Forex M5 Time Frame Scalping with “Multi Bollinger Bands Price Action Scalping Trading Strategy” – This high accuracy SCALPING strategy is best used on the 5-minute TF chart. This is because price movements on the 5-minute TF chart are very incremental.
Bollinger Bands are typically used to identify overbought and oversold market conditions using its outer bands, but the same outer bands that are used to identify potential reversals could also indicate strong momentum.
This is a very simple working scalping strategy. Having momentum and price action on your side should allow for a high win-loss ratio.
- Time Frame: M5
- Currency Pairs: GBPUSD and EURUSD
MetaTrader Trading Indicators
- Bollinger Bands
- CCI NUF
How to install “Multi Bollinger Bands Trading System”
- Download “ForexWOT.Com-MultiBBScalpingSystem” (Zip/RAR File).
- Copy mq4 and ex4 files to your Metatrader Directory …/experts/indicators/
- Copy the “ForexWOT.Com-MultiBBScalpingSystem.tpl” file (template) to your Metatrader Directory …/templates /
- Start or restart your Metatrader Client.
- Select Chart and Timeframe where you want to test your forex system.
- Right click on your trading chart and hover on “Template”.
- Move right to select “ForexWOT.Com-MultiBBScalpingSystem” trading system and strategy
- You will see “Multi Bollinger Bands Price Action Scalping Trading System” is available on your Chart
BUY Rules
- Price (3) should have closed above the upper outer gold Bollinger Band or green Bollinger Band
- Price (2) should retrace to the upper outer gold Bollinger Band or green Bollinger Band
- Price (1) should close above the upper outer gold Bollinger Band or green Bollinger Band
- Enter a BUY market order at the close of the candle (1) or at the opening of the present candle (0)
- CCI NUF blue histogram
- Stop Loss: Set the stop loss at the bottom of the previous candle/candle (1)
- Take Profit: Set the take profit at 2x the stop loss
SELL Rules
- Price (3) should have closed above the lower outer gold Bollinger Band or green Bollinger Band
- Price (2) should retrace to the lower outer gold Bollinger Band or green Bollinger Band
- Price (1) should close below the lower outer gold Bollinger Band or green Bollinger Band
- Enter a SELL market order at the close of the candle (1) or at the opening of the present candle (0)
- CCI NUF red histogram
- Stop Loss: Set the stop loss at the top of the previous candle/candle (1)
- Take Profit: Set the take profit at 2x the stop loss
Trading NOTES
- This strategy could be at around more than 60% accuracy.
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