Who’s online There are currently 5 users online. Submitted by User on February 6, 2009 – 15:20. This is a trading psychological levels forex peace 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. You are not allowed to enter twice in 1 hour. This is to prevent you from overtrading.
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.
Submitted by Manus168 on February 6, 2009 – 23:57. Submitted by User on February 9, 2009 – 08:14. Submitted by User on February 10, 2009 – 10:57. Submitted by User on February 10, 2009 – 19:51. Submitted by Edward Revy on February 11, 2009 – 07:38. Submitted by Patrick on February 11, 2009 – 09:38.
First of all this is a scalping method. A lot of great traders use only psychological levels. You don’t trade the bounce, you only go with the same H1 color. If H1 green get ready to buy on the next level or vice versa! There is no take profit, you grab what you can. When you feel confident with this method you can trade from level to level.
Why don’t take 10 pips if your target is 30 pips away and your SL is at 50. I would have taken the 10 instead of the -50. Tip: Watch out on the third and fourth level. At these levels price will turn very often. One of the indicators “sweet spots of gold” plot the levels auto. The point of this method is: You don’t need indicators they are all lagging. Submitted by Patrick on February 11, 2009 – 10:16.
This method can used on every pair you want! Submitted by User on February 12, 2009 – 03:55. For those who have problems with settings for the sweet spots of gold. Go to the indicators list click on sweet spots take the input tab and change sublevels from 25 to 250 now your screen will be much better.
Active traders Poll – share your live experience or read what others have to say. How To Double The Account In 1 Day? You can help thousands improve their trading! Major forex players such as central banks, hedge funds and big carry traders like to pay particular attention to key price levels that have bigger repercussion on a country’s economy than the mere and nosy ups and downs of its currency fluctuations.
The so called Psychological Levels are prices that can cause anxiety and expectation on the people following a financial instrument. Many Pending Entry Orders and Target Take Profits are triggered right at those prices while protecting Stop Losses should stay in a safe distance allowing space for a bears-and-bulls battle and wicks caused by the triggering of more aggressive stops standing more closely. Historical highs and historical lows are always watched with anxiety while intraday traders normally respect the previous daily candle with more importance given to the previous day high and low. Also look for these levels on higher periods such as the weekly and monthly charts.