Review: This Trading Strategy SHOULD NOT Be Free (Best Forex & Crypto Scalping System for Beginners)

I examine a strategy from The Secret Mindset channel which uses the daily opening hour, to determine key price levels to trade off of. While this is not my favorite system, there are aspects of this strategy that can be used for a very specific, and potentially very profitable, Cryptocurrency trading system that I discuss.

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Total amount of trading systems tested so far: 41

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???? Link to the backtesting spreadsheet tutorial: https://bit.ly/BTTutoiral

⏱️ Timestamps ​​⏱️
00:00 - Start
00:54 - Indicators
02:01 - Long Examples
03:19 - Short Examples
04:56 - Testing Results & Equity Curve
06:10 - Trader’s Landing Score
06:28 - Optimization

⚙️ System Specifics ⚙️
???? Instrument: Euro vs. US Dollar (EUR/USD) & Bitcoin vs. US Dollar (BTC/USD)
⌛ Time Frame: M5
???? TradingView Indicators
Name: Relative Strength Index (RSI)
Inputs: Default
By: TradingView Built-In
Link: https://www.tradingview.com/support/solutions/43000502338-relative-strength-index-rsi/

Name: Exponential Moving Average
Inputs: Length: 200
By: TradingView Built-In
Link: https://www.tradingview.com/support/solutions/43000592270-exponential-moving-average/

Name: Trading Session Indicator
Inputs:
Forex: Frankfurt open to 1 hour past open.
Crypto: Broker open to 1 hour past open.
By: ZenAndTheArtOfTrading
Link: https://www.tradingview.com/script/xitSH979-Trading-Session-Indicator/

☝️ Long Entry
1. Price moves above the initial opening channel.
2. Price is above the 200 EMA.
3. RSI is over 50.
4. Enter on first candle that closes above the opening channel.

???? Short Entry
1. Prices moves below the initial opening channel.
2. Price is below the 200 EMA.
3. RSI is below 50.
4. Enter on the frist candle that closes below the opening channel.

???? Risk to Reward: 1:1, 1:2

???? Where to place stop-loss:
For Longs: Below opening channel level.
For Shorts: Above opening channel level.
???? Where to take profits: 50% of positon at 1:1. When 1:1 is hit, move stop to break-even and target 1:2 for the remaining 50%.
Metatags
#StrategyReview #TradingSystem #SimpleTrading

Attribution
Secret Mindset Video: https://www.youtube.com/watch?v=BvUJ9upqpyI
Person being thrown into water: https://www.youtube.com/watch?v=cS3VSR81nrY

⚠️Disclaimer: This content references opinion and is for information purposes only. Not intended to be investment advice. Seek a licensed professional for investment advice.