Bollinger Best Signals
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The 5-minute Forex scalping strategy using the Bollinger Bands indicator is a simple system you can use to trade the foreign exchange (Forex) market when it is ranging (moving sideways without a clear direction).
You sell when the price touches the upper Bollinger Band and buy when the price on the chart touches the lower Bollinger Band.
As for the middle Bollinger Band, when the price touches it, you should move your stop loss to the break-even point.
Trading Requirements and Parameters
Timeframe: 5 minutes
Currency pairs: EURUSD, GBPUS, all even GOLD
Indicator: Bollinger Bands (with default settings)
Trading sessions: trade only during the London and New York sessions
The Bollinger Bands indicator consists of three lines, each serving a specific function in this 5-minute scalping system:
the upper Bollinger Band is used to sell or take profits on a buy trade initiated at the lower band;
the lower Bollinger Band is used to buy or take profits on a sell trade initiated at the upper band;
the middle line is a 20-period Simple Moving Average (SMA); you use it to move your stop loss (SL) to the break-even point, making the trade virtually risk-free.
