Food for Thought with Metatrader 4 for Monday - Technical Intra-day Scalping Entries and Exits for GBP/USD (and free to downloads)

Food for Thought with Metatrader 4 for Monday - Technical Intra-day Scalping Entries and Exits for GBP/USD (and free to downloads)

21 December 2014, 21:11
Sergey Golubev
4
582

This is very simple trading system - I named it as Asctrend Info Part 2 System.

Why "Info" and why "2"?

Because there are versions #1, #3 and so on.
Info? Because I am using this system to understand - where/when/why will I open the trades during the day.

How to install

  • Download the indicators and template file from attachment,
  • unzip it
  • place indicators in indicators folder of your MT4, place template file (asctrend_m5_part2.tpl) to templates folder
  • Start MT4
  • open M5 chart (GBPUSD in our case)
  • right mouse click on any space of the chart and select our template file by name of it.

You should have the chart similar with this one:



How to trade (entry and exit) in scalping way

  • We are entering at the moment when M5 price was crossing pivot line together with 55 SMA on close M5 bar.
  • Stop loss levels and take profit levels (partial closses for example) are the levels of SMA with the period = 55 (55 SMA).
  • Confirmation: if we are going to open sell trade so all 3 stochastics indicators should be on downtrend (opposite for buy confirmation).

How to trade (entry and exit) in classical way

  • We are entering at the moment when M5 price was crossing pivot line together with 55 SMA on close M5 bar.
  • Stop loss levels and take profit levels are Fibo levels.
  • Confirmation: if we are going to open sell trade so slow and medium stochastics indicators should be on downtrend (opposite for buy confirmation).

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Let's see USDJPY to understand the following: Why we will not trade this pair on Monday morning


USDJPY M5 price is crossing 55 SMA from below to above for uptrend (for possible buy trade) but pivot line is too far below and can not be crossed because of that: the price is located on Fib R2 - means - it is in overbought condition. We can not have sell, and we can not have buy trade.

If we look at slow stochastic so it is on 80 level (overbought) - ready for downtrend in long term, and medium stoch is on oversold condition and ready for uptrend in medium term. Our confirmational indicators are in contradiction with each other - we can not have sell/buy now.

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well ... which pair is ready to trade together with GBPUSD?

USDCAD - it is too late to make an entry: price is going to cross pivot from above to below but 55 SMA was crossed long time ago ... it is not clear entry (too late sorry)


EURJPY may be fine to trade:


Thus, we can trade two pairs on Monday: GBPUSD and EURJPY - in scalping way with small deposit size, or in classical way.

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Later on (by the next posts) I will describe more systems.

That's all news





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