Scalping system #9 (Trading by Psychological Levels)

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

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

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

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

THis is very important info

Hi Patrick.. i´m logging in kreslik... :) What i have to do?
I was reading about this method and have different forms... reversal patterns and tendence... i´m just want discuss this things...

Thanks 4 all Patrick... ;)

Special thanks to Edward to allow share this ideas of trading...

Anniefx

i think the indicator sweetspots is seriously AMAZING, i use it with center of gravity indicator, and its seriously the best system i have ever used. I'll upload a screenshot of it and then tonight, i'll put in all the necessary indicators because im kind of in a rush. So the indicator center of gravity does sort of repaint but thats not a problem, because were basically only using the lines to determine whether to take long or short positions, but i will post the system up tonight and i will explain it in full detail.

Edward and Patrick... we can find a course about this kind of trading with TRO??

Thanks again!!

Anniefx

Hi..

What about spread..? if I put a pending order.. I´ve to start at .00 or .03... i´m confuse with this..

Thanks...

Yes the color of the current h1 bar will change but no problem as you can use a stop order to open your position. If you know your entry price you know what color the candle will be at that price.
steve

Thanks for ur answer Patrick!!

Anniefx

Hi Patrick,

What we can do if we have this, at the beginning we have one color for h1 then minutes after other color for h1. What we have to do? Avoid to take trades on the first minutes?

Thanks

Isaac

Hi Patrick, thanks for the reply, what i meant was when trading m5 why not use the trend of the h4 candle for the scalp direction instead of h1, i had a look at this last night on Eur/Usd and the h1 candle changed colour a couple of times... anyway thanks for getting back, i think this is a good strategy.... happy pip collecting

I have only done this for the last day but so far, it seems like a winner. I have spent about 30 minutes total setting up my trades. In total, 9 trades were made. All 9 were successful. What I do is wait for the new hour to start. Then, I place an entry order. The entry order is placed considering where we are with the daily candle. I am only looking to take 5 pips. I have a stop loss of 25 pips which is probably a little high so I may change it as time goes on. I also only trade pairs that have the smallest spreads (eur/usd, usd/chf, usd/jpy). Lastly, if the price at the beginning of the hour is within 5 pips of the level I'm going for, I don't trade that hour.

Here is an example. Let's say the daily candle for the eur/usd is bearish. I'm only looking for hourly sell trades. Next, let's say the last hourly candle closed at 1.2665. I will place a sell order at 1.2650 with a stop at 1.2675 and a limit at 1.2645. With metatrader, I can also put an expiration time on the trade which I set to expire at the end of the hour. So if the trade isn't taken in that hour, it simply goes away. Now if the last hourly candle closed at 1.2654, I don't take the trade because the price is within 5 pips of the 1.2650 level. From my observations on previous charts, there seems to be a greater chance of hitting the level with a reversal than when it's further away than 5 pips from that level.

So far, I've taken a 5K demo account to 5428.44 in only 1 day! The beauty part is that it really is looking like a set it and forget it type of strategy. You just need to be there at the beginning of the hour to setup your trades and that is it. I'll keep you updated with how it goes.

Happy trading!

Oh, and great site Edward!

Mike

Hi Patrick,

really exciting after reading your method and the TRO rules. But please could you give us the number of pips for the stop loss.

And also what happens with the M Candles, i know is a dinamic indicator, but in the beginning of the hours the colour is not well established, we don´t have to take trades on the first minutes?

And for example, if M-candles is green and price is in 1.2310 and then price drop down to 1.2300 we should take this trade long?

Thanks for your comments