The Magic Bands Scalping Method
Submit By Forex StrategiesResources
Time Frame:any (For Scalping 5min)
When the price of a bar closes above the bands and BBands
stop dot is below, buy at open of the next bar. Re-Entry Long: with the if BBands stop open an new position and above the Magic Bands.
When the price of a bar closes below the bands and
Bbands stop is above sell at open of the next bar.Re-Entry Short: with the if Bbands stop open an new position and below the Magic Bands.
Exit Position with BBands stop
For Scalping with Profit Target
Add Ribbon Indicators and delete BBands stop.
When the Ribbon is Green and Above the Magic Bands.
When the Ribbon is Red and Below the Magic Bands.
Profit Target: AUD/USD 6 pips, 8 pips EUR/USD, 10 GBP/USD
Place Stop Loss 5 pips below or above Bar Entry.
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- Platform: Metatrader4
- Currency pairs: Any pairs, indices and metals
- Trading Time: Around the clock
- Recommended broker: icmarkets, XM
- How to install MT4 indicator?
- 1. On the desktop, double-click to open the MT4 trading platform software you installed.
- 2. Click on “File” – “Open Data Folder” in the upper left corner, double-click the MQL4 folder, and double-click the Indicators folder
- 3. Copy the metrics you need to install to the Indicators folder
- 4. Open MT4, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
- 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window