Hello All,
I just registered as a member and would like some help developing a potential scalping strategy. I don't know if this idea has been discussed already; if so, my apologies. (It's new to me either way.)
ENTRY: Wait for a candle to close outside - partially is ok - of one of the outer STARC (10,15,1.33) bands and another candle to close in the reverse direction. Once the 14 EMA crosses the STARC mid line in the same direction of the reversal candle, then enter in the direction of the 14 EMA on next closed candle.
EXIT: 7 pip stop loss (7.9 with spread), 16 pip limit.
So far it's just been back-tested for the EUR/USD on a 5 min. chart. It's weak point is during ranging markets. Any and all help, comments, ribbing is greatly appreciated.