BeanFX XAUUSD Scalper
BeanFX XAUUSD Scalper will assist XAUUSD traders on how to scalp quick profits when trading XAUUSD. This strategy is a combination of four common Meta Trader 5 indicators.
Basically, the indicators are Moving averages, Average Directional Index, Bollinger Bands and MACD. The ideal time frame that is suitable for this strategy is 30 mins time frame. (Please try this strategy on a demo account before going live).
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How To Setup The Indicators
Three Bollinger Bands are installed on the main MT5 window with the following settings:
When price cross up and closes above the three Bollinger Bands, with two or more bullish candles forming above the Green Bollinger Band, that is a BUY signal.
On the other hand, when price cross down below the three Bollinger Bands, two or more bearish candles developing below the Green Bollinger Bands, that is a SELL signal.
Indicator Window 1
When the Red and Green Moving Averages cross above the Blue Moving Average, this means you should get ready to BUY.
However, when the Red and Green Moving Averages cross below the Blue Moving Average, this means you should get ready to SELL.
When the Red and the Green Moving averages are at the top of Indicator Window 1, and the Green line cross down on the Red line, that indicates a SELL signal.
On the other hand, when the Red and the Green Moving averages are at the bottom of Indicator Window 1, and the Green line cross up on the Red line, that indicates a BUY signal.
Indicator Window 2
When the MACD bars cross above the zero level, this shows that you should get ready to BUY.
Also, when the MACD bars cross down below the zero level, this shows that you should get ready to SELL.
The combination or occurrence of all the signals on the three windows will give a good/perfect trade entry.
Take Profit and Stop Loss Levels;
When buying XAUUSD, try to set your take profit at the nearest resistance. However, XAUUSD profit can booked on a Buy position at the point when a sell signal occurs.
Stop loss for the buy trade may be placed below the recent support or swing low.
For sell trades, XAUUSD traders may take profit at the nearest support. However, try to take profit on short positions near the point when a buy signal shows up.
Stop loss for the short positions may be placed above the recent swing high or resistance.
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(Broker: Exness … https://www.exness.com/a/t0q1u0q1)
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