16# Bollinger Band scalp GBP/JPY Trading System
Scalp GBP/JPY
Pairs:GBP/JPY
Time frame: 1M., 5M.
Spread max:0,0002 (
This Trading System is only for ECN Brokers Accounts);
Price: Bar Chart.
Indicators:
1) Bollinger Bands (50) deviation 2 color red;
2) Bollinger Bands (50) deviation 3 color orange;
3)Bollinger Bands (50) deviation 4 color yellow.
Time based:Try and figure out how long will it take the market to get in your expected direction, if the time that you planned is already due, then close the order. No point on waiting for a loss..
Stop Loss: Since you are trading a very tight time frame your stops should also very very tight. Sometimes, you will profit from a 3 minute trade and you wont be able to set a proper S/L. So your stops will be given to you by your money management system.
Pairs:GBP/JPY
Time frame: 1M., 5M.
Spread max:0,0002 (ECN Account);
Price: Bar Chart.
Indicators:
1) Bollinger Band (50) deviation 2 color red;
2) Bollinger Band (50) deviation 3 color orange;
3)Bollinger Band (50) deviation 4 color yellow.
Short Entry position:When price crosses the upper red b at least half way to the orange b (if it gets to the yellow b is better but not as usual) Then the price will tend to retrace towards the center of the bollinger bs you profit form this retracing.
Long Entry position:it is the same as selling, the difference is that we will wait for the price to range between the lower red and yellow bands, and trade the retracing towards the center.
Profit Exit: Go for 5 to 10 pips, or exit at middle band.
Stop Loss:To have two kinds of stops: time based and loss based.
In the picture below the examples of the entry points.
Share your opinion, can help everyone to understand the forex strategy.
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Write a comment
Mgd_Elislam (Wednesday, 06 March 2013 14:00)
my friends give me a recommendation to this system
so, thank you
but could you please give us more explanation about SL "your stops will be given to you by your money management system." and what is your recommendation money management system