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57# Scalping with Money Flow Index and Bollinger Bands

Submit by Joy22

 

Time Frame 5min

Pairs: EUR/USD, AUD/USD, GBP/USD

 

Forex Indicators:

Bollinger bands (20, 2)

Money Flow Index (8).

 

Long Entry:

when the Money Flow Index  is in overbought, the bid price close outside the lower Bollinger band indicator line, wait candle bullish.

Short Entry:

when the MFI is in oversold, the bid price close outside the lower Bollinger band indicator line, wait the candle bearish candle

 


Exit Position:

Place Stop Loss on the upper or lower band.

Profit Target: AUD/USD 6 pips, EUR/USD 8 pips, GBP/USD 10 pips.

 

 

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Comments: 4
  • #1

    maxiiz (Friday, 06 January 2012 08:21)

    thank you for forex scalping system

  • #2

    trader (Saturday, 18 February 2012 20:35)

    i jsut made a million with this strategy! only i use bb(50) + adx(dont trade when its a above 32) + rsi(7) with levels 70 30. enjoy. have a nice day

  • #3

    john (Friday, 02 January 2015 18:37)

    Good strategy can we apply to stocks & commodities as well

  • #4

    HIDDEN (Wednesday, 28 January 2015 01:39)

    Hey trader.......you trade EURUSD or USDJPY