The Channel Scalper M1 – M15 Indicator is a super trend identifying tool dedicatedly created for the MT4 platforms. This indicator determines short-term trend directions, helping day traders in anticipating precise buy/sell entry positions.
Despite being a simple trend-following indicator, the Channel Scalper M1 – M15 works as a trading system. Its curvilinear channel determines the dynamic support/resistance zones and simultaneously signifies the trend reversal points.
According to our review, Channel Scalper M1 – M15 Indicator is a good match for forex and stock day trading. Although it is a scalping indicator, its smoothing power of moving averages helps consistently generate highly probable signals.
Additionally, as a day trading indicator, try applying it on shorter timeframes such as 1-minute to 15-minute charts for greater results.
The line in orange below the candles is the dynamic support line. On the other hand, the yellow line above the candle signifies the resistance levels.
The price breaks above the yellow line during a bullish trend reversal, while the orange line appears below the candle as the trendline support.
Enter long right after the price plots the bullish breakout and place the stop-loss limit below the support line. Hold the long positions until the price breaks below the support.
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In the above sell setup, we’ve included horizontal support for adding a greater confluence to our entry.
Since the price was consolidating above the horizontal support at 1.3575, we haven’t decided to go short right after the price breaks the dynamic support line (orange).
When the price breaks below the horizontal support, it plots a bearish breakout within the current downtrend condition that carries a solid confirmation for going short.
Once the price breaks above the dynamic resistance (yellow), we decide to exit short immediately.