A scalping system for the highly volatile GBP/JPY pair based on a set of bollinger bands with different deviation.
Indicators: Bollinger Bands with deviation 2,3,4
Preferred time frame(s): M1
Trading sessions: Euro, London, US
Preferred Currency pairs: GBP/JPY
This system in action…
As shown in the GBP/JPY chart above, we had 8 winning trades from this scalping strategy with 3 bollinger bands.
- Go long the GBP/JPY when the price hits the lower red bollinger band or trades between the lower red BB and the lower brown BB.
Enter buy trade. Place stop-loss 2 pips below the most recent low candlestick (low risk entry).
Target: 15 pips or close at the upper red bollinger band for more profits.
- Go short the GBP/JPY when the price hits the upper red bollinger band or trades between the upper red BB and the upper brown BB.
Enter sell trade. Place stop-loss 2 pips above the most recent high candlestick.
Target: 15 pips or close at the lower red bollinger band.