Here is my scalp setup: Bollinger Band MACD Optional Pivot Points
I consider Bollinger Bands as a Frenzy Limit indior. Most of the time, when the price goes beyond the ring, alerting any news/rumor, it is likely to retreat.
I believe the MACD as an avalanche indior. In case the elevation of the MACD summit is level, I dont anticipate price to go crashing down. So I trade only when the MACD has peaked (marked with the change in colour between red/blue) and going to reverse.
After I see the price punches through the Bands, *heads up *, and I affirm it with USDJPY and GBPUSD. If all 3 charts shows no sign of any anomaly, I take a contrarian position shorting a rally, buying dip for a small 5-10 pips profit.
BTW. The market could push higher and I would add positions aka Martingale. Im not all or nothing. After clearly watching it pushing for longer, I definitely close them.
So far, works most of the time and also have made relatively good cash in the last two weeks of doing it with small 10K~50K lot sizes. There have been modest amounts, but the winners were far better. I tend to cease trading when I made strings of errors signifying bad judgement calls. Cool off next 6, and trade. Works wonders.
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