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We can then go for an entry slightly above the high of the bull candle. Also, we can enter long when prices hit the middle Bollinger from a bearish rejection from the top band and the next candle is bullish. A bounce has occurred and an entry on the high of the bullish candle can be taken Subsequently, a long entry can be taken when prices break the middle band. When that happens an entry can then be placed on the high of the breaking candle as well.
The opposite is true for shorting the market. However, it is important to take in the account the risk to reward ratio in the trade. If the entry candle is too big, it will render the risk reward to be smaller. Thus, a reasonable ratio must be seen before taking the trade. Step 5: Stop Loss or Take Profit Target For the take profit we can aim to take full profit at the next band that price is approaching.
As for the stop loss we can simply put it slightly below the lows of the entry bar that we took. You need it to be between 30 to 50, and also in the direction of the trade. In the picture below, the RSI is the purple zone. You can see that the RSI line is between 30 to 50 and is going upward and that the price reached its lowest low, touching the bottom band. This a good time to make an entry. Alternatively, if you are looking to sell, do the reverse. Look for a downward trend, with the price touching the upper band, with the RSI pointing downward and value between 50 to Step 4: Making an Entry If you are buying, make sure that there is an upward trend before making an entry.
If the candles keep moving downward and hitting new lows, wait. Do not make an entry. Using the above strategy, you should be using a pip stop. Back to top Pros and cons The Bollinger bands bounce strategy gives a simple way to enter and exit the market regardless of if it is trending or sideways.
On top of that it gives you the ability to predict the rejections of the price action with the bands as support and resistance. Furthermore, you can tell the type of market, trending or horizontal, just based on the bandwidth of the Bollinger bands. Lastly not to mention that it is highly customisable as well to different trading styles.
However, just like any other indicator, it is prone to fake outs to a certain extent such as when the band does not hold the price. This will be a common scenario especially when the Bollinger band expands into a potential break out. Back to top Analysis To find out the profitability of the Bollinger bands strategy, we decided to do a back test based on the past 10 trades from 30 Apr 21 on the H4 timeframe.
The rules for entry will be the same as what was mentioned above. The Bollinger Squeeze This is self-explanatory. When the bandwidth gets smaller, that is when the top and bottom bands squeeze together, which means a breakout is imminent. Look at the candle. If it pokes out above the top band, then expect to see an upward trend. If the candle pokes through the bottom band, then a downward trend is about to happen.
Long periods of a squeeze as pictured above tend to lead to an explosive breakout. This system allows you to spot a move as early as possible. These things do not occur frequently, but with a minute chart, you could spot them at least a few times per week. Forex is a volatile market, and volatility is fluctuating. That means, you need to work with the trend.
Many novice traders do not know how to measure the volatility of a market. However, Bollinger Bands make it a simple process: just look at the bandwidth. In this case, you want to look for narrow bandwidth, which is an indication that a breakout is imminent. A breakout tends to occur after a period of low volatility. The longer it is, the stronger the breakout. However, the bandwidth does not tell you about the direction of the breakout.
It is either up or down, so how can you tell? Look at the trend. If the trend has been down for quite some time, then the breakout might push it even lower. Back to top Bollinger Bands and RSI While the Bollinger Bands help identify areas of value, they do not tell you the strength or weakness behind the price move. With the bands alone, there is no way of telling whether the market will continue to trade outside of the outer bands or mean revert.
As mentioned before, Bollinger Bands work best with another indicator. Here, you are looking for divergence on the RSI indicator. It can go two ways. A bearish divergence is when there is a sign of weakness. This is indicated by the prices keep making higher highs, but the RSI indicator do not. If you were to draw a line connecting the higher highs of prices, it forms an upward slope, but it will show a downward slope or a flat line on the RSI indicator. A bullish divergence is when there is a sign of strength.
This is indicated by the price making lower lows but not the RSI. Again, if you draw a line, you can see the prices forming a downward slope, but the RSI will show an upward slope or a flat line. If the candles are trailing at the upper band, look for a bearish RSI divergence that indicates weakness in the move.
Alternatively, if the candles are at the lower band, look for a bullish RSI divergence that indicates strength in the moves. Below is an example of a bearish divergence, with prices hitting higher highs but the RSI indicator does not reflect that, which shows a weak momentum. Prices consistently hit lower lows, but the RSI indicator shows a relatively flat line. Traditionally, if the RSI value is 70 or above, it indicates that the security is overvalued or overbought, which may result in a trend reversal or corrective pullback in price.
Alternatively, an RSI value of 30 or below may indicate an oversold or undervalued condition. Back to top Conclusion In conclusion, the Bollinger bands gave an overall excellent win rate but poor risk to reward ratio and hence to be concluded non profitable in the long run. The low risk to reward ratio is due to the tightness in profit taking levels from one band to another.
However, this can be improved by using other indicators along side the Bollinger bands to minimise risk so as to maximise capital gains. Furthermore, this set of strategy generates more trades than average in a certain period. By using other indicators, the number of trades can be filtered greatly resulting in the taking of better quality trades. For generally steady ranges of a security, such as many currency pairs, Bollinger Bands act as relatively clear signals for buying and selling.
This can result in stop-outs and frustrating losses, though, so traders consider other factors when placing trades in relation to the Bollinger Bands. Setting Limits First, a trader must understand how Bollinger Bands are set up. There is an upper and lower band, each set at a distance of two standard deviations from the security's period simple moving average.
Therefore, the Bands show the volatility of the price in relation to the average, and traders can expect movements in price anywhere between the two bands. Forex traders can use the bands to place sell orders at the upper band limit and buy orders at the lower band limit. This strategy works well with currencies that follow a range pattern, but it can be costly to a trader if a breakout occurs. Reading Volatility Since Bollinger Bands measure deviation from the average, they react and change shape when price fluctuations increase or decrease.
Increased volatility is nearly always a sign that new normals will be set, and traders can capitalize using Bollinger Bands. When the Bollinger Bands converge on the moving average, indicating lower price volatility, it is known as " the Squeeze. News that the Bank of Japan would be increasing its stimulus bond-buying policy sparked the trend change.
Even if a trader did not hear about this news, the trend change could be spotted with the Bollinger Band Squeeze. Backup Plans Sometimes reactions are not as intense, and traders can miss profits by setting orders directly on the upper and lower Bollinger Bands. Therefore, it is wise to determine entry and exit points near these lines to avoid disappointment.
Another forex trading strategy to work around this is to add a second set of Bollinger Bands placed only one standard deviation from the moving average, creating upper and lower channels. Then, buy orders are placed within the lower zone and sell orders in the upper zone, increasing execution probability. In theory, these are all profitable trades, but traders must develop and follow the methods exactly in order for them to pan out.
The Bottom Line Bollinger Bands can be a useful tool for traders in assessing the volatility of their position, providing them with insight on when to enter and exit a position. For forex traders, certain aspects of Bollinger Bands, such as the Squeeze, work well for currency trading, as does adding a second set of Bollinger Bands.
AdStock Research & Trading Tools Designed for New & Experienced Traders. Open Your Account. AdNo Hidden Fees or Minimum Trade Requirements. Open an Account Now! Feb 09, · The Bollinger band is the best tool for beginners and intermediate traders to trade efficiently. You can also increase the probability of winning by adding price action with .