Scalping system #9 (Trading by Psychological Levels)

Hi Barry,

page 10 - comment by Rich on June 24th.

Cheers,
Thomas

Hi Guys

Could anyone help me i am trying to find the below indicators at kreslik but no joy...some help would be greatly appriciated

TRO_DRAGON_MONEY_MGMT.mq4
TRO_Multi_Meter_CandleColor.mq4

Barry

I don't know about his methods, never tried to understand, but his indis are quite descriptive. TRO is notorious for being banned from lots of websites :), I think a personal character is the one to blame ;). Anyway, stuff he makes is interesting, I believe one should pick one or two indis and work his own way of trading, no need to dig deep in particular methods... :)

Rich

Not to mention that TRO has been banned by every forex site known to man, and that his methods are horribly inaccurate and don't work, long term, for anybody but him.

Hi folks. If you care to do some back testing you will see...

Firstly, it doesn't matter what the hourly bar is. If the price has moved up to hit a psych line then the hourly is more than like bullish or has become bullish. Opposite for a short.

Secondly, they are not psychological numbers. They are just random numbers. Psychological numbers are where support/resistance was last. You can trade this strategy using any numbers you choose. Tro even proved that.

The fact is that more often than not price will move above below/above these numbers by 5 pips plus spread (2pips)The problem is that when it doesn't it takes 6 trades to make up for your loss!!! (25 pips plus 2 pips spread)

It is literally like walking in a mine field and if you accidentally step on a mine you are going to have to put in a whole lot of work to get out of that mine field.

The solution? Take the money and run! If you get 5 pips maybe it's time to split and don't come back until tomorrow. I go for 2 x 5 pips daily and hope like hell I don't step on a mine in the process because it means I could be fixing the problem for hours.

Hope this helps
FoxyFX

Thanks Dude..I really appreciate your help.

Rohith

Hi there. The system runs, but is quite risky. For example, on EUR/USD I've a 2 pips spread. This means that for every winning trade I gain 3 pips, for every loser I lose 27 pips (25 of stoploss + spread). So, every loser needs 9 winners to be even. It would be different if the profit would be NET 5 pips (that means 7 pips in the order), and stoploss should be no more that NET 10 pips (that means 8 pips from entry). What do you think?

I've got them ;) when they were still available here and don't mind to share:

indi 1
indi 2

P.S. ...I did note that author of the indis asked on his forum (kreslik.com) not to post his work anywhere, but man, I spend half an hour to find links to these indicators in vain... someone enlighten me where to find the clear LIST of TRO indicators...

HI Patrik,
THanks for helping us to improve in trading especially for newcomers in this field. I could not find the TRo_Dragon_money & Tro_Multi_meter indicators in the website you mentioned. Is it possible to have it here.

Regards,
Rohith

You're so welcome!
You've nailed it, it is the rule of thumb for scalpers.

Rich

Hey Rich,

Its really forging a mindset of 'in profit; take profit' - opposed to taking profit at some predetermined level. I guess we dont always see how profound that is to scalping.

Thanks, Rich for taking time to respond

Sandra

Hey Sandra,

I think safety factor would be the same from level to level, all you have to do is remember about the stop and take profits when they are being offered.

Rich

PatrickB

Many thanks for sharing this strategy. May I ask if there is any advice on safely trading level to level?

Rgds
Sandra

My Expirience with the overlay candles is to be carefull when you are at the beginning of a new hour.
If you are just a few minutes in to a new hour the color of the 1 hour candle will most likely change, therefor it is very helpfull to look also at the color of the previous 1 hour candle.If you are 30 minutes in to the current hour, the candle color probably holds.
Also look at the size of the 1 hour candles, if they are just a few pips then they loose their meaning.
Further notice that if you are in the second or thirdth candle with the same color, changes are higher for a reversal.
The color candles are handy if you are scalping in the 1 and 5 minute chart to give you a quick overview of the current hourly trend so that you can find a low or high within that range and enter a trade in the direction of the 1 hour candle only ( with the trend).
My tip is to look at the long term trend to scalp short term!

the way this method is explained here is very mechanical and programmable the only indicator you need is price! so i am having this programmed into an EA for mt4. but here's what some of the newer people might not realize. since you're not really using any indicators, just whole/half numbers and OHLC prices, you can find a programmer for any platform that allows automated trading and have it programmed! just a tip for those who like EA's. this would be the only EA I would trust since not one of those lagging indicators is programmed in! great work! thanks for the tips!