King Scalping System For MT4
Table Of Contents:
- King Scalping System For MT4
- The King scalping system for forex – Long positions
- The King scalping system for forex – Short positions
- Is the King scalping system for forex good for you?
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 King Scalping System For MT4 is a short term forex scalping strategy. This trading system, going by its name makes use of quite a few indicators, all in an effort to scalp the forex markets. In some ways, this trading system just loses itself among the myriad of the indicators used. As one might know, the more number of indicators there are in a trading system, the higher the chances that you will not make money from it.
This is because, it is very rare that all the indicators in the trading system line up to give the perfect trading signal. Therefore, in some ways, despite using so many indicators, the King scalping system for forex needs quite a bit of trader discretion as well as flexibility when it comes to trading with this forex strategy.
The first indicator we have in the King scalping system for forex is the Heiken Ashi candlesticks. This depicts the trend visually and is easy to spot. We then have the King 2MA crossover indicator. This indicator plots the up and down arrows on the price chart.
It depicts the moving average crossover with relative ease and can signal the bullish and bearish markets in the short term.
We then have the King trend signal indicator. This indicator also plots the up and down arrows, but the smaller ones. These arrows shows the trend change. The way it calculates the trend is quite different from the King 2MA crossover indicator. As a result, you will see the small arrows being plotted before or after the main big arrows.
We then have the moving average indicators as well. The King scalping system for forex uses two moving averages. These are a five period smoothed moving averages set to the high and low of the price. In doing so, these moving averages form a price band around the Heiken ashi candlesticks. Trend movements can also be validated depending on how far away price is trading from these two moving averages.
On the price chart, we also have the King's cage indicator. This indicator works similar to a supply demand indicator. It plots the rectangular boxes on the price chart. When the box is formed above the price, it is determined as a resistance area and when the box plots below the price it is determined as a support area.
The boxes change as and when prices break out from them. We then have the Fibo pivots indicator. This is the daily pivot indicator but uses the Fibonacci levels to calculate the pivot levels on the price chart.
In the first sub window of the King scalping system for forex, we have the QQE alert indicator. This is a custom indicator that works like an oscillator. Depending on the bullish and bearish crossover, the long and short signals are called.
In the second sub window, we have the Kings trend detector indicator. This indicator gives a visual information display about the trend by looking into the various chart time frames. A combination of the above indicators makes up the King scalping system for forex. Let's now take a look at how you can take long or short positions using the King scalping system for forex.
The King scalping system for forex – Long positions
To take long positions using the King scalping system for forex we should see price trading near one of the support areas. Following this, we should then see the bullish crossover of the moving averages. This is signaled by the up arow plotted on the chart.
After the above conditions are met, we then look to the QQE oscillator. Here, we need to see the oscillator trading above the zero line. This indicates that prices are moving higher. Following this take a long position at market, when you see the first bullish Heiken Ashi candlestick.
Set your stop loss to the recent low that formed prior to taking the long entry. For take profit, use any of the above pivot levels as a take profit level.
The King scalping system for forex – Short positions
To take short positions using the King scalping system for forex we should see price trading near one of the resistance areas. Following this, we should then see the bearish crossover of the moving averages. This is signaled by the down arow plotted on the chart.
After the above conditions are met, we then look to the QQE oscillator. Here, we need to see the oscillator trading below or crossing the zero line. This indicates that prices are moving lower with momentum building up. Following this, you can take a short position at market, when you see the first bearish Heiken Ashi candlestick that forms.
Set your stop loss to the recent high that formed prior to taking the short entry. For take profit, use any of the above pivot levels as a take profit level as long as there is a good risk to reward ratio set up.
Is the King scalping system for forex good for you?
In conclusion, the King scalping system for forex is a simple to use forex trading system that is rather over complicated by using too many indicators. The King scalping system for forex is basically a trend following indicator.
By using the support and resistance levels and the Fibonacci based pivot levels, the targets and entry for the price are easy to spot. While the trading rules are simple, they do not always line up. Therefore, traders need to practice quite a bit before using this trading system. The King scalping system for forex is suited for beginners as well, but you need to have a lot of practice in trading with this strategy.
The King scalping system for forex is suitable for short term chart time frames only. Therefore, using it on a 15 minute chart is perfect. The template is somewhat heavy and as a result, we do not recommend that you use this template to monitor more than three instruments at any point in time.
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