Great GBP/JPY 1M scalping strategy

Trading Systems Free Forex Trading Systems
1

Currency: GBP/JPY or USD/JPY (though i use it mainly on gbp/jpy:
Timeframe: 1M, 5M, 15M
Indicators: 3 sets of bollinger bands:

  1. Period 50. Deviation 2 (RED)
  2. Period 50. Deviation 3 (orange)
  3. Period 50. Deviation 4 (Yellow)

Once you load your template you will notice the three sets of bollinger bands. Now, price will constantly range between these lines.

Sell strategy:

When price crosses the upper red band , at least half way to the orange band (if it gets to the yellow band is better but not as usual) Then the price will tend to retrace towards the center of the bollinger bands, you profit form this retracing.

Buy Strategy, it is the same as selling, the difference is that we will wait for the price to range between the lower red and yellow bands, and trade the retracing towards the center.

Tips: do not trade on ranging ,or quiet markets, do not trade previous to news releases. Go for 5 to 10 pips. Great system to trade between opening of london session and the closing of the japan session.

Stop Loss: since this strategy requires you to look at the screen (remember this is the 1M time frame) I tend to have two kinds of stops: time based and loss based.

Time based: Try and figure out how long will it take the market to get in your expected direction, if the time that you planned is already due, then close the order. No point on waiting for a loss…

Stop Loss: Since you are trading a very tight time frame your stops should also very very tight. Sometimes, you will profit from a 3 minute trade and you wont be able to set a proper S/L. So your stops will be given to you by your money management system…

Template is available for download

2

Excellent !

3

I use a variation of this strategy. I only use 2 Bollinger bands. I doubled the periods to 40 with 2 dev and 3 deviations. I also use RSI 28 periods. I like slowing down the indicators. I only trade the European session which includes the opening of the New York session. 15 minute Time Frame chart.
For buy trade wait for candle to break below or touch the outermost Bollinger band(3 dev). Wait for the next candle to close above the inner Bollinger band (2dev). Next check the RSI and enter a buy order if RSI is below 50. Stop loss at -15 pips. I usually for exit move my stop loss to BE after +15 pips and manually trail moving +10 pips with each subsequent +10 move in my direction. I have also closed when RSI crosses back below 50. For conservative traders just set exit at +15 pips.
For sell trade do the opposite.

4

Where can we get the template from ? could you please provide a download link?
thanks

5

Oo cool, going to try that right now

6

The OP posted back in 2008. Then some dimwit decided to necro the thread with a meaningless one-word reply. It’s unlikely that the OP will return 5 years later to answer your enquiry.

7

Ouchie. I didn’t even notice.