As the name suggests, we are trying to make 50 pips from each trade with this simple Bollinger Bands system.
Although it’s primarily designed to trade the 1 hour charts, please feel free to test it on longer time frame’s as well.
Chart Setup
Indicators: Bollinger Bands (default settings), Forex_Trend_Signalsv1
Preferred time frame(s): 1 hour
Trading sessions: Any
Preferred Currency pairs: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, USD/CAD + currency crosses
Download
Download the 50 Pips Bollinger Bands Forex System for Metatrader 4.
USD/JPY Hourly Chart
Both buy setups were successfully closed for +50 pips each. Green bar + touch or close above the upper band: Buy the pair.
Similarly, red bar + touch or close below the lower band: sell now. Click the image to enlarge.
Trading Rules
Buy Rules:
- Forex_Trend_Signalsv1 green colored bar (bullish trend)
- Price touches or closes above the upper Bollinger Band
Open buy order at the open of the next bar. Place stop at previous swing low or at -35 pips.
Take profit at +50 pips.
Sell Rules:
- Forex_Trend_Signalsv1 red colored bar (bearish trend)
- Price touches or closes below the lower Bollinger Band
Open sell order at the open of the next bar. Place stop at previous swing high or at -35 pips.
Take profit at +50 pips.