GG53KF Scalping Strategy For MT4
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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 GG53KF Scalping Strategy For MT4 is a very short term trading system. While there are quite a few indicators that are used in the short term scalping strategy the overall view of this trading system is that it is quite confusing even for experienced traders.
Part of the reason behind this is because the indicators used do not actually give enough market information. As a result, traders are left to their own subjectivity in order to understand what signals to take and what information the markets are conveying. For the inexperienced Raider this can become quite dangerous as you would end up taking the wrong signals.
The first indicator used in the GG53KF scalping strategy for forex is the ABC indicator itself. Because this is a very custom indicator not much information is known. However what you can see is that this indicator plots the up and down arrows above and below the highs and lows of prices. This can be very confusing as the indicators plot the arrows regardless of the direction and the pattern that are forming on the price charts.
The second indicator used in the GG53KF scalping strategy is the private buy sell indicator. There is nothing new about this indicator as it belongs to the family of regular intraday pivot indicators. As a result you can expect that this indicator plots the pivot levels on the price chart. While the private levels can be used as potential take profit levels for your trades due to the fact that they are often quite close to each other it does not make sense.
Therefore traders are recommended to observe this indicator and if need be you can easily get rid of this indicator and replace it with a better working pivot indicator.
The next indicator in the sub window is called the tick volume indicator. This indicator works similar to a histogram. As and when prices move above and below the zero line long and short positions can be taken. In the context of the GG53KF scalping strategy however, this will suggest that you should take only long positions when the histogram is above the zero line and only short positions when the histogram is below the zero line.
In the second sub window of the GG53KF scalping strategy, we have another indicator called magic vision. This indicator, as you can see simply plots a bunch of values which don't really add much of market information unless you are a very experienced trader and can also take into account the mathematical capabilities while trading.
Finally in the third sub window of the GG53KF scalping strategy, we have another indicator called NS. This indicator plots the market trends by showing blue lines or red lines. This indicator can be used in combination with the tick volume indicator and can act as a confirmation for the market trends.
Considering the fact that the GG53KF scalping strategy is merely a short-term scalping system there are no trends involved. As a result this makes the two indicators in the sub window to be rather redundant. Let's now take a look at how you can trade long and short positions using the GG53KF scalping strategy.
The GG53KF Scalping Strategy For MT4 – Long positions
To take a long position using the GG53KF scalping strategy we need to first identify that the market is in an uptrend. To do this we begin by looking at the tick volume indicator. The tick volume indicator should ideally be plotting blue bars while it is below the zero line. This suggests that the market momentum is slowly shifting to the upside.
Upon noticing that the histogram is turning higher, you can now look at the price action on the charts. Look for a bullish candlestick pattern to form and then take a long position at market. Identify the previously formed swing low but not more than the past five price bars. Set your stop loss to this level.
Now calculate the risk reward ratio of at least 1:3 and set your target level accordingly. You can choose to keep your position open as long as the market continues to trend higher. This means that you would need to pay close attention to the tick volume indicator and ensure that it continues to plot the blue bars.
The GG53KF Scalping Strategy For MT4 – Short positions
To take a short position using the GG53KF scalping strategy we need to first identify that the market is in a downtrend. To do this we begin by looking at the tick volume indicator. The tick volume indicator should ideally be plotting red bars while it is above the zero line. This suggests that the market momentum is slowly shifting to the downside.
Upon noticing that the histogram is turning lower you can now look at the price action on the charts. Look for a bearish candlestick pattern to form and then take a short position at market. Identify the previously formed swing high but not more than the past five price bars. Set your stop loss to this level.
No calculate the risk reward ratio of at least 1:3 and set your target level accordingly. You can choose to keep your position open as long as the market continues to trend lower. This means that you would need to pay close attention to the tick volume indicator and ensure that it continues to plot the red bars.
Is the GG53KF Scalping Strategy For MT4 profitable?
In conclusion, the GG53KF scalping strategy is one of the poorly designed forex trading systems you could ever find. The choice of indicators used in this trading system are completely lost and they do not quite add value when you add up all the indicators together. For this reason, we do not recommend that trader should be using this trading system unless you are very experienced in the market and want to experiment further with the different settings and indicators used in the GG53KF scalping strategy.
This trading system is ideally suited for trading on the 15 minute chart. There for traders who prefer medium term or swing trading will find that this trading strategy does not suit their style. However, there is nothing to worry about since you won't be missing much due to the poor way this trading system has been designed.
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