Hello everyone, I'd like to share one of the scalping techniques I'm using a lot and its a simple technique that works best on M5 and M15 timeframes:
Settings you need:
Bollinger Bands: 35
Relative Strenght Index (RSI): 7
I described the moment of entry when I get 3 confirmations:
Confirmation 1: Are the candles touching our are out of Bollinger Bands?
Confirmation 2: is RSI out of the comfort zone (30-70) If its 70+ its a sell, 30- is a buy
Confirmation 3: is Stocastic crossing the lines?
If you have all 3 confirmations place the buy or sell trade. We are looking for a 5-8 pips profit per trade (against the trend).
When the trade doesn't go the direction you want give it up to 10-15 pips room. it mostly will still go your direction shortly. Close at minus 20 pips and wait for a better entry (you were too early).
Use risk management to determine your perfect Lotsize. I personally use 0.10 lotsize per 100 USD in my account for scalping but thats quite aggressive and good for small accounts. Move to 0.50 Lotsize per 1000 USD in your account when your account grows.
If you have any questions feel free to message me!