Scalping system #9 (Trading by Psychological Levels)

Hello Patrick and Edward,

This scalping system is great and thanks for your sharing.

I have a question, how to consider spread? For EURUSD, if I put a buy stop, I need to put it on 00-25-50-75-00 or 02-27-52-77-02 (+spread 2 pips), please provide your comment, thanks~

Spread doesn't matter just put your orders on the line.

Patrick

I read this last night for the first time and said, "Ah ha!" This makes great sense to me. Very appealing, and I will try it next trading week.

I did wonder at this, though. Let's say the D candle is green and we are looking for a long entry at the next sweet spot (SS) up when the hour starts but that SS is nearly 25 pips up/away.

It just seems that if we are scalping for 5 pips, but we need to wait nearly 25 pips to take our entry . . . that too long, too far?

Do I totally 'not get it' here? Of course, if your entry is not hit, you don't lose anything, but some of those entries are far away. It seems more comfortable to run this if we find ourselves 5 or 10 pips closer to the sweet spot for entry.

Your thoughts?

With best regards, David

Hey David you can use S and R also to determine if you take the trade or not. Sweetspots is just a way to learn how to step in. It's like an indication for an entryplace. Just keep it simple. It does not matter if you mis 20 pips there will be another 20

great systems !!!

Hi Patrick and Edward,

First of all, thank you so much for the great website and strategy. I've been learning a lot here.

I've been using this strategy for two weeks, and actually I didn't do well with this. The result is:
13 win * 5pips = 75pips
5 lose * 28pips = -140pips

I entered the trade to get 5pips only when H1 and D1 are the same color, and set the point 28pips far from the order as a stop loss. (3pips far from the psychological level just like you pointed in the earlier post.)

It seems my lose rate is too high, and I'm wondering if my entry point is bad... Here are the screen shots that I lost. Could you please take a look at them and give me any advice or analysis on this? Maybe I got an entry point I'm not supposed to enter? I really appreciate any tips.

Best Regards,
Eins

Hi Patrick and Edward,

Sorry. I forgot to add the link of the screen shots in the previous post.
Here are the ones that I lost..

Best Regards,
Eins

Hi Eins, When you enter the run is almost over because you enter at the end of the candle. Watch the overlays. When you trade the M5 using the overlays there are almost two runs in one H1 try to use it.