Bollinger bands Scalp GBPJPY
This strategy for for GBPJPY pairs with 1 minute and 5 minute timeframe. Use bar chart for this technique and this is for traders who has ECN broker accounts.
Here are list of indicators for this strategy:
- Bollinger Bands 50 deviation 2, red
- Bollinger Bands 50 deviation 3, orange
- Bollinger Bands 50 deviation 4, yellow
For LONG entry:
All you have to do is just wait for the market to congest. The congest must happen between the lower red band and yellow red band. Take the trade on the retracement towards the center.
For SHORT entry:
Take a trade when the price crosses the red upper band within half way to the orange band. There will be a retracement towards the center of the Bollinger band. You can take profit on this retrace.
Time based: Observe how long the market will get into your anticipated direction. If the time you anticipated is done, you can close your position.
Stop Loss: Place the stop loss very tightly, because the timeframe of this system is very tight.
Take Profit at 5 to 10 pips or exit at the middle band.
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