Contrarian Scalping M15

Contrarian Scalping M15

Author: Robert Hill

Contrarian Scalping is an forex strategy which works as a contrarian / counter – trend strategy. Advantage of these kind of strategies is that you can have good profitability while there will be no great gains/movements relatively to what you see in the trend direction of time frame.

Symbol: All
Time frame: M15

Forex Indicators:

  • [Custom] Stochastic cross alert (KPeriod=14  DPeriod=7  Slowing=3)
  • Envelope (14)
  • Bollinger bands (20, 2)
  • ADX (Average Directional Movement index) (13) (with moving Average 5)

See: How to add moving average to indicator windowContrarian-Scalping-M15 MT4 indicator and templateDownload


Rules:
SELL: When price goes up beyond the upper bb and upper envelope, wait arrow down stochastic, if ADX cross down moving average or is below 30

BUY: When price goes down both lower bb and lower envelope, wait arrow up stochastic, if ADXCross down moving average or is below 30

Stop loss: 2 pips above the upper band or below the lower band of the BB.
Take profit: 10 pips or on the middle band.