Bollinger bands 5 min chart EURUSD tradi
In search of input on this idea I have only been back testing for a month and have been looking for a simple trading strategy that can be used between 8am and 9am UK time. Hope you like it.
Indicator and chart settings
5 minute Tublin line 20, 1.65
Moving Average 60SMA
EURUSD currency pair
The rules are that trading will only take place between 8am and 10am UK time, and only the first two trades will be made.
A short trade waits for the candle to close above the upper Bollinger Band, this should alert you to start watching, and once the candle closes below the upper Bollinger Band, sell both lots, and a close above the last high is your stop. Stop loss is usually only 15 to 30 pips.
My first target for profit taking is 15 pips and I will take profit on the other position at 30 pips once more stops are hit to 10 pips above the entry point.
Long trades wait for the candle to close below the lower Bollinger Band, this should alert you to start watching, and once the candle closes below the lower Bollinger Band, buy two lots, with a close below the last low being your stop. Stop loss is usually only 15 to 30 pips.
My first target for profit taking is 15 pips and I will take profit on the other position at 30 pips once more stops are hit to 10 pips above the entry point.
60 Moving Average I use the 60 moving average to measure the trend, mainly looking at the slope of the 60 moving average, if the trend is sloping upward, this can help take profits in the second position, sometimes stretching it to 50 to 70 points.
Indicator and chart settings
5 minute Tublin line 20, 1.65
Moving Average 60SMA
EURUSD currency pair
The rules are that trading will only take place between 8am and 10am UK time, and only the first two trades will be made.
A short trade waits for the candle to close above the upper Bollinger Band, this should alert you to start watching, and once the candle closes below the upper Bollinger Band, sell both lots, and a close above the last high is your stop. Stop loss is usually only 15 to 30 pips.
My first target for profit taking is 15 pips and I will take profit on the other position at 30 pips once more stops are hit to 10 pips above the entry point.
Long trades wait for the candle to close below the lower Bollinger Band, this should alert you to start watching, and once the candle closes below the lower Bollinger Band, buy two lots, with a close below the last low being your stop. Stop loss is usually only 15 to 30 pips.
My first target for profit taking is 15 pips and I will take profit on the other position at 30 pips once more stops are hit to 10 pips above the entry point.
60 Moving Average I use the 60 moving average to measure the trend, mainly looking at the slope of the 60 moving average, if the trend is sloping upward, this can help take profits in the second position, sometimes stretching it to 50 to 70 points.
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