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Magical pips system/Indicator


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Don't use them mart. I trade Support/resistance levels off higher time frames and enter using 1 and 5 min charts for scalping anything I can get.

 

Suppose you could use the rsi histo to identify short or buy trades in the direction of the trend tho.

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Don't use them mart. I trade Support/resistance levels off higher time frames and enter using 1 and 5 min charts for scalping anything I can get.

 

Suppose you could use the rsi histo to identify short or buy trades in the direction of the trend tho.

 

 

Dave, I like that style of trading too, but I only have one problem. Please tell me, how do you get out with a profit? I just can't figure out a good exit strategy. I normally bag at least 5 pips, but end up in the negative. And when I get out most of the time I leave 30-50- sometimes more pips on the table.

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Look at the piccy, I have s/r levels, rsi, 200sma and round numbers plotted. this trade happened this morning. I look for a break of or bounce off any s/r levek (200 also acts as a s/r level on its own). I confirm the bounce with a turn in rsi. I then look for 10 pips on each trade or if price is approaching a s/r level I will take what I can get. That might be 10 or more depending on where the level might be.

 

I took 10 this morning and I am now waiting for the next set up.

 

http://www.4shared.com/photo/Lsazkj97/sr_online.html

 

ps re rsi, besst pullbacks are when rsi bounces of the 50, so for example, in the piccy, rsi retraced towards rsi 50 and then did a uturn confirming price. So, a break of rsi 50, a pull back to 50 then entry, exit at 10pips or s/r level.

Edited by dave123
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