Unfortunately Neils contrarian thread has led to something other than the original idea of the thread:
So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned.
With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed.
The Method
Free Resources used:
Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs
Trading view: It's overal easier and cleaner to chart on trading view charts than MT4, up to you
Steps:
go to https://www.myfxbook.com/community/outlook
We want THE OPPOSITE direction to what retail is doing. As in the example image below for the USD/CHF.
I bought USD/CHF with this info.
We want a percentage over 70% with a volume lever of at least 5000 LOTS. This one is perfect and an excellent trade. Follow this criteria for most trades, 70% with a volume higher than 5000 and take the opposite direction of the retail majority.
Don't forget myfxbook is a long time rating.. You need a high percent and high volume. Anything above 5000 volume. I've seen one pair last months with a 90% and very high volume.
Some pairs will have a 90% plus rating but the volume is so small it will go any way. With the crowd or against them.
Second part of the strategy: RSI period 2 hlc3 on TradingView charts on the DAILY timeframe.
Open up a TradingView chart and add the RSI period 2 HLC3 on the daily timeframe. Wait for the RSI to reach overbought and oversold areas. BUY WHEN THE RSI REACHES OVERBOUGHT AND SELL WHEN THE RSI REACHES OVERSOLD ONLY. The reason for this? The sheep majority use the RSI as a sell indicator on overbought levels and a buy indicator on oversold levels so we do the opposite BUT ONLY WHEN IT CONFIRMS WITH THE MYFXBOOK SENTIMENT LEVELS WE NEED. Sample image below.
Thats it.
Credit to Neil.
No other method discussion here apart from this one or you get banned.
So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned.
With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed.
The Method
Free Resources used:
Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs
Trading view: It's overal easier and cleaner to chart on trading view charts than MT4, up to you
Steps:
go to https://www.myfxbook.com/community/outlook
We want THE OPPOSITE direction to what retail is doing. As in the example image below for the USD/CHF.
I bought USD/CHF with this info.
We want a percentage over 70% with a volume lever of at least 5000 LOTS. This one is perfect and an excellent trade. Follow this criteria for most trades, 70% with a volume higher than 5000 and take the opposite direction of the retail majority.
Don't forget myfxbook is a long time rating.. You need a high percent and high volume. Anything above 5000 volume. I've seen one pair last months with a 90% and very high volume.
Some pairs will have a 90% plus rating but the volume is so small it will go any way. With the crowd or against them.
Second part of the strategy: RSI period 2 hlc3 on TradingView charts on the DAILY timeframe.
Open up a TradingView chart and add the RSI period 2 HLC3 on the daily timeframe. Wait for the RSI to reach overbought and oversold areas. BUY WHEN THE RSI REACHES OVERBOUGHT AND SELL WHEN THE RSI REACHES OVERSOLD ONLY. The reason for this? The sheep majority use the RSI as a sell indicator on overbought levels and a buy indicator on oversold levels so we do the opposite BUT ONLY WHEN IT CONFIRMS WITH THE MYFXBOOK SENTIMENT LEVELS WE NEED. Sample image below.
Thats it.
Credit to Neil.
No other method discussion here apart from this one or you get banned.
..
