Scalping system #9 (Trading by Psychological Levels)

Thanks for posting your system. I'm using a very similar method, but I also look at how price interacts with bollinger bands, support & resistance and daily, weekly, monthly pivot levels. Not looking at these levels is like driving with frost on your windshield.

Kind regards,
Israel Waitzman

Thank you Patrick for sharing your strategy and giving us all informations how to use it.
Have a great day!!!
Jean

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

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

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

TRO_DRAGON_MONEY_MGMT.mq4

TRO_Multi_Meter_CandleColor.mq4

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.

Hmm.. I can't seem to find the reference to the Bollinger bands quickly. Could you link to a page?

Kind regards,
Edward

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

With correct risk management this system will profit but requires discipline
Enter trades on at least 2:1 risk reward basis and be aware or totally avoid 00 levels
I would also avoid if your broker has wide stop requirements or u cannot control your loses

Nicely explained!

Thank you for sharing your experience with us.

Regards,
Edward

I trade the psychos of the M5 chart, only in the direction of H1 and am looking for the price to hit the line with vigor, and my target is the next psycho line, if that line is also hit with vigor I stay in, if it limps to the line I get out then.

I also get out if the price stalls, even while crossing the spread.

A note on entrys, which are of the most importance- I MEAN IT when I say 'with vigor', just cos the price tagged the line does not mean i mechanically hit the button to get in. Bad entrys mean losses, and I would much rather miss a good trade (of which there are plenty) than be in a bad one.

With this method I am very rarely in drawdown for more than a few seconds as price crosses the spread, any my trades usually only take a few minutes until exit, often 20+ pips.

This is money for nothing more than watching price action.

When I started to get this trade right I knew I was crossing the line from 'trading' to 'being a trader'.

Everything correct, except the last phrase:

"Also, am I right to say that the trade should only be executed when the sweet spot is somewhere in the middle of the candle's body."

The sweetspot can be hit anywhere: in the middle, beginning or end of the candle. You just go whenever the sweetspot is reached.

Thomas

Hey guys, just to check if I understand this system properly.

Am I right to say that I can only enter a trade when the current price hits close to the sweet spots? If the current price is nowhere near the sweet spots, don't trade at all. If I am right on this, I noticed that the H1 candle bars do not even lie close to the sweet spots at all at certain times, and so, no scalping at all?

So when the hit occurs, if the H1 bar is showing green, I enter a long position; if the H1 bar is showing red, I enter a short position. Also, am I right to say that the trade should only be executed when the sweet spot is somewhere in the middle of the candle's body.

Hope that someone can verify if I am correct or not :)

This is just more crap floating about on the internet about so called good forec strategies. I would have thought a good strategy made money not lost! I back tested this strategy manually for 7000 candles and tested it live for a few weeks. My conclusion? Absolute crap. Loses money. The author must be on LSD. Just more information to add to the millions of other pages of garbage. All of it ensuring that 99.9% of forex traders are gullible losers.