Online Foreign Currency Trading

Forex ; Another Scalping Technique

Currency: ANY
Time frame: 1 hour + 30 min + 5 min.
Indicators: 14 EMA, 21 EMA, 50 EMA, Bollinger Band (20, 2).

Entry rules: Enter on 5 minutes chart.
On 5 minutes chart, for uptrend:
if 14 EMA is above 21 EMA,
then if both 14 EMA and 21 EMA are above 50 EMA,
then if 50 EMA is within the Bollinger Bands borders,
then...

go and check 30 min chart:
if price bar is a up-close bar and sitting on 14 EMA or 21 EMA
and same again:
if 14 EMA is above 21 EMA,
then if both 14 EMA and 21 EMA are above 50 EMA,
then if 50 EMA is within the Bollinger Bands borders,
then...

go Long...

OR go and check if 1 hour chart meet same conditions as for 30 min chart and then go Long.
If at least one condition is violated – stay away.

The reverse is for the downtrend:
Enter on 5 minutes chart.
On 5 minutes chart, for downtrend:
if 14 EMA is below 21 EMA,
then if both 14 EMA and 21 EMA are below 50 EMA,
then if 50 EMA is within the Bollinger Bands borders,
then...

go and check 30 min chart:
if price bar is a down-close bar and touching 14 EMA or 21 EMA
and same again:
if 14 EMA is below 21 EMA,
then if both 14 EMA and 21 EMA are below 50 EMA,
then if 50 EMA is within the Bollinger Bands borders,
then...

go Short... or go and check same rules for 1 hour chart and only then enter Short on 5 minutes chart.

Exit rules: exit when any of the conditions is violated or when the profit is high enough to close the trade.