pips max. Take profit objective: 7-25 pips.
Trading Example:
The EUR/USD 5 min chart above shows 3 wins and 1 loss.
