Learn how to use the 10 Pips Per Day Scalping Strategy. Read the article to trade this strategy.
Name : 10 Pips Per Day Scalping Strategy
Time Frame : 5 to 15 Minute Charts
Indicators : Bollinger Bands (20, 0, 2) and Stochastic Oscillator (5, 3, 3)
Strategy By : Analyst Navin Prithyani (forexwatchers.com)
First you want to setup your charts similar to the image above. If you want to use the Stochastic indicator like mine, you can find it in the forums. Now the key is not to earn 10 pips in one shot or in one trade. If the trade skyrockets and gives you 10 pips, then so be it. Otherwise, take what you can get. The risk to reward ratio on this scalping strategy is bad, but it has a higher accuracy rate. So please trade at your own discretion.
- Look only on the major pairs. (EURUSD, USDJPY, GBPUSD, USDCHF)
- A close must happen outside the Bollinger Band indicator
- The Stochastic Oscillator indicator must be in a oversold (below 20) or an overbought area (above 80)
- If the market is in an uptrend, look for a red candle. If the market is in a downtrend look for a green candle
- We will call these the “Signal Candles”
- Once you see your signal candle, enter in that same direction and scalp your pips
- Stops are hard and should be kept at 20 pips
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