The Magic Band Trading Strategy
This strategy uses any timeframe. Use 5 minutes for scalping. Use this system in all currency pairs.
Here are the indicators for this system:
- Bands(50, 0.05);
- Bands(15, 0.05).
- BbandsStop (16,2)
- Ribbon
For LONG entry:
- Buy at opening of the next bar when the price of a bar closes above the bands and Bbands stop dot is below.
- Re-enter if the BBand stop, open a new position and above the magic band.
For SHORT entry:
- Sell at the opening of the next bar when the price of a bar closes below the bands and BBands stop is above.
- Re-enter if BBand stop, open a new position and below the magic bands.
You can exit position with BBand stop
For Scalping with Profit Target:
Add Ribbon Indicators and delete BBands stop.
Long
When the Ribbon is Green and above the Magic Bands.
Short
When the Ribbon is Red and Below the Magic Bands.
Profit Target for AUDUSD is 6 pips, 8 pips for EURUSD and 10 GBPUSD.
Place Stop Loss 5 pips below or above Bar Entry.
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