smallest distance on the whole forex brokers in south america chart, signaling the fact that a break is imminent. Double Bollinger Bands Trading Strategy is good for trading the trending, as well as the ranging and sideways markets. Therefore, the drawdown, in case the Bollinger Bands parameters are set on a lower time frame, is not that big like on the daily chart. However, the same works in an impulsive move.
Place your buy stop pending order 3-5 pips above the high of the candlestick that touches the middle Bollinger band line. So the only difference of these two Bollinger Bands is in the deviations settings. Set your take profit level equal to the distance the price traveled in pips during that upswing to touch the middle Bollinger band line(see the blue dotted line below in the chart). Short Trade Setups: To go short (to sell you have to wait for one of the candlesticks to close below the BB1 lower band.
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The Bollinger Bands indicator is perhaps the most popular trend indicator when analyzing a currency pair. At the same time, the two bands were expanding signalizing that the volatility is increasing. Another great way to use Bollinger Bands is to integrate the indicator with the Elliott Waves theory. You dont have to analyze and consult different time frames, indicators, lines and to decided whether you should go for the trade setup or youd better to skip it because it is not a strong trade setup. These could be buying dips in a rising trend or selling spikes in a falling one. And it is not possible to have one hundred percent winning trades. Then you should check the previous two candlesticks to see whether their close prices are below the BB1 upper band or not. You dont have to manage your positions too. This should happen based on the letters or numbers that appear on the screen.