Scalping system #9 (Trading by Psychological Levels)
Submitted by User on February 6, 2009 - 15:20.
Submitted by Patrick Bourgeois
This is a very powerful winning strategy!!! We only use psychological levels to enter our trades. One of the main rules is NEVER TRADE AGAINST THE H1 CANDLE COLOR. Levels are on the screen every 00, 25, 50, 75, 00.
Another rule is: If H1 and D1 candle color are the same get ready to make more pips. If the colors do not agree be aware that a lot of times you just can grab a few pips (be happy with 5). This is a scalping strategy.
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beside the green candle for 1H and daily.....what happen when the candle at the upper boiling band.....it safe to go long from there or wait for retrace....thanks for sharing this method
Hmm.. I can't seem to find the reference to the Bollinger bands quickly. Could you link to a page?
Kind regards,
Edward
Hi,
I tried to get TRO dragon money & TRO multi meter, but unable to get it from that site u have given on top. Can u please get me the correct link to download it.
TRO_DRAGON_MONEY_MGMT.mq4
TRO_Multi_Meter_CandleColor.mq4
Regards,
Edward
This is a TRO (The Rumpled One) strategy - not sure if anyone else is taking the credit for it? Anyway, just to help people who may not be "seeing" it, all methods, including this one, must be judged on a realtime chart not in retrospect on an old chart. If you use completed candles on old charts you'll just see OHLC not the real story. People can be quick to dismiss methods or convince themselves they do not work as they just look through old charts and conclude it's all rubbish. Next time, forget old charts, look in realtime or market replay software. This is the difference that most people don't understand.
Jake111
Hi Smart Trader,
Need some guidance...
TRO Dragon Mgmt eg.GBP/USD 1.5942 DI -8 -> What is this -8 mean for?
When is correct entry criteria?
Base on H1 & D1 same colour? Then how to consider the M-Candle colour?
Then when the psychological number take into consideration with H1, D1, M-Candle?
Pls advise the correct entry criteria. Thanks!
Alvin
Hi Alvin,
The D1 means = Daily candle Close - Daily candle Open.
The entry rules for the strategy are:
Go with 1 hour candle color trend. Aim for 5 pips. Place 1 trade per hour.
Place entries at psychological levels: 00, 25, 50, 75, 00 on 1 hour
chart.
If D1 & H1 colors agree - it's a stronger trading opportunity, but if
they disagree you can still trade in the direction of 1h TF.
M-Candle indicator allows you to see a color of a higher time frame
candle. Here we need to see the color of the D1 bar while staying and
trading on H1. Set your M-Candle TFBar parameter to 1440 (which is
equal to 60 min * 24h).
Regards,
Edward
Thank you Patrick for sharing your strategy and giving us all informations how to use it.
Have a great day!!!
Jean
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