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.
You are not allowed to enter twice in 1 hour. This is to prevent you from overtrading. Remember you only need 2% a day to get rich in the future all the rest is fun but can be greedy.
For MT4 traders i insert my money management rules, the psychological indicator, the 1h candle color overlay and the multi candle color indicator. If you like to trade the 5min chart you can see on the same screen what is going on on the higher tmfs.
Here is a screenshot from the trading method. The above rules are very important to make it succeed so stick to it.
MT4 Indicators:
You'll need two more indicators:
TRO_DRAGON_MONEY_MGMT.mq4
TRO_Multi_Meter_CandleColor.mq4 ,
which you can download at www.kreslik.com.
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
This educational website mentioned good viable alternatives (scroll down to the last comment):
http://forex-indicators.net/support-resistance/sweet-spots
another 'BREAKING ' strategy 'REVEALED!
Sry guys this doesnt work (like most of the other strategies in this site)
is powerfull..
TRO is a conman! To see that just look at one minute charts. You can see they hit Psych lines then reverse stopping you out. That is not going to be any different LIVE. Just more of TRO's BS.
TRO is selling his book online and is a master at sucking in newbies with his absolute crap methods. Reading all the newbies asking to PM them personally and getting excited at some idiot who makes a judgement on the system after one day is hilarious!
IN a way TRO is karma to all you lazy little newbies, who are to lazy to do a back test and naive enough to believe anything you hear. You are all little red riding hoods and TRO the big bad wolf.
I have looked at nearly all of the systemson this site and they are all rip offs of other peoples work and NONE of them appear to make you money.
As PT Barnum said. There is a sucker born every minute and sooooo many of them are in forex ha ha ha ha ha!
hi,
I want to compile m-candle and sweetspot files. when i press the compile button, no errors or warnings appear but the executable file is not created either. I would be glad if you help me on the issue.
Regards
ghasemi
" Submitted by User on May 2, 2012 - 03:23.
I back tested this method and its impossible to make money on. I don't think this is a very good Web sure. I have tested most of the strategies on here and most are rubbish. I think that Edward is a school boy who copies and pastes other peoples ideas on here to make money from advertising. Just back test any of these methods and you will see they are all absolute garbage. This particular method will wrote our your account faster than anything. Anyone who suggests a 5 limit and 25 pip stop is a complete idiot!"
LOL... post a joke somewhere else...
thank you
I back tested this method and its impossible to make money on. I don't think this is a very good Web sure. I have tested most of the strategies on here and most are rubbish. I think that Edward is a school boy who copies and pastes other peoples ideas on here to make money from advertising. Just back test any of these methods and you will see they are all absolute garbage. This particular method will wrote our your account faster than anything. Anyone who suggests a 5 limit and 25 pip stop is a complete idiot!
good evening, i have read all the entries and like always, there will be critics. there isnt any holy grail to trading. it comes down to knowledge with a splash of luck. this system that patrick and edward have mentioned works for some and not for others. never trade off emotions and try to limit your losses and keep you profits. always set your piviot points (r1, r2, r3 and s1, s2, s3). stick to the basics. one thing i added is i trade in the direction of the piviot line. price above line we bull, price below piviot we bear along with the h1 color strategy. good luck everyone ;-)
It's possible and you can use it.
Good luck,
BaCo.
Does anyone still use this method ?
Is it profitable ? For how long ?
i personally think waiting for it to touch the mentioned psychological levels, then having a pull back (or retractment) would be a safer point for entry..
it either allows you higher profit or lower loss..
hi patrick,
i can only see mcandle in H1 and M5 not able to see in D1.. m i doing something wrong.
hi edward,
i am difficulties while using the indicators. I see the Mcandle and sweet spot on my H1 and M5 but unable to see the same in D1.
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