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Kevinator Retracement
If you want to scalp and use a system that is based on the retracement of the price, then this system is for you.
You can trade major currency pairs using this system on a 5 minute timeframe. The indicators used in this system are listed below.
- TMA,
- MTF Stoch 4TFx4,
- Retracement Finder.
Retracement bars are the magenta (purple) bars on the indicator on the bottom. If the market indicating downward you take the downward magenta bars as your entry. If the market is going up, you take the upward magenta bars as your entry.
LONGTERM
When MTF stochastics change its direction and hold until the trend is over or at the retracement bars going in the direction of the trend and hold 20-400 pips, then you can enter the market for long term.
SHORT TERM
You can do it short term too by finding the direction of the current trend and entering the retracement bars.
MTF stochastics and entering on retracements are the solid methods to define a trend. You have the choice how much profit you will take. You can follow a trend that last days or just do scalping.
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