The TFX Obos Scalping System is a scalping trading system that is among the easiest to use. It was designed for use in the London and New York Trading Sessions.
The New York session opens at eight am and closes at five pm of the EST time zone while the London opens at three in the morning and closes at twelve noon EST (EDT). Therefore there are some hours when the London and the New York sessions overlap since when the New York open it finds the London session still open. The two sessions overlap between 8:00 am and 12:00 noon EST (EDT).
Trading the currencies involved in the London and New York during the time the two trading sessions overlap give the best returns. For example, trading GBP/USD currency pair would give good results between eight in the morning and twelve noon EST when two markets for those currencies are active. The main reason for this is because at those overlapping trading hours there is the highest volume of trades and therefore more chances to win in the foreign currency exchange market due to the volatility of the market prices.
This trading system is used with the 5 minute time frame. It is mainly based on the TFX forex indicator.
Some of the indicators that this trading system incorporates in its process are:
- The TFX scalping indicator
- The Pivot Point indicator
- The pivot pro indicator
- The trend bar indicator
- The reversal indicator
- The direction indicator
- The TFX Obos Oscillator (8) indicator
Fig.1. The tempalte of the TFX Obos Scalping Trading System.
Apart from the indicator on the template there are aso some more information that is displayed on the top left corner of the chart. This information includes the previous high and low, the time remaining for the net candle to form, the previous day’s range and the current days range.
How to trades using the TFX Obos Scalping Trading System
Placing a buy order:
For you to place a buy order you have to wait for the TFX reversal green dot to appear. Then the direction green arrow should also appear. Also make sure that the TFX Obos Oscillator indicator is crossing the zero line form below moving upwards.
The BUYSELL MAGIC (1, 2) should also be green.
Placing a sell order:
For you to place a sell order you have to wait for the TFX reversal red dot to appear. Then the direction red arrow should also appear. Also make sure that the TFX Obos Oscillator indicator is crossing the zero line form above moving downwards.
The BUYSELL MAGIC (1, 2) should also be red.
Fig.2. Placing and closing trades.
After placing the trades you should close the trades when the TFX reversal indicator signal changes appears. This indicator appears when there is a reversal of the trend.
However you may close the trade when the price touches the pivot points.
It is also important to use stop losses. For the buy order you should place the stop loss on the previous green arrow while for the sell order you should place it at the previous red direction arrow.
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