8# Bollinger Bands Multitimeframe Trading System
Submit by joy22
Time Frame H1 and H4
Pairs:all
Indicators:
Bollinger Bands (2, 20);
Bollinger Bands (3, 20)
Stochastics. (14,3,3.);
Setup
I trade this method using both a 1H and 4H chart. When the price on the 1H chart
breaks Bollinger Bands (3) I see that price has broken the inner Bollinger Band level on 4H. Now we can expect a pullback or a ‘reversion of the price.
Long Entry
Position:
the price on the 1H chart breaks Bollinger Bands (3);
the price has broken the inner Bollinger Band(2) level on 4H;
the stochastic is in overbought territory ( less than 20),to see before considering a trade is %K crossing %D from below 20 (for a long trade).
Short Entry Position:
the price on the 1H chart breaks Bollinger Bands (3);
the price has broken the inner Bollinger Band(2) level on 4H;
the stochastic is in oversold territory ( greater than 20),to see before considering a trade is %K crossing %D from above 80 (for a long trade).
Exit Position:
1)Stops are placed 5 pips behind the low or high of the entry bar;
2) Trailing Stop;
3) Profit Target: 60 pips EUR/USD, 70 pips GBP/USD 4H Time Frame, for Daily time frame 200pips EUR/USD , 250 pips GBP/USD (recommended);
4) When the price touches the middle or the upper and lower band of BB (20. 2) of 1H chart.
Example on January 28 at 16:00 the price breaks on chart 1H BB (20, 2) and BB (20.3). In chart 4H the price is between H BB (20, 2) and(BB20, 3)
Share your opinion, can help everyone to understand the forex strategy.
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Write a comment
JH (Wednesday, 11 December 2019 05:42)
Looks good. It will be even more better if it's aligning with the overall trend eg. bollinger is trending up in the case above.
Have you back tested the strategy and have you tried it out yet on a demo account?