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Support And Resistance Forex Scalping Strategy
This is a scalping trading system based on static support and resistance. This is useful in a 5 minute or 15 minute timeframe. This system is applicable to any currency pairs.
Metatrader Indicators:
- Great Support and Resistance FX, indicator,
- Fibo pivot 3, indicator,
- Bands Modified (deviations 2.0) indicator.
Buy Entry:
- The price must break the lower bands and touch the support line.
- Enter on the opening of the next bar.
Sell Entry:
- The price must break the upper bands and touch the resistance line.
- Enter at the opening of the next bar.
Exit Position:
- At the levels of the Fibonacci pivots.
- Profit Target predetermined, depends by time frame and currency, or ratio 1:1 stop loss.
- Stop loss for buy 3 pips above the lower bands.
- Stop loss for sell 3 pips below the upper bands.
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