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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 User on March 4, 2009 - 14:13.

What stop loss should we use?!?!?!?

THis is very important info

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Submitted by PatrickB on March 5, 2009 - 03:24.
You can take the opposite level as SL. If it is to big cut in two. If you enter at 1.5000 for a buy you can set your SL at 1.4975 or 1.4987 (half). The problem with most traders is they don't cut there losses. In the past i blowed some accounts because of that. Now i grab my pips and cut my loss very fast. You should do the same!
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Submitted by User on March 6, 2009 - 06:21.

good day,please could someone tell me how to load the indicators on my platform.im a newbie and i dont know how to attach new indicators.i trade meta trader 4 alpari.thanks

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Submitted by Thomas on March 6, 2009 - 06:56.

How to add indicators:
http://forex-strategies-revealed.com/mt4/how-to-add-and-use-mt4-custom-i...

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Submitted by Serge on March 6, 2009 - 08:08.

Patrick, I have got a question for you.
Should we take position on psychological levels only when market is trending? there is a trend, market moving, daily candle is green, hourly candle is green and there is clear trending pattern exists. should we take position only in such conditions? if market ranging, should we still take position according to your strategy? thank you

Serge

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Submitted by Patrick on March 10, 2009 - 13:52.

Hey Serge you can not trade when the range is between to levels however you can mark the high and lows (only use the bodys) and then you can trade between those lines. But when you do that be happy with 2 pip or so.
Trading is all about discipline and patience! When there is no opportunity then you don't trade or try to find another pair.

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Submitted by User on March 11, 2009 - 04:55.

Hello Patrick,
I don't want to confuse anybody. But are you sure about the levels 00, 25, 50, 75? I just know 00, 20, 50, 80. These different levels are also described in this old thread (GBP/USD):
http://www.forexfactory.com/showthread.php?t=58770

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Submitted by User on March 11, 2009 - 18:02.

Hi Patrick!!

Can u tell me if u are using center of gravity with levels?? i saw that u add this indicator... ( isaw it in center of gravity strategy)... Is it good? do u recommend me?

thanks!!

PD: i wrote on kreslik ;)


  
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