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Simple Scalping Using Bollinger Band Forex Strategy
This scalping system uses a Bollinger band to identify the reversals, but this method is a trend following method. Use this method during London and New York sessions. This system is for all currency pairs with a 5 minute and 15-minute timeframe. Avoid trading within the news.
Forex indicators:
- Bollinger bands (20, 2);
- Ema (2);
- EMA (11);
- EMA (21),
- Stochastic (5,3,3).
Buy Entry:
- The price must touch or break the lower band.
- The EMA 2 must be above EMA 11 and EMA (21).
- Stochastic must cross upward.
Sell Entry:
- The price must break or touch the upper band.
- The EMA 2 must be below EMA 11 and EMA 21.
- Stochastic must cross downward.
Exit Position:
- For 5-minute timeframe.
- Target profit must be 8 pips for EU, 10 pips for Gu and 7 pips for AU.
- Place initial stop loss at 15 -18 pips.
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