Scalping system #7 (Great GBP/JPY 1M scalping strategy)
Submitted by User on November 24, 2007 - 15:39.
Submitted by Chelo
So here is a strategy I have trying to work out fot the past month, and I seem to be getting better at it. What would be very nice, is if anyone can help me tune it a bit more.
Currency: GBP/JPY or USD/JPY (though i use it mainly on gbp/jpy:
Timeframe: 1M, 5M, 15M
Indicators: 3 sets of bollinger bands:
1) Period 50. Deviation 2 (RED)
2) Period 50. Deviation 3 (orange)
3) Period 50. Deviation 4 (Yellow)
(the template for this bollinger bands can be downloaded form this post)
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Amazing system,would you tell me how long you have tested it,what's the average profit for a week just trading GBP/JPY
Regards,
Ele
Something I forgot to mention about this strategy.
Notice that the strategy mentions three time frames: 1m 5M and 15M. Although you would be trading this strategy on the 1M time frmae, use the other two to make sure you are no trading against a stronger trend.
Also bear in mind important res/support levels, and do not expect the price to bounce right of the first band as soon as it touches it, it takes time to make up its mind.
Very important to demo trade this one, that way you can get the feel of the pair and how it behaves in such a small timeframe, it can be tricky.
Best of lucks
Chelo
Hey very interesting i also have interest on this one thanks.
It is a great strategy and so are the results!
Thank you very much. Your contribution is greatly appreciated!
I'll take a look at the strategy (most likely this week) and will be glad to share my views and ideas about possible further improvements.
Best regards,
Edward.
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