Scalping with Money Flow Index and Bollinger Bands

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  • Time Frame 5min
  • Pairs: EUR/USD, AUD/USD, GBP/USD

 

Forex Indicators:

  • Bollinger bands (20, 2)
  • Money Flow Index (8).

 

Long Entry:

  • when the Money Flow Index  is in overbought, the bid price close outside the lower Bollinger band indicator line, wait candle bullish.Short Entry:
  • when the MFI is in oversold, the bid price close outside the lower Bollinger band indicator line, wait the candle bearish candle

Exit Position:

  • Place Stop Loss on the upper or lower band.
  • Profit Target: AUD/USD 6 pips, EUR/USD 8 pips, GBP/USD 10 pips.

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