After trading for so many years and after looking at the EURUSD chart for so many years as well. I will have some observation at times which eventually turns into a strategy for me to use.
In this post, I will like to share with you guys one great scalping techniques that I have learned from one of the many observations so that you can make some money from the market as a new trader.
Step 1: Identification of Multiple Hits Candles
In order to use this technique, you must be able to identify Multiple Hits Candlesticks pattern
In order to qualify for the multiple hits, you must see at least 6 candlesticks hitting the same level with at most 2 candle interval which must be very close to the level. This is a sign of a strong S&R level. Most importantly, the
Step 2: Enter a trade based on the repulsion
Whenever this patterns occur, it is very common for the price to get repelled by that level. I will suggest that you take profit at around 15 pips per trade.
Below are some trades example
Although this has a very high winning percentage, there are still losing trades based on this strategy. If you have been reading my blog, you should know that there is no strategy that wins 100% of the time.
If you are unable to accept this fact, you should not go into trading. You do not need to win 100% of the time to make money from trading. As long as your strategy has a high risk reward ratio, you will be able to make money every month even if the strategy has a winning percentage of 50%.
Therefore I will like to take this opportunity to let you guys know that the most important thing is not the winning percentage of the strategy but the risk reward ratio