The Great 05 Level Scalping System

This is the system i developed doing many experiments with the Udine levels, it shows excellent results, is also extremely simple to understand (2 indicators) and is applied on M1 timeframe allowing great precision to choose (and not to miss) the trades.

GBPJPY
Working good on full time trading, better with daily targets
TIMEFRAME: M1
TP: 50
SL: 100
SL0 AT +35
Trading time: London only
Entry rule:
Wait when price to open indicator have the same color with graphic candles
Placing order:
Place a pending 05 level below for short (black/black) and above for long trades (orange/orange).
Cancel pending order at first color change close(Candles, price to open)
If all indicator still having the same signals put another order 05 level below last tp/sl for short, above for long.
Only 1 Trade per color change
Details:
The price to open indicator shows if last H1 and D1 candles are closed both bull(orange) or bear(black) while in chart is an RSI indicator(period 60). In a doubtful trend the two indicators mark different colors, when they agree we have a strong confirmation of the trend.
Use your skills to find current low term trend and place orders only in his directions to increase success rate




http://i60.tinypic.com/wu3yx4.png

Targets?
Some trades:
2015.03.06
-10 5 5 5 5 5 5 5 0 -10 -10 5 5 [+15]
2015.04.05
5 5 5 5 5 -10 0 5 -10 5 5 [+20]
2015.04.04
5 5 -10 -10 -10 5 -10 5 5 5 5 5 5 [+5]

Have two ways to trade:
Full london trading, 10-20 trades a day and not all days will be profitable but always paying commissions
2% - Clever risk per trade, can stop at 2 trades per day or trade full day.
5%(my) - Hazardous, entry on good bull or bear visible M1 trend and take the frist 50 or 100 points.
10%> - Prepare to burn your account.

EURUSD
40% successful trades = profit.
TIMEFRAME: M1
TP: 100
SL: 50
SL0 AT: +50

Entry rule:
Wait when price to open indicator have the same color with graphic candles
Placing order:
Place a pending 05 level below for short (black/black) and above for long trades (orange/orange).
Cancel pending order at first color change close(Candles, price to open)
If all indicator still having the same signals put another order 05 level below last tp/sl for short, above for long.
1 Trade per level
Details:
The price to open indicator shows if last H1 and D1 candles are closed both bull(orange) or bear(black) while in chart is an RSI indicator(period 60). In a doubtful trend the two indicators mark different colors, when they agree we have a strong confirmation of the trend.
Happens a higher success rate doing only one trade per color change

Hey Roneyfx,

Just a fast question....what timeframe do you use for the price to open indicator and what are your settings on the grid indicator?

Richard

Subscribed. Looks interesting.

here is how it looks (no candles). why?

Forexsupreme bars indicator is not in template, add it yourself to see bars.

RoneyFX,
as I see from your chart... if candle touches the 05 level with high/low then the pending order is placed on the next 05 lever, right?

For todays E/U I see 8 losses and 9 wins, with 1:2 P/L ration and spread counted I got 62% profitability.
What is you long therm profitability, Roney?

updated template

now everyone should see what we need !


EDIT: Updated with the right Bars value and added a "better" price level indi.
see attachment

Settings for the forexsupremebars?

If they are default, the the template Mr.Ma is correct, if they are 60 as in the first post then the template he posted needs to be altered.

PGPB

subscribed, thanks RoneyFx for sharing your method

I got some questions
By looking at your charts, I assume that you put SL at BE when price reaches +50points point, is this correct?
Do you use this strategy with JPY pairs? or only EU?
Do you avoid trade in news, just like Udine method?
Only LO to LC? or ok to use after LC and in asian sessions?

Thanks!

Thanks for sharing.
Looks very simple and straight forward. I am going to give it at try.

Hi, as in the description is H1 and D1

Yes, just avoid to trade the same level

Yes at 50 put SL at 0, i forgot to write it, it works on all pairs with adr that show >100 yearly, but there are studies to be done on the TP / SL, I am still looking for an indicator or a way to figure it instantly to dont make hundreds of trades, I usually do this:

as you can see the TP for gbp/jpy is 150, but i have to do more tests and am currently working on another project

Does the mr.ma template work?

Some days is 60% other 80%, you must do a test of a entire week so i get usually a 65% -70% ratio.
Having a risk/reward 1:2 if you have only 40% of wins you are in profit, this is the great thing.
I suggest you do the tests according to your own schedule work time for 1week minium per pair

it works now, thank you

(positions were already open, nothing to do with this system's rules)

Do i need to change any settings with the mr ma template or is it good to go?

change the forexprofitsupremebars period to 60

Thankyou. I take it you mean the rsi setting.