Having more technical indicators on your trading chart does not make you more profitable, the secret behind profitability in most cases is simplicity.
We created the Advanced Bollinger Bands Sniper Forex strategy to show you how profit making from trading forex can be simplified.
There are volatility cycles that are exhibited by the market where low volatility markets shifts gears into high volatility before receding back into a relaxed more range-bound mode.
It is these high volatility sessions that we seek to define using our FX strategy.
The following examples will elucidate the idea behind this strategy and further reveal the various admissible trade setups with the Advanced Bollinger Bands Sniper Forex strategy.
MetaTrader4 Indicators: advanced-bollinger-bands.ex4 (Colors Modified; #0=None, #2=None), fx-sniper.ex4 (Inputs Variable Modified; Rperiod=28, Colors Modified; #0=Yellow, #1=Yellow), trend-lord-indicator.ex4 (default Setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Enter a bullish trade if the following indicator or chart pattern gets put on display:
- If the chocolate colored middle line of the advanced-bollinger-bands Metatrader 4 forex indicator crosses the yellow line of the fx-sniper indicator in a bottom up manner as depicted on Fig. 1.0, price is said to be pushed to the upside i.e. a trigger to go long on the stipulated currency pair. Watch how price tends to trade along the upper outer band of the advanced-bollinger-bands indicator during bullish signals.
- If the steel blue colored bars of the trend-lord-indicator pops up within the indicator window (see Fig. 1.0), price is said to be driven higher, and as such a buy trigger will suffice.
Stop Loss for Buy Entry: Place stop loss below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit from all trades if the following rules or conditions takes precedence:
- If the chocolate colored middle line of the advanced-bollinger-bands indicator intersects the yellow fx-sniper indicator line during a bullish trend, it is signaling a likely bearish reversal, as such an exit or take profit will do.
- If the bars of the trend-lord-indicator turns crimson while a bullish is running (refer to Fig. 1.0), price is said to making a U-turn, therefore an exit or take profit is recommended.
Sell Entry Rules
Go short if the following setups gets displayed successfully on the activity chart:
- If the chocolate colored middle line of the advanced-bollinger-bands custom indicator crosses the yellow line of the fx-sniper indicator in a top downward fashion as seen on Fig. 1.1, market sentiment is said to be bearish i.e. a trigger to go short on the designated forex pair. Take note of how price trades along the lower outer band of the advanced-bollinger-bands indicator when price becomes bearish.
- If the crimson colored bars of the trend-lord-indicator pops up within the indicator window as depicted on Fig. 1.1, price is said to be driven lower, as such a sell trigger will do.
Stop Loss for Sell Entry: Place stop loss above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the chocolate colored middle line of the advanced-bollinger-bands indicator crosses the yellow fx-sniper indicator line while a bearish trend is running, it is signaling a probable bullish reversal, as such an exit or take profit is advised.
- If the bars of the trend-lord-indicator turns steel blue during a bearish trend (check Fig. 1.1), price is said to making a U-turn, therefore an exit or take profit is advised.
Sell Trade Example
About The Trading Indicators
The Advanced-bollinger-bands.ex4 custom indicator is a technical study that is built on the Bollinger Bands MT4 indicator and has its band period set at 20, while its band deviation is set at 2.0.
The fx-sniper.ex4 is a moving average type custom indicator that smoothens price and is used to spot market trend.
The Trend Lord Indicator MT4 forex indicator is a simple check angle of a moving average indicator.
The general concept of the Trend Lord Indicator reveals that if the trend is going up, the Trend Lord Indicator turns steel blue, and it reverts to crimson if price becomes bearish.