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Scalping Journal and strategy template 7 11 2015

Scalping Journal and strategy template 7 11 2015

Scalping Journal and strategy template follows.

Yesterday we had the biggest news event of the month.We took a scalping trade in the morning after the London open in EURJPY and then closed the station.

In the afternoon one hour approx after the NFP release the pair gave a superb short signal ,provide a nice retracement for entry in the trigger chart and then produced more than 100 pips potential.

 

ej711

Pound dollar was still under influence from the BOE comments so it didn’t produce any fresh signals hust continued the melt down which filled the pockets of  swing traders follwing the signal from super bear Thursday

gbpusd swing tradeGBPJPY provided some range trading with profitable signals followed by retracements as our forex system dictates.

As you can notice from the length of the blue box which is the Archimedes indicator provided a lot of volatility.

gbpjpy range trading

On the news side the U.S. Non-Farm Payrolls report blew away estimates, forcing investors to change the probability of a December interest rate hike by the U.S. Federal Reserve from 50% to 70%.

The U.S. Non-Farm Payrolls report for October showed the addition of 271,000 jobs, soundly beating estimates of about 179,000. The unemployment rate ticked lower to 5 percent, marking full-employment. Average hourly earnings increased 9 cents or 0.4%, for an annualized increase of 2.5 percent. This put it slightly above the Fed’s mandated inflation target of 2.0 percent.

The stronger-than-expected jobs report drove up U.S. Treasury yields, triggering steep breaks in the December Treasury Bonds and December Treasury Notes markets. Both futures contracts reached their lowest levels since late August. The 2-Year Cash market yield reached a high of 0.958 percent, its highest level since May 2010.

Higher yields made the U.S. Dollar a more attractive investment, forcing foreign currency markets sharply lower across the board. Sellers also hit the precious metals markets on the news with December Comex Gold futures dropping over $50.00 for the week.

 

The scalping strategy of the day is a 5 minute Strategy in ninjatrader .It is perfect for ranging conditions.I have removed the middle line in bollinger bands and painted the upper line to red in order to short it and the lower line to  green in order to buy it.If you spot the ranging period it is a cash machine.

In the lower chart you can count 8 trades , 7 win one stop loss hit.

range scalping

Forex Scalping Strategy With Bollinger Bands

Scalping the GBP/USD and EUR/USD 5 min trading charts with Bollinger Bands. This strategy works best in a range-bound market environment characterized by almost flat horizontally aligned Bollinger Bands.

Scalping Setup

Indicators: Bollinger Bands with default 20,2 settings
Preferred time frame(s): 5 min
Trading sessions: EUR, US
Preferred Currency pairs: GBP/USD, EUR/USD
Download the Forex Scalping Strategy With Bollinger Bands for Ninjatrader.

range scalping.zip

GBP/USD Chart: Strategy Example

Trading Rules

Buy Rules:

Bollinger Bands needs to be almost flat (range trading)
The price touches the lower Bollinger Band

Open BUY position. Set stop loss at 10 pips below the entry price. Close the trade at the upper Bollinger Band.

Sell Rules:

Bollinger Bands needs to be almost flat (range trading)
The price touches the upper Bollinger Band

Open SELL position. Set stop loss at 10 pips above the entry price. Close the trade at the lower Bollinger Band.


 

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