Forex trading system “Psych Level Scalping System”
This system is designed for scalping trading, i.e. short-term deals in order to take profit from a part of the movement. Scalping systems are used for major currency pairs with small spreads. The main thing in the trading system “Psych Level Scalping System” is psychology. Round levels are used here, near which orders usually accumulate, and support and resistance levels appear. This trading system mainly uses 5-minute and 15-minute timeframes.
This system uses the following indicators:
– The “Tro Dragon Money MGMT” indicator
– The “SDX-SweetSpots_v4_MP6L” indicator
– The m-Candles indicator
– M-Candles indicator
The “Tro Dragon Money MGMT” indicator actually combines moving averages with High, Low and Closed attributes. The “SDX-SweetSpots_v4_MP6L” indicator shows certain price levels that are considered more important than others. These levels are also called round. They end at 50, 00, 25, etc. For example, 1.4200, 1.4300, 1.4550. In the currency market, such price levels have an additional meaning, similar to steps or tipping points, where passing through each step adds a new value. Therefore, as a rule, the market stops in the area of these price levels in order to rethink and or retest the prices before moving on. Therefore, this indicator is used as a help to better display the support and resistance levels on the chart.
The “m-Candles” and “M-Candles” indicators are responsible for forming additional candlesticks. For example, 15-minute candles are visible in candlesticks, while hour candles are in daytime candles. Additional candles are colored red, showing a downward trend, or green, showing an upward trend. Candles are not colored, and the daytime candles are filled with weak color, which allows you to see other candles in the background.
Trade deals are opened in the direction of the hourly candle movement after several 5 or 15 minute candlesticks in the same direction have been formed in this candle. If the directions of day and hourly candlesticks coincide, the probability of a successful deal increases. You should not enter into transactions more than once an hour. Orders are closed at psychological levels depending on the strength of movement. The stop-loss is set at the maximum or minimum of the previous hourly candle.
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