Zigzag And Bollinger Band Forex Scalping Strategy
This is a scalping system that uses a price action. It is also based on the Bollinger bands and Zig Zag. This works on a 5-minute timeframe and useful in all major currency pairs.
Metatrader Indicators:
- zig zag indicator (period 2)
- zigzag pointer indicator (period 10, 5, 15) (for Meta trader user) Zig Zag indicator (12, 5, 3)
- CCI indicator (14) with levels 90 and -90
- Stochastic indicator 11-5-5
- Bollinger bands (20, 3) and (20,2)
Long Entry:
- The price must touch or close the bottom Bollinger bands indicator.
- Zig Zag indicator and Zig Zag Pointer indicator meet together on the same candle.
- CCI indicator gets over -90 level.
- The stochastic indicator must cross and point up.
- Enter trade when price closed into Bollinger Bands (20.2 ) at open next bar.
Short Entry:
- The price must touch or close the Top Bollinger bands indicator.
- Zig Zag indicator and Zig Zag Pointer indicator meet together on the same candle.
- CCI indicator gets over 90 level.
- The stochastic indicator must cross and point down.
- Enter trade when price closed into Bollinger Bands (20.2 ) at open next bar.
Exit Position:
- Profit Target must be 6-10 pips depending by currency pairs.
- take profit on the middle band.
- Place Stop loss below or above entry candle.
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