Who’s online There are currently 9 users online. Submitted by Edward Revy on January 25, 2009 – 12:29. Yesterday I’ve got another great feedback from one of our readers – Rahul. I think you are a very noble person because you are doing great work here helping newbies and also dispelling the popular myths about trading to forex scalping strategy that you must follow your heart ppl the reality.
I think you have a very good heart. Thank you for helping all our brothers and sisters out there in the forex world. I have found a strategy which is the real thing . Denis Richard and used by many professional traders who have made millions from it. 5 days in a row only taking level 1 signals.
I used to make 2 hundred pips a day to double my account and it worked everyday. I challenge anyone who follows these rules not to be profitable at the end of the month. 1 you have to be profitable its not possible ur not profitable. 3 times your equity in a month but this is not advisable . Well anyway the strategy can be found here . Sure, why not highlight it here. The Floor Trader System This is a retracement-continuation trading method.
It combines trend identification properties of moving averages with the pattern recognition entry techniques. The primary pattern to look for is the Price Reversal Bar – in conjunction with a retracement within the current Trend Cycle. A retracement within a downtrend is a minor rally. A retracement within an uptrend is a minor decline.
In diagram “A”, areas 1 and 2 are rally retracements in the overall downtrend – minor rallies that ended with descents to new lows. In diagram “A” areas 3 and 4 are decline retracements in the overall uptrend – minor dips that ended with rallies to new highs. THE PRICE BAR REVERSAL – Buy signal after a decline retracement. During an uptrend, a decline retracement forms – price bars with lower highs. When prices within the current price bar rally above the high of the prior price bar by 1 tick or more, the trader should buy.
Price bar “X” is the first bar in the decline retracements which rallies above the high of the bar which precedes it. THE PRICE BAR REVERSAL – Sell signal after a rally retracement. In a downtrend, a rally retracement forms – price bars with higher lows. If the downtrend is confirmed by the Moving Average indicators, then the trader looks to sell the downside breakout of this temporary rally by watching the low of the price bar prior to the current price bar.
When prices within the current bar fall below the low of the prior price bar by 1 tick or more, the trader should sell short. In the above example, price bar “X” triggers the short sale. If phoning in the trades, the trader would have to resort to trading at the market or at a limit price “giving up” a tick or two. This procedure would be reversed for buy signals. The best retracements will contain 2-5 bars before the reversal occurs. In volatile price moves, 1 bar retracements are sometimes valid. Generally, rally retracements in a downtrend will be steeper and will contain fewer price bars than decline retracements in an uptrend.