Bollinger Bands can be used for intraday trading purpose. This is simple and profitable strategy. You can get signals everyday from this strategy. In Bollinger Bands indicator, you will see 20 SMA as a middle band. This band acts as support and resistance. This strategy is based on this middle band breakout. You can use this intraday strategy as scalping purpose.
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Bollinger Bands indicator.
How to get buy signal
20 SMA will act as resistance for uptrend market. When price breaks 20 SMA from lower to upper and candle close below 20 SMA, then you can take buy. You need to wait for successful breakout of 20 SMA. After breakout, you have to enter buy to the next candle. You can see details on below image.
How to get Sell signal
20 SMA will act as support for downtrend market. When price breaks 20 SMA from upper to lower and candle close below 20 SMA, then you can take sell entry. You need to wait for complete breakout of 20 SMA. After breakout, in the next candle you can take sell entry. You can get details of sell entry on below image.
Time frame: H1 time frame is suitable. You can also use higher time frame.
Currency pairs: All pairs.
Take profit and Stop loss: You can set 40-60 pips take profit. You can close your trade when price reaches overbought or oversold area. For buy entry, you need to close when price touches higher bands. For sell entry, you need to close your trade when price touches lower bands.
You can set 25-30 pips stop loss for every trade.
Risk warning: For following this strategy, you need to follow money management theory. You should take only 1-2% risk for every trade. You must wait for complete breakout of 20 SMA for take any type of entry. So you need to make some practice on this strategy on demo account, then you can use it on your real account.