Snake-Eye Scalping System For MT4

Snake-Eye Scalping System For MT4

Table Of Contents:

  1. Snake-Eye Scalping System For MT4
  2. The snake eye scalping forex trading strategy – Long positions
  3. The snake eye scalping forex trading strategy – Short positions
  4. Is the snake eye scalping forex trading strategy 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 Snake-Eye Scalping System For MT4 is a short term day trading strategy. This trading system makes use of the custom candlestick indicator and uses moving average lines. Long and short positions are taken based off the change in the color of the candlesicks. You will also find the pivot points indicator used in this trading system. These levels can be used for booking your take profit in the open positions that you have.

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The snake eye forex scalping system is a relatively easy to use trading system. Although it is used only in the short term chart time frames, they can be easily expanded into using the higher chart time frames as well. The trading rules in the snake eye forex scalping system is very easy to use as you will see in the later parts of this article on snake eye forex scalping system.

The main indicators are the GRaB candlestick indicator. There are three versions of this indicator. The first is the grab candles range which plots a different color when price is moving in a range. The second and third indicators are the grab candles short and the grab candles long indicator. These indicators change the color of the candlesticks as and when the trend is going up or down.

Therefore, it is a visually good way of understanding the price trends which allows you to go long or short in the markte. The pivot indicators are basically there for you to either use them as an entry level or for booking your profits. You can of course adapt the snake eye forex scalping system to your own preference and set up your own trading rules.

In this article, we use the snake eye forex scalping system as per the default trading rules. As you will evidently see, the trading rules are so simple that even a beginner can easily start trading with the snake eye forex scalping system.

In this article, we make use of the 15 minute chart time frame. This is because of the pivots that are used. The Pivot point indicator plots the intraday pivot levels. Therefore, if you use this on the one hour chart time frame or higher, you might find that the pivot levels tend to get a bit too cluttered. Let's now take a look at how you can trade using the snake eye forex scalping system.

The snake eye scalping forex trading strategy – Long positions




Long positions in the snake eye forex scalping system is taken when primarily, price is in an uptrend. This means that having to understand the trends which isn’t so difficult with the snake eye forex scalping system.
You can begin with looking at the price chart. We need to see price trading below the three moving average lines. When the candlesticks cut across these lines, you will see that they change color. Wait for the current candlestick to close and then open a long position at the open of the next candlestick session.

You should set your stop loss to the recent swing low point that formed. Alternately, if you see a long bullish candlestick, then set your stop loss to its low. Once your long position is established, you can then set your take profit level to the pivot points.

It is good to break your positions into two units. The first position should be set to the immediate resistance level that you see from the intraday pivot indicator. The second position should be set to the next resistance level. When the first position is hit, move your stops to break even and let the remainder of the trade play out.

The snake eye scalping forex trading strategy – Short positions




Short positions in the snake eye forex scalping system is taken when primarily, price is in a downtrend. This means that having to understand the trends which isn’t so difficult with the snake eye forex scalping system.
You can begin with looking at the price chart. We need to see price trading above the three moving average lines. When the candlesticks cut across these lines, you will see that they change color to red. Wait for the current candlestick to close and then open a short position at the open of the next candlestick session.

You should set your stop loss to the recent swing high point that formed. Alternately, if you see a long bearish candlestick, then set your stop loss to its high. Once your short position is established, you can then set your take profit level to the pivot points.

It is good to break your positions into two units. The first position should be set to the immediate support level that you see from the intraday pivot indicator. The second position should be set to the next support level. When the first position is hit, move your stops to break even and let the remainder of the trade play out.

Is the snake eye scalping forex trading strategy good for you?


The snake eye forex scalping system as demonstrated in this article is a very simple to use trading strategy. We highly recommend this trading system to complete beginners due to the simplicity involved with this trading strategy.

Because you can use this on the short term chart time frames, traders will get to see a lot of trading signals thus giving you a good practice. Even professional traders will find that the snake eye forex scalping system is easy and flexible.

If you are well adept at using the snake eye forex scalping system, the new can recommend that you can use other indicators to build up on this simple trading system. The template that comes with the snake eye forex scalping system is also light weight. So you are able to use this trading template on multiple charts without it freezing your MT4 trading terminal.

The snake eye forex scalping system is best suited for trading the major forex currency pairs, but you can also experiment in using this trading system on commodity CFD’s as well.

Download the complete system description and the files here:

FREE Snake-Eye Scalping System

Download the FREE Snake-Eye Scalping System for MT4.

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