Arrozaq scalping system is a trading strategy that is designed to trade in the foreign exchange market. Since the 5 minutes and 15 minutes time frames are targeted by the Arrozaq scalping system, it is a scalping system as the name suggests. It is a simple trading strategy, any beginner trader with the basic knowledge of the forex market and the metatrader platform can use Arrozaq scalping system to consistently generate profits in the market. When scalping in the market there are certain things you should consider of. Things like spread, currency pairs, market hours, etc. does matter when scalping in the foreign exchange market. The most challenging aspect of the scalping style of trading is that there are high chances of being emotionally carried out in trading. This happens especially when traders do not have proper money management strategies. When the trades goes against the anticipated direction more than expected, traders have habit of panicking and losing control over the trade.
This indicator uses six technical indicators. Arrozaq Scalping System comes with templates that are available for two time frames; 5 minutes and 15 minutes. In this example we will be using 5 minutes template on 5 minutes chart. Please note that your template and timeframe should match. When the Arrozaq system is correctly installed on your trading platform your trading chart should look like this:
- Arrozaq Support and Resistance: Arrozaq support and resistance work as a major support and resistance level.
- Exponential Moving Average: There are two exponential moving averages used in this trading system. The blue one is 15-period exponential moving average while the red one is 5-period exponential moving average.
- RSI: It is a custom built Relative strength index indicator. This indicator will be used to know the strength of the currency pair and the overbought and oversold conditions as well.
- Arrozaq: It is a custom made indicator that works as a filter. It consists of three levels of filtration. We would look to buy when all the three filters show the green bars and vice versa.
- Arrows: We will be entering in to the market on the basis of these green and pink arrows.
Buying Conditions Using Arrozaq Scalping System.
- A blue Arrozaq support and resistance horizontal line should appear below the price chart.
- A green arrow pointing upward should appear below the chart.
- RSI should be above the level of 50.
- All the filters in the Arrozaq indicator should show the green bars.
- Place your stop just below the recent swing low.
- You should take profit when a red horizontal Arrozaq support and resistance line appears above the price chart.
Selling Conditions Using Arrozaq Scalping System.
- A red Arrozaq support and resistance horizontal line should appear above the price chart.
- A pink arrow pointing downward should appear above the chart.
- RSI should be below the level of 50.
- All the filters in the Arrozaq indicator should show the pink bars.
- Place your stop just above the recent swing high.
- You should take profit when a blue horizontal Arrozaq support and resistance line appears below the price chart.
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