Once in the trade, notice how the MACD green signal line crossed the red line. Notice how the histogram bars were getting smaller and then dipped below the zero reference line. Staying much longer in the trade would probably not be prudent, so closing out the trade at the lower 1st deviation band was a smart move for profit of pips. Going long would probably dangerous at this point, because the market went a long way downward rather fast, signaling a potential major market reversal of trend, also confirmed with price being below the 21MA. Even though a mildly risky trade could have been taken to the upside and the actual outcome would have yielded a high reward, it was best to stand on the sidelines and wait for the next SELLING opportunity.

Now, because the market reached new highs, would be prudent to set target for 21MA for a profit of 60 pips, and then see how the market behaves. The target was hit and now we wait and see what price action develops. Observing how the market was developing a trading range at these higher levels, putting a SELL stop 10 pips below the support of these levels would be your best bet if the market is to play out this major reversal to the downside, already in progress. And sure enough the sell stop triggered the 3rd trade and rode it to a target of the lower 1st deviation band of the 21MA for a 70 pip profit.

Then, once again, wait and see if the downtrend should continue, and put a SELL stop just below the white 4hr candlestick, because if this area of support is taken out, along with the 21MA Bollinger bands sloping downward, the chances of this going to new lows was high, and once again, stop was triggered to place the 4th trade and waited for previous lows to be taken out and made another 70 pips. The reasoning behind taking trade 5 was simple — the market was probably due for a rebound to the upper 1st deviation band of the MA, so why not put in a BUY stop 10 pips above these current highs.

The stop was triggered and the 21MA was a reasonable target and was hit for a pip profit. Being the price continued to stay above the 21MA, then the smarter, wiser move, would be a BUY stop 10 pips above recent highs and a target of the upper 1st deviation band of the 21MA, which was hit for a 50 pip target. Patience paid off, so finally a SELL stop was placed 10 pips below the upper 1st deviation band of the MA, which was triggered and a target set of 21MA.

Again, target was hit for a profit of 90 pips and now we wait till a 4hr candlestick closes below the 21MA to go short again. This last trade to reach new lows was either gonna happen or not. So, why not put a sell stop in and play it smart. After waiting 3 daily trading sessions, the price did retrace back to MA and beyond, but could never take out the upper 1st deviation band of the MA, so chances are a close below the MA would be a good entry, but a safer entry would be a SELL stop 10 pips below most recent daily low and if hit a target of the lower 2nd deviation band of the MA.

It played out for a total profit of pips. So, if you look back at the trades, we played the price moves from the upper 2nd deviation band of the MA to the lower 2nd deviation band of the MA and hopefully you see how you could make logical decisions about following the price action. Now, you could of simply, bought and sold.

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Put it this way, using this Bollinger band methodology will more naturally increase the number of pips you profit per trade. I tend to think of it this way if God were a trader, would he mess around with 10 — 15 pip profit targets or would he step back in His universe and look at the big picture, and pick the bigger potential moves, using his Godly wisdom. Below is a chart of the next 5 trades going from the lower 2nd deviation of the MA band thru the MA itself, and upward toward the upper 2nd Deviation of the MA.

Let me explain. Notice the price action once it fell below the lower 2nd deviation band.

Technical analysis

Do you see how price starts to consolidate, and actually starts forming a triangle and how the trading range starts to gradually become narrower? Naturally, this type of formation will have to break one way or another. After such a huge downtrend, the chance of a semi major retrace is high, so probably wise to start looking to enter long the market. A BUY stop was placed 10 pips above the most recent 4hr highs, and if this retrace is for real a price move to the 21MA is most easily attained and still a goo 80 pip profit potential.

The stop was triggered and 80 pips profit was realized. After waiting a few 4 hr bars, again the market, as expected consolidates and we start to see higher lows, so going long again one more time would be wise. The next level as you can guess is the upper 1st deviation 21MA band. The target was hit for pips profit. After several trading days and staying out of market, the market develops another trading channel, so a BUY stop 10 pips above the high is placed, which triggered the 3rd Trade and the next logical level to reach would be the upper 1st deviation band of the MA, which is breached and profit of pips is made.

Now, that we are trading wisely and have accumulated great profits, again we stand aside to watch how the 21MA Bollinger bands behave and what price action tells us about potentially good trades. After 2 and half days, the price closes inside the upper 1st deviation bands and the 4th trade is initiated, and sell position puts us back in the game. As you might guess, the next smart level we are heading to will be the 21MA, and the target is hit for pips of profit.

Again, as we patiently wait, we see consolidating price action in the works, and the 21MA Bollinger bands are holding price level to about the upper 1st deviation band of the MA, which tells us with a lower 21MA band curving upward, if the price again closes above the upper 1st deviation band of the MA, the tendency would be for price to gravitate to at least to the upper 21MA band.

So, price does close above 1st deviation band of the MA,. These last 35 trading sessions, over a period of six weeks, have yielded in pips. So now we wait again till we see what the bands are telling us… and sure enough the narrow bands start pointing downward again. Are you starting to see how the Bollinger bands actually point you where the market is going? By using stops especially you can avoid bad trades and when stops are triggered, you usually have higher momentum price action happening simultaneously, making more successful trading profits possible.

I want you to focus on the task at hand, which is fully understanding the importance of what Bollinger bands are telling you. It is also in these points of market price action indecisiveness that the Non Lag AMA trend indicator and the MACD help you confirm if this could be a smart trade to take or not! When the color changes on the next candlestick of a 30 min chart, is the first clue of whether I should take a trade or not. If the 21MA on the hour chart is also sloping in the same direction of the color of the Non Lag AMA, there is a higher probability of taking that trade, especially if it agrees with the dominant trend of the 21MA of the 4 hr chart.

The MA is also a critical MA as well, so for example, if a market if trading above MA for quite sometime and price close below the MA that is significant usually meaning change of price direction in progress. I use Metatrader 5 just to have the most current updated version. The only drawback to using Metatrader on your mobile device is the lack of the function where you can add custom indicators like the Non Lag AMA trend indicator.

I have gone around this by using a replacement trend indicator that comes with the mobile Metatrader version called the SAR Parabolic. I want you to have the same settings I use.

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Below is a list of the two indicator windows and the settings you will need to duplicate my setup. Just add the indicators first, then go back and edit each individual indicator to the specific preferences I list. Just add each new indicator in sequential order below. If you look on www.

Here is a video I found that does a good job of explaining how to use the various functions on a mobile device to get you started:. Sometimes I will put in limit orders to get a better price in trending markets or swing trading, and that really helps me make more profit in the end.

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Give it a try mobile trading really is worth the effort, because it allows you find buy and sell signals 24hrs a day rather easily and effortlessly if you trade the hour and 30 minute charts. In the first book about my Bollinger Band trading method, I told you about my personal trading psychology I utilize to help me. I simply will psych myself up before entering any trade, and imagine that I just had 6 trades in a row that were losers and now, this next trade has to become a winner.

I seem to make better new decisions under pressure, when my hard earned money is on the line! This keeps me hungry, alert, and on my best behavior, when it comes to pulling the trigger on the next market entry.

Laugh if you want to, but this works for me. Remember, making money in the Forex is really a roller coaster ride. So, anything that stabilizes your mindset, will keep you on an even keel not too brave and not too scared, but ready to pull the trigger with confidence on taking those better entries! Hey, too much pride in thinking you are getting to be a real trading force to be reckoned with, will certainly humble your wise butthead very soon! The bible says those who humble themselves will be exalted, but those who exalt themselves will be humbled.

That simple logic ingrained in your trading psych will set you apart from the amateur fools. This book shows you more than good trade setups, but shows you how and why they develop. There always has to be a reason you take a trade, and that reason should be good enough to stay the course through out the entirety of that trade till your take profit order is reached. The more money on the line, the easier it can be to doubt yourself, so that is why you must develop a habit. That line of thinking will go far, especially as your account grows, and you still hold the same good trading morals near and dear to your heart as you did when you only had Trading is about disciplined principles you live by, day in and day out!

The two greatest temptations that seem to come around often in the trading realm are to move a stop order wider than it is, or adding to a position when you are losing money to get a better average price. The two greatest temptations that come up in a successful trade are taking profits early, and moving a stop to break even, once a trade is going in the right direction.

You will have to learn to stick with the good trades you picked and let your profits run, and remember to instinctively cut your losses quick! I recently had a run of consistent profits over 6 months and increased my account size by percent, and yet my winning percentage was 75 percent, which is 3 out of 4 winners. You see, the market allows you to lose, but you should never all yourself to let emotions increase your losses. I totally attribute my greater success as of late due to my mindset being more concerned how much I lose, and then, a new normal becomes reality and winning happened more frequently without thinking about it.

I totally believe that being concerned more so about how much can I lose type mentality, you will instinctively and intuitively be looking for low risk, high. No matter how good your trading becomes, please be very aware GREED kills, because markets always pull back at some point, so get out before the greed is quickly overcome with fear! I will help you become a professional Forex trader and earn consistent Forex profits YOU will have to keep asking questions. Visit my website for professional tips to live and trade by… www.

Double Bollinger Band® Strategy to Trade Forex

Open navigation menu. Close suggestions Search Search. User Settings. Skip carousel. Carousel Previous. Carousel Next. What is Scribd? Scalping Forex With Bollinger Band. Uploaded by Heru Setiawan. ADX 14 period ;. RSI 7 period. Do not scalp 30 minutes before a orange or red news.

Profit Exit : 3 options: 1, exit position when the price touches the middle band, 2 when the price touches the opposite band, 6 pips target profit.