Strategy for Forex trading “TFX Obos Scalping Trading System”
As the name suggests, this system is designed for scalping – short-term trading to get a quick profit in short periods of time. To analyze the situation and make decisions on opening positions, the five-minute chart of the MetaTrader terminal is used. Trading is carried out on currency pairs EUR/USD, AUD/USD and GBP/USD, as they have the smallest spread. In addition, the spread size depends on the choice of broker. The best conditions are given by brokers representing premium forex. The whole system is based on a set of unique TFX indicators. TFX Pivot Points” indicator calculates the levels of Fibonacci reversal points during the current trading day. These levels are extremely accurate and should be taken into account when trading. The “TFX Trend Bars” indicator changes candlesticks, just like the “Heiken Ashi” indicator. This better defines the direction and momentum during trading. TFX Pivot Pro” indicator finds the current support and resistance levels within the market. These are seven main levels (Pivot Point, R1, R2, R3, S1, S2, S3) and six intermediate levels of rotation (M1, M1, M2, M3, M4, M5). This indicator changes the skew levels based on Greenwich Mean Time.
TFX Reversal” indicator with red and green circles indicates the points on the chart, where the market is likely to unfold. These dots are applied in real time and are not redrawn.
Oscillator “TFX OBOS” effectively finds areas of overbought and oversold. Areas of oversold are at or below -0.8 and overbought at or above 0.8. This tool is probably one of the best band oscillators. Another indicator – “Direction” – is used to identify entry points and refine stop loss levels. It is reflected in the graph in the form of red and blue dots and red or green arrows.
The position to buy opens after changing the color of the candle to blue and the appearance of a green mug “TFX Reversal” and a green arrow. The level of the “TFX OBOS” oscillator must be above zero. The stoploss is placed below the blue points of the “Direction” indicator.
The position for sale opens after changing the candle color to purple and the appearance of a red “TFX Reversal” mug and a red arrow. The level of the “TFX OBOS” oscillator must be below zero. The stoploss is placed above the red points of the “Direction” indicator.
You can use several methods to close trades. A fixed Take Profit of 8 points for EUR/USD, 6 points for AUD/USD and 10 points for GBP/USD is recommended. In addition, positions can be closed at the nearest support or resistance level or when the system readings change to the opposite.
Download system files