Scalping Chimp Trading System For MT4
Table Of Contents:
- Scalping Chimp Trading System For MT4
- Selecting the trading instrument
- Scalping Chimp Trading System For MT4 - Long trade setup
- Scalping Chimp Trading System For MT4 - Short trade setup
- Trade Management
- Scalping Chimp Trading System For MT4 - Conclusion
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The Scalping Chimp Trading System For MT4 is designed for intermediate and skilled traders. Still, many novice traders have mastered this trading system in a short time due to the easy nature of this system. ADXVMA16Bar, ADXVM12Bar, TLOMI Nonlag v.4, and Chimp2.1 with ma are the four key indicators used to develop this system. You don’t have to set up the indicators one by one since the system comes with an organized template. Load the template in the main chart and you should see all the indicators arranged in the structured format. Just by knowing the key functions of the indicators, the retail traders are can easily make consistent profit with the help of this unique trading strategy.
The blue line formed by the ADXVMA16Bar will act as the trend determiner. When the slope is positive, consider the market in the uptrend. On the contrary, when the blue signal line is heading south, you should be expecting a downtrend. The lime and yellow color signal line will act as the quick confirmation tool. The crossover in this line can be identified easily by using the MA Cross OC reading. So, if you spot a blue arrow below the candlestick, it means bullish crossover has taken place. On the contrary, when you see a red arrow above the candlestick, it means a bearish cross has taken place. Finally, we have our Chimp2.1 indicator to analyze the quality of the trade signals. Now let’s learn how the Scalping Chimp Trading System helps the retail traders take high-quality trades at the most complex state.
Selecting the trading instrument
To get the best from the Scalping Chimp Trading System, you must use the pick the trading instrument in a very professional way. Since you will be taking trades in the M30 and H1 chart, it is better to trade the major pairs only. Some experts take trades in the cross-currency pairs but they make sure the spread is less than 4 pips. Usually, the EURAUD, GBPAUD, CHFJPY, and GBPJPY pairs provide such a tight spread. While taking the trades on the exotic asset, you should also analyze the news data. Failing to evaluate the news data can place you in a very uncomfortable situation.
Elite trades always consider the fundamental news as the main price driving catalyst. While using the Scalping Chimp Trading System, you should be concerned about the release of the macro and microeconomic news. Since the trade will be executed with 7-9 pips stop, it is better to take trades in stable hours. Even if you pick a good signal right before the news, avoid taking the trades. As an active scalper, your main target is to look for trading opportunities in the least risky environment.
Scalping Chimp Trading System For MT4 - Long trade setup
Trend trading method has always proven effective no matter which strategy you use to take the trades. Find an asset in which the price is moving above the blue signal line. Since the blue signal line will act as a strong support level, you should be waiting for the price to drop at the blue signal line. The bulls should take control of the market from that level and you should see a blue arrow mark created by MA Cross OC tool. Wait for the lime color signal line to cross over the yellow signal line. As the cross takes place, you need to wait for a minor bearish retracement. Now move to the Chimp2.1 indicator and wait for the green bar on the positive side.
Take the long trade at the first green bar in the Chimp2.1 indicator. Set the stop loss for 9 pips and take the profit should be set to 20 pips. At times, you will be able to trade with 7 pips stop when the yellow and the lime signal is very close to the ADXVMA16Bar signal line. Use risk management rules to limit the risk in each trade. The highest risk you can take in trade is 2% of your account balance. However, the rookies should start with 1% risk exposure while using the Scalping Chimp Trading System.
Scalping Chimp Trading System For MT4 - Short trade setup
Moving the selling technique, the traders need to find a bearish trend in the market. For that, they can analyze the position of the bar with the respect to the ADXVMA16Bar blue signal line. When the price is trading below that level, look for the bullish correction in the price. At times, you will notice a red arrow mark right above the blue signal line. And the bearish cross in the lime and the yellow color signal line will take place before the red arrow formation. Move to the Chimp2.1 indicator and look for the red bars below the reference line.
The red bars are the indication that the price is ready to fall to a new low. Open the short trade with 7 pips stop. The reason we can take the short with a very tight stop since the trade will be executed right at the blue signal line. The take profit for the trade can be set by evaluating the support level. But if you find it hard, follow the minimum risk to reward ratio. The minimum risk to reward ratio while using the Scalping Chimp Trading System should 1:2. And make sure you are opening the short trades during the active hours. Taking trades in the inactive trading session can make cause a delay in the closing of the trades. At times, you might end up trading in the ranging market which makes it hard to maintain a 1:2 risk to reward ratio.
Trade Management
Managing the trades while using the Scalping Chimp Trading System is a very straight forward process. The absolute beginners should start trading with 1% risk. And they are allowed to take 3 trades per day. If you take more than 3 trades, you will slowly develop the habit of over-trading. Overtrading is one of the key reason for which the majority of the retail traders loses money in the market. Once you learn to trade successfully, it is very normal that you will deal with multiple open trades. This means you have to consider the floating loss or profit while taking the new trades. Instead of analyzing the risk factor based on account balance, use the equity to calculate the risk exposure.
At times, you will consecutive losing trades while using the Scalping Chimp Trading System. This is normal and you should never change any rules in the system. Any system which has the potential to generate consecutive winners can face consecutive losing trades without any prior notice. Be prepared to embrace the worst-case scenario and never break the rules.
Scalping Chimp Trading System For MT4 - Conclusion
To be good at trading, you must have control over your emotions. Though the Scalping Chimp Trading System will provide a balanced way to execute the trades still you have to follow the rules. Never become excited with your trading performance and be prepared to deal with the most unexpected outcomes from the trades. If you intend to become a professional scalper, make sure you are trading with the money that you can easily afford to lose. If you trade with your last resort, you will be always under heavy mental pressure and thus you will make many silly mistakes.
Trading should be done with a stable mindset. If you focus on the experienced scalpers, you will notice all of them are taking the trades in a very structured way. They have a paper-based trading journal and they keep records for each trade. Develop this habit and you will personally feel the change in your actions. Read regularly so that you know more about the market. Having in-depth knowledge about the market will help you improve your trading accuracy while using the Scalping Chimp Trading System.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
