The Dragon Fly Forex Scalping Strategy

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The Dragon Fly

These are the indicators that the dragon fly system uses:

  • MACD (5, 15, 1)
  • DSSBressert (8, 13)
  • RSIOMA II
  • Ribbon

For LONG entry:

  • DSS Bressert blue arrow,
  • MACD must be greater than 0
  • RSIOMA must cross up,
  • Ribbon is green.

*Do not open position when DSS or RSIOMA is in Overbought.

For SHORT entry:

  • DSS Bressert red arrow,
  • MACD must be less than 0.
  • RSIOMA must cross down,
  • Ribbon is Red.

*Do not open position when DSS or RSIOMA is in Oversold.

Rules on when to exit position:

  • When the dot of DSS changes color from red to blue to red or blue;
  • When the Rsioma Crosses in opposite direction;
  • When Ribbon Change color.

For 5 min chart we prefer when The RSIOMA crosses in opposite direction and take profit.

Stop loss in a 5 min chart should be 3 pips below or above the entry point.

Target profit in a 5 minute timeframe for EURUSD is 8 pips, 10 pips for GBPUSD and 6 pips for AUDUSD.

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