I am using 200 period Bollinger Bands with deviations of 1,2,3, and 4.
I'm also placing pivot points in my charts (PP, R1, R2, R3, S1, S2, S3).
Finally, I'm drawing lines in psych degrees of 1. xx00s and 1. xx50s, (zeros and fies).
I am trying to enter Bollinger Band amounts, since these are short-term extremes. I use these as potential support or resistance. Pivot Points are viewed more as EXIT points. This is where price could be heading. There's generally much of volatility about pivots and psych amounts, that is why you don't want to enter there.
I Would like to scalp. I would like my losses to be at most 5 pips and normal winner in 2.5 pips. Yes, I am defying conventional wisdom on several points. Winners are somewhat smaller than losers, and I am trading very short timeframes often against the trend (1 minute TF). Targeting setups and price action that give me a high winning commerce percentage, hopefully 70%.
Candle formations, indiors, overbought/oversold amounts, moving average crossovers are all junk as far as I am concerned for the 1 minute interval. Perhaps you can make them function, but I have spent time watching every tick... they're history with modest predictive value. On more timeframes, they likely have value.
If you are considering scalping and beginning a small account similar to this one, consider that after a month or so, you may have results very similar to mine. I hope that by sharing my experiences I will save someone else some time and struggle on their route to FX wealth.