The Super Bollinger Band forex trading strategy tries to exploit price volatility in the forex market, as it delivers useful buy/sell alert.
The system incorporates basic indicators in dealing with market price actions.
Chart Setup
MetaTrader4 Indicators: SEFC084.ex4 (default setting), SuperBollinger Band.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Download
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Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Place a buy entry if the following indicator or chart pattern gets displayed:
- If price opens and closes above the middle line of the SuperBollinger Band custom indicator, with price trading somewhat around the outer upper band as shown on Fig. 1.0, price is said to be pressured higher i.e. a trigger to buy the currency pair of focus.
- Wait for the deep sky blue bars of the SEFC084 custom indicator to align above the 0.00 level as illustrated on Fig. 1.0, such a setup is indicative of a buy signal.
Stop Loss for Buy Entry: Place stop loss 2 pips below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions holds sway:
- If price closes below the middle line of the SuperBollinger Band custom indicator during a bullish signal, price is said to be taking a dip, hence an exit or take profit is advised.
- If violet bars of the SEFC084 custom indicator is seen to pop up below the 0.00 level during a buy alert as shown on Fig. 1.0, the current bullish sentiment is said to be changing, hence an exit or take profit is advised.
Sell Entry Rules
Enter a sell in the market if the following holds true:
- If price opens and closes below the middle line of the SuperBollinger Band custom indicator, with price trading somewhat around the outer lower band as seen on Fig. 1.1, price is said to be pressured lower i.e. a trigger to sell the currency pair of focus.
- Wait for the violet bars of the SEFC084 custom indicator to align below the 0.00 level as illustrated on Fig. 1.1, such a setup is indicative of a sell alert.
Stop Loss for Sell Entry: Place stop loss 2 pips above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If price closes above the middle line of the SuperBollinger Band custom indicator during a bearish signal, price is said to be making a reversal, hence an exit or take profit is advised.
- If deep sky blue bars of the SEFC084 custom indicator is seen to align above the 0.00 level during a sell signal as shown on Fig. 1.1, the existing bearish sentiment is said to be altering, hence an exit or take profit is advised.
Sell Trade Example
Fig. 1.1
Free Download
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About The Trading Indicators
The SEFC084.ex4 custom indicator is based on the SEFC indicators and is used to give traders direction to the prevalent market trend.
The SuperBollinger Band.ex4 custom indicator is a modified Bollinger Bands that is made up of three bands with the outer bands being plotted as standard deviations away from the middle simple moving average band.