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Description

Strategic Trading Systems Forex Scalping System Version I

No part of this publication may be reproduced,

or transmitted in any form or by any means electronic,

or otherwise without prior written permission

No responsibility is assumed by the publisher for any injury and/or damage and/or financial loss sustained to persons or property as a matter of the use of this course

While every effort has been made to ensure reliability of the information within,

or the operation of any methods,

ideas contained in the material herein is the sole responsibility of the reader

Copyright 2014 Strategic Trading Systems

Forex Scalping System Introduction

Page 4 What is Forex Scalping

Overview of the Forex Scalping System

Market Levels on the 5 minute chart as a guide for 1M trading………………

…Page 8 Types of Trading Days High and low of previous day Fibonacci levels Moving Averages Double top/bottom patterns Fast Run Up/Down and Large Bar/Spike Patterns

Entry and Exit Patterns

Page 14

Introduction Conservative patterns Moving average crossover Aggressive patterns Double tops and double bottoms Test of support and resistance Fast run up and down market conditions Large bars,

and spike bars General patterns indicating a possible entry or exit Forex Scalping System by Jon Levine

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Moving average position

Together and extended from price Entering multiple times

Trade Management

Page 29 Stops Introduction Pivot and 50ema

Using intra-day Fibonacci retracements to monitor trend strength

Money Management

…Page 38 Introduction How much money per contract Recommended ways to start scalping

Examples………………………………

Page 40 Introduction Non Trend Day

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Introduction: What is Forex scalping: Forex scalping is a popular method involving the quick opening and liquidation of positions

Pure scalping is generally done on very short timeframes of 3-5 minutes

Our method lets the market decide to enter and exit so a position can last from 30 minutes to two hours,

depending on market conditions

However trades that are not moving in the direction of the trade are closed out quickly to prepare for the next opportunity

We will also enter multiple times at retracements if a trend is established

The popularity of scalping is born of its perceived safety as a trading style

Many traders argue that since scalpers maintain their positions for a brief time period in comparison to regular traders,

market exposure of a scalper is much shorter than that of a trend follower,

the risk of large losses resulting from strong market moves is smaller

Indeed,

it is possible to claim that the typical scalper cares only about the bid-ask spread,

or range are not very significant to him

Although scalpers need ignore these market phenomena,

they are under no obligation to trade them,

because they concern themselves only with the brief periods of volatility created by them

Is Forex Scalping for you

? Forex scalping is not a suitable strategy for every type of trader

The returns generated in each position opened by the scalper is usually small

but great profits are made as gains from each closed small position are combined

Scalpers do not like to take large risks,

which means that they are willing to forgo great profit opportunities in return for the safety of small,

Consequently,

the scalper needs to be a patient,

diligent individual who is willing to wait as the fruits of his labors translate to great profits over time

An impulsive,

excited character who seeks instant gratification and aims to “make it big” with each consecutive trade is unlikely to achieve anything but frustration while using this strategy

Some words on trade sizes and Forex scalping Finally,

scalpers should always keep the importance of consistency in trade sizes while using their favored method

Using erratic trade sizes while scalping is the safest way to ensure that you will have a wiped-out Forex account in no time Scalping is based on the principle that profitable trades will cover the losses of failing ones in due time,

but if you pick position sizes randomly,

the rules of probability dictate that sooner or later an oversized,

leveraged loss will crash all the hard work of a whole day,

the scalper must make sure that he pursues a predefined strategy with attention,

patience and consistent trade sizes

This is just the beginning,

but without a good beginning we would diminish our odds of success,

or at least reduce our profit potential

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Overview of the Forex Scalping System This trading system is not for beginners

It assumes that you understand the basics of Forex trading and technical analysis,

and understanding how to read a bar chart

Beginners can get an introduction from Forex Peace Army’s introduction course called www

I am not affiliated with them

There are many different ways to trade the Forex Market

I have two other systems that uses five minute charts for day trading and hourly charts for midterm trading

This course is designed for individuals that prefer to take advantage of the smaller trends that are in the market regardless of whether it is a trending day,

Using the one minute bar chart and three exponential moving averages,

the trader can scalp five to 10 pips from the market many times a day and usually once or twice during a trading day there is a better move that can yield 20 to 40 pips a trade

The usual duration of a trade can be from 30 minutes to two hours

So in reality it is more like micro-trading than scalping in the sense that scalpers can take sometimes hundreds of trades that last from one to three minutes

I have found that the method we use here is less stressful and easier to use

There will be different entry and exit methods used depending on your risk tolerance

There are aggressive moves that can yield more pips but have a greater risk of not working because it requires you to enter before the market has confirmed a move

The conservative entries yield less pips but have greater odds of a profitable trade

The conservative trades I prefer most because it takes most of the thinking out of the trading decisions

Simply put,

when the 10ema crosses the 21ema we enter a trade

We stay in the trade as long as the trade management rules keep us in it

Then when the 12ema crosses the 21ema in the opposite direction we exit the trade

You can also combine conservative and aggressive methods to get the most out of the market

As in any trading there will be times that the rules work well

There are also times that the market moves sideways giving us false signals

During these times we use other tools to help us determine whether to stay in the trade of exit and wait for better opportunities

Next you will see a two one minute charts and the trades created

One shows the conservative trades and the other the aggressive trades

This is just a preview of the method

I will go into more detail later about each aspect of the system and how it works

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Example 1: 1M chart showing conservative entries and exits

Conservative Trades

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Example 1a: 1M chart showing aggressive entries and exits

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Market Levels on the Five Minute Chart as a guide for 1m Trading For the 1m trading system to work effectively we need to look at a larger timeframe to monitor major support and resistance levels and price patterns

These levels consistently give clues as to where the market may move with the trend or counter-trend

We will use the 5M chart as a guide

The major support and resistance levels and patterns we will use on the 5M chart are: A

The High and Low of the Previous Day

Fibonacci Levels drawn from the High and Low of the Previous Day

The 200ma

(Only on entry when no other levels are near) D

The 75ma and the 21ema to gauge trend

The Fast Run Up/Down price move and the large bar/spike bar move,

which indicate a possible trend change

Double top and double bottom pattern mainly used in non-trending days

The priority of the levels from strongest to weakest are as follows: Strongest Levels: High Previous Day and Low Previous Day

Fibonacci levels

Weakest Level: 200ma (used only for starting a trade if no other levels are near) Strongest Pattern: Double Top and double bottom

Weaker Pattern: Test of Support and test of resistance

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MA’s: 21ema is stronger than the 75ma

Strongest Entry and Exit Patterns: Large bar and Spike bar

If Large bar or Spike bar is preceded with Fast Run Down or Fast run Up

Weaker Entry and Exit Patterns: Fast Run Down and Fast Run Up with no Large or Spike Bar

These are similar levels that are used in my day trading course but not traded the same

The trades we take and the rules we use are used on the 1M chart only

On the 5M chart all we need to do is monitor where price is in relation to the major levels

As price nears these levels we note what price does at these levels

It may start a move with the trend or move counter-trend

It may also do nothing

The 75ma/21ema are not levels

They are guides to know if the market is trending and how much it is trending

This information can be used as when the market is in a trend,

Meaning we trade in the direction of the trend

The 200ma is used only to initiate a trade if not other levels are near

It is also used to note if the market is on the Bullish or Bearish side

If price is above the 200ma it is Bullish

If price is below the 200ma it is Bearish

The charts below are examples of the 5M levels and patterns

Our trading runs from midnight to noon Eastern Time

However the 1M trading system can be used any time of the day

Two patterns will be used on the 5M only to indicate a possible trend change

They are also used on the 1M and will be explained later

They are the Fast Run Up/Down pattern and the large Bar/Spike Bar pattern

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5M Level and Pattern Limits and Rules: Trending Day: A

When the market is trending it is best to trade with the trend and wait to see if the trend changes at a major S/R level

Many times the trend will continue past all levels

But note that a start of a trend will usually start at one of the major S/R levels

The 21ema and the 75ma are used mainly on these days for trade entry

Non-Trending Days: A

We use S/R levels to initiate a trade

The DT/DB pattern is used for confirmation Range Days or times: A

If price on the 5M makes two tops and two bottoms near each other the market has moved into a range

Another way to look at it is a DT and a DB or vice versa

Enter and exit quickly at the tops and bottoms of the range

Once a range has started d'not trade 10/21 crossovers

Trade only aggressive trades or stay out

Conservative trades will not make any profit in a range

Previous Days High and Low Levels: (Strongest S/R level) A

Draw lines on the current days chart from the high and low of the previous day

The previous day is from midnight to midnight

So if the current day is September 23 you would draw the lines from midnight on the 22nd to midnight on the 23rd

Price can be 15 pips or less on either side from the HPD/LPD and be valid if price reverses,

Best for Counter-trend moves

Fibonacci Levels: A

The extreme Fib levels are the strongest

They are the 38

6% Fibs

However price can hit any Fib level and reverse

Best for C/T moves

Price can be 4 pips or less on either side of the Fibonacci Level

Best for 1st entry only

200ma: A

The 200ma works effectively to initiate a trade when no other levels are near only

It is also good to note if the market is bullish or bearish

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Double Tops/Bottoms: A

These are common technical patterns that are used in trading

They can be seen all over the chart

They are most important when used with a level or for a possible trend change on a non-trending day

A double top is shaped like a ‘M’ and a double bottom is shaped like a ‘W’

See the Introduction to Technical Analysis in the back of the Introduction to Forex bonus ebook included for examples

Fast Run UP/Down Patterns: A

These patterns are seen most of the time a price makes a quick attempt to reach a major level

Most of the time they indicate a possible trend change

We need to be watching for these patterns as price nears a major S/R level

Large Bar/Spike Bar Patterns: A

As the Fast Run Up/Down pattern these bars are seen at major S/R levels and usually indicate a trend change

Watch for these along with the FRU/FRD patterns

See the Non-trending chart at S,

C and after G and the 75ma retrace on the trending chart around 8:45 for examples

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5M Trending day:

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5M Non-trending day:

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Entry and Exit Patterns

I will illustrate the correct entry and exit

Then I will take a 5M day and break it down on the next chart the 1M trades to take

Conservative patterns Moving average crossover: On a 1M chart add three EMA’s

Below is a basic example or a long and short trade using the 10/21 ma crossover only

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Long Trade on the 1M 10/21ma crossover:

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Short Trade on the 1M 10/21ma crossover:

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Range condition on the 1M chart:

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5M chart showing the range trade from the 1M chart above and how to manage the range

Starting at E

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Aggressive patterns The aggressive patterns we use will usually make more profits that the 10/21 crossover conservative trades

But they are riskier and harder to time

The odds of picking the wrong area is greater

But if you get it right you can add extra pips to a trade

Sometimes a lot more

Eventually after experimenting with both types of trading you may want to combine the two,

depending on the circumstances

Some ways to differentiate when to trade conservative,

or a combination of both will be shown later under General Patterns

The various patterns we use in aggressive trading are: Double tops and double bottoms Test of support and resistance Fast run up and down market conditions Large bars,

Double tops/bottoms,

Fast run up and down and large bar/spike patterns were explained back on page 10 and 11

To not be redundant please refer to that page as a refresher

The Test of Previous support/resistance level will be explained next

Test of support and resistance

When price is moving on one direction and eventually reaches a major level on the 5M chart,

price may end the move at that point and reverse and move the other way

This is called a test of support or resistance

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If price is moving up and reaches a major resistance level and reverses it is called a test of resistance

If price is moving down and reaches major support level and reverses it is called a test of support

The TOR and TOS patterns occur about as much as the DT/DB’s

Examples below

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1M Fast Run Down,

Test of Support,

Fast Run Up,

Test of Resistance,

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Fast Run Down and Test of Support patterns

Also a double top

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General patterns indicating a possible entry or exit Moving average position

Together and extended from price: The location of the MA’s can help you decide when a trade

The two main conditions to look out for is when the ema’s are close together and when they are far apart

When they are close together it is a good time to look for to enter a trade,

The aggressive entry and the conservative entry will not be that far apart

So waiting for a 10/21ema crossover is the best strategy at this time for greater odds of a good trade

After a move has begun and a trend has started eventually the 10/21ema will be far away from the 50ema

As price reaches a 5M major S/R level,

and the ema’s are extended far from the 50ema it may be a good time to exit an aggressive trade

If price is not near a major 5M level you would not exit

You would wait to see if price retraces back to the 10 or 21ema and then continues in the direction of the trend This is especially effective if the move ends with a Fast Run Down or Large bar pattern

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Ema’s close together and far apart in a downtrend

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Ema’s far apart,

and ems’s close together at the DT

Up-trend

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Entering multiple times: Another way to increase your pip count is to enter multiple times when price is trending up or down

You can expect price to retrace at least two to four times in a normal trend

However if price is trending on the 5M chart the 1M chart will show more than four retracements

At each or these retracements to the 21ema or the 50ema you can enter again in the direction of the trend

You want to wait for a TOS/TOR or DT/DB and then a bar that moves in the direction of the trend to enter

This way you can add up to three lots to a trade and make more pips as you take advantage of a trending move

Below are charts showing uptrends and downtrends and multiple entries

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Entering multiple times in a down trend

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Entering multiple times in a up trend

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Trade Management Introduction Trade management is how the trade is managed or monitored as the trade is moving from one major level to another

Stops are used to protect us from taking a large loss if the trade we have entered goes against us

It also locks in profits after a trade has moved in our direction

Stops also protect us when news events cause the markets to act wildly

The three stops we use are the initial stop,

Another tool we use is the Fibonacci retracement on intra-day levels to gauge trend strength or weakness

Stops Initial Stop: The initial stop protects you when your entry choice is incorrect

If you enter a trade long expecting the market to take off in the direction you entered,

and all of a sudden it turns and goes the opposite direction,

you need to protect yourself from losing your capital

W ithout a stop placed in the market,

your emotions will cause you to second guess yourself and wonder whether you should exit with a small loss or wait and see if the market turns

Sometimes it will and sometimes it won't

You must place an initial stop as soon as you enter a trade

You can enter a trade with a market order or with a limit order

It doesn't matter

Initial stops are placed 5 pips beyond the price pivot before your entry

This will make more sense after I show you some charts

As soon as you enter a trade,

place your initial stop immediately

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Initial Stop

Up Trend:

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Initial Stop

Down Trend:

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Pivot Stop and 50ema stop:: A pivot stop is a good trailing stop

A pivot is created after price has moved in the direction of the trade

If price is moving down it will eventually retrace and move up to one of the ema’s

It usually creates a ‘^’ pattern at the top of the retracement

Then price will reverse and move down,

passing the area that it first retraced

After price moves further down the retracement is called a pivot

You would place the stop 5 pips above the pivot

You would do this each time a retracement occurs and price moves down further

In a normal move you can expect at least three of these retracements

The 50ema stop is only used after an initial entry and no retracement has been established to trail stops

Helps protect the trade if price goes against us after entry

Not used much

Pivot Stop Placement

Up Trend:

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Pivot Stop Placement

Down Trend:

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Using intra-day Fibonacci retracements to monitor trend strength: Drawing Fibonacci levels on the most recent high to low or low to high can give you an idea of how far price may retrace

We use four Fib levels: 38

If price retraces to the 38

If price retraces to the 78

We do not use these levels to take trades from

Just to monitor retracement strength

Fibonacci Retracements in an uptrend:

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Fibonacci Retracements in an downtrend:

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Money Management

Introduction: Using Money management is critical to your trading success

Adhering to strict money management rules will keep you in the market longer and protect your capital,

even through a string of losses

Money management consists of stop placement and managing the trade with trailing stops,

Money management will keep you from having a huge loss if you are wrong in your entry

It will help you extract the maximum amount of profits from the market if used correctly

It will also make you very frustrated when the money management rules cause you to exit the market just before the trade you were in takes off in the direction you had anticipated

However,

if you want to become a professional trader and make a living from trading you must use proper money management every time you take a trade

The statistical probabilities will be in your favor in the long run if you do

How much money per contract If you are new to Forex trading start with 2% of your capital per contract you trade

If you trade a mini lot for $1

00 a pip,

you will need a minimum of $500

However most brokers require a minimum if $2,000 for a mini account

For a micro account you can have as little as $300 in your account and start trading

FXCM offers a new account that offers up to a 60% discount on trades

This is the best account for scalp trading

Normally the EUR/USD has a 2

That is $2

They are charging only

You will need a minimum of $2,500 to open this account

I am not affiliated with FXCm at all

Go to: http://s202

?s=202&e=20091098&elq=dd3c4879ac1046c1bbe67de17753932f Forex Scalping System by Jon Levine

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Recommended ways to start scalping: When starting any new system I recommend starting with a demo account for practice

It takes time to apply the rules of any new trading system

It is important to trade as if you are trading with real money and not slack off because it is not

After you have a win/loss ratio of 60% of greater you can go to a micro account or a mini account

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Examples Introduction: I will be showing you examples of 1M trading using the 5M chart as a guide

First I will show the 5m chart and all the major support and resistance lines drawn on the chart

Then below the 5M chart will be the 1M charts showing the correct trades for the day

You will see both aggressive and conservative trades on the charts and the patterns we use shown

The 5M charts are in Candlestick,

mainly because most traders use them

The 1M charts are the open,

close bar charts because candlesticks are too fat to condense three hours of a trading day in one chart

Use the type chart that you prefer

Abbreviations: TOS =

Test of Support

Test of Resistance

Double bottom

Double Top

Aggressive Trade

Conservative Trade

Retracement

Fibonacci % level

Initial Stop

Pivot =

Pivot Stop

MA X/O = Moving Average 10/21 Crossover

Fast Run Up

Fast Run Down

Large Bar

Spike Bar

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Remember that is most important while watching and monitoring charts to watch price action first and foremost

Is price trending,

making lower lows and lower highs (downtrend),

Do not use the levels to just automatically enter and exit trades without the proper setups and entry/exit signals

The levels are just guides

They can be passed easily as price moves to a level further away

The signals to watch are the DT/DB’s,

TOR/TOS,

Fast Run Up/Down,

Wait till you see a definite signal at a level and remember if the market is trending stay with the trend until a definite signal is given that tells you the trend may be over

We will review three different charts

A non-trend,

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Non Trending Day,

Moderately Bullish

- 5M Chart

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Non Trending Day,

Moderately Bullish

Chart 1

Each chart has approximately three hours of data

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Chart 2

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Chart 3

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Chart 4

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Chart Set #2

Range Day turning into an uptrend late in day

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1M Chart #1 of 5M chart above

Four sections

Each about three hours

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1M Chart #2 of 5M chart above

Four sections

Each about three hours

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1M Chart #3 of 5M chart above

Four sections

Each about three hours

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1M Chart #4 of 5M chart above

Four sections

Each about three hours

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Chart Set #3

Trending Strong Day

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1M Chart #1 of 5M chart above

Four sections

Each about three hours

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1M Chart #2 of 5M chart above

Four sections

Each about three hours

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1M Chart #3 of 5M chart above

Four sections

Each about three hours

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1M Chart #4 of 5M chart above

Four sections

Each about three hours

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1M Trading Checklist:

One Minute Scalp Checklist 5-Minute chart as a guide:        

Type of trading days

Trending,

Or a combination of the three

Larger Levels to watch what price does at these levels

High Previous Day,

Low Previous Day

Fibonacci levels

Double Tops and Double Bottoms(mainly used in non-trend days)

Fast Run Up,

Fast Run Down and Large Bars and Spike Bars

Entry and Exit Patterns: Conservative:  10/21ema crossover

Aggressive:  Double Tops and Double Bottoms  Test of Resistance and Test of Support  Fast Run Up,

Fast Run Down  Large Bars and Spike Bars

 Trigger Bar: Opposite color up bar and down bar

 Intra-day Retracement Strength

General:  Multiple Entries at up to 3 Retracement Levels in a Trend

 Ma’s near each other for better entry and far apart for possible exits

Stops:   

Initial Pivot 200ema

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Conclusion: The trading system I have just showed you has never been shown before by me

I have studied,

It is the best system I think for getting the most profit out of the market no matter what type of market conditions arise in the market

Trading this system takes undivided attention and more focus that you are probably used to

But the rewards are worth it

The great thing about trading like this is if you trade for a few hours and need to take a break,

you are able to come back fresh and still make good profits for another hour or two

I have shown in detail three trading days

All of them are different in the market condition at the time

There are 15 charts total shown as examples

Almost every market condition has been addressed in these charts

Any more charts would just be overkill

As with any trading system it will time master it,

but the time will be worthwhile when the see the huge profits come in that you would not see otherwise

Good Luck and Happy Trading

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