I am personally using this strategy for scalping or u can say for shot trades. Although it is for scalping but your can use if for short trades also. I love the simplicity of the this system, and it seems to work pretty well!
How to do:
1. open chart of currency
2. put following indicators
:: RSI 8 (lines on 30 & 70) and Full Stochastics 14,3,3
a. Bollinger Bands period 50 deviation 2 (yellow)
b. Bollinger Bands period 50 deviation 3 (blue)
c. Bollinger Bands period 50 deviation 4 (red)
d. RSI 8 (horizontal lines on 30 & 70)
e. Full Stochastics 14,3,3 (horizontal lines on 20 & 80)
When and How to Enter Trade
The entry rule stays the same, when price crosses at least half way to the upper blue bollinger band, we sell. Price will retrace to the middle red line (MA50). This is where we take profit! Taking profit a little bit earlier could be wise, because it is not 100% guaranteed that the retracement will move all the way to the MA50. But, ONLY sell when RSI is above 70 and the Full Stochastics (almost) hit the 80 line.
