Bolligerband RSI ADX advance auto trade
This is a Forex Scalping Trading Sytem based on the Bollinger Bands.
Time frame: 1M or higher.
Indicators (just suggestion)
Bollinger bands (20, 2);
ADX (14 period);
RSI (7 period ).
You should only trade this system between 2am to 5am EST, 8am to 12am EST and 7.30pm to 10pm EST.
Do not scalp 30 minutes before a orange or red news report and not for a hour afterwards.
Setup:is for price to move above the lower or lower Bollinger Bands, RSI raise above the 70 line or below the 30 line and ADX<32 at the same time.
Long Entry: price to move below the upper Bollinger Bands( deviation 2 and 20 period), RSI (7 period ) raise above the 30 line and ADX<32 at the same time.
Profit Exit: 3 options: 1, exit position when the price touches the middle band, 2) when the price touches the opposite band, 6 pips target profit.
Loss Exit: stop loss on high/low entry bar or 7pips loss