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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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Submitted by PatrickB on February 24, 2009 - 08:46.
You take the trade on the next line. If you can see the patterns on the 5 min you can wait till price drops and get in.
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Submitted by User on February 24, 2009 - 13:21.

Hi Patrick, thanks for the reply, what i meant was when trading m5 why not use the trend of the h4 candle for the scalp direction instead of h1, i had a look at this last night on Eur/Usd and the h1 candle changed colour a couple of times... anyway thanks for getting back, i think this is a good strategy.... happy pip collecting

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Submitted by Isaac on February 24, 2009 - 14:38.

Hi Patrick,

What we can do if we have this, at the beginning we have one color for h1 then minutes after other color for h1. What we have to do? Avoid to take trades on the first minutes?

Thanks

Isaac

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Submitted by Anniefx on February 24, 2009 - 16:03.

Thanks for ur answer Patrick!!

Anniefx

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Submitted by steve on February 25, 2009 - 03:36.

Yes the color of the current h1 bar will change but no problem as you can use a stop order to open your position. If you know your entry price you know what color the candle will be at that price.
steve

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Submitted by User on February 25, 2009 - 12:44.

Hi..

What about spread..? if I put a pending order.. I´ve to start at .00 or .03... i´m confuse with this..

Thanks...

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Submitted by Anniefx on February 25, 2009 - 12:48.

Edward and Patrick... we can find a course about this kind of trading with TRO??

Thanks again!!

Anniefx

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Submitted by User on February 26, 2009 - 17:48.

i think the indicator sweetspots is seriously AMAZING, i use it with center of gravity indicator, and its seriously the best system i have ever used. I'll upload a screenshot of it and then tonight, i'll put in all the necessary indicators because im kind of in a rush. So the indicator center of gravity does sort of repaint but thats not a problem, because were basically only using the lines to determine whether to take long or short positions, but i will post the system up tonight and i will explain it in full detail.


  
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