Bollinger Band Strategy will be used on a 5-minute chart. We will use values of 60,2 on the first band, 60,3 on the second band and 60,4 on the third band. By definition most of the price action should take place between the bands.
Rules to Buy:
1. Check Market Depth to look for either a 2:1 imbalance favoring the BID or neutral bid/offer balance. If not, stand aside and wait for either of these two conditions.
2. Using a 5-minute chart go long when price bounces from the 60,3 Bollinger Band
3. Set a stop for 20 pips and a limit for 20 pips
Rules to Sell
1. Check Market Depth to look for either a 2:1 imbalance favoring the Offer or neutral bid/offer balance. If not, stand aside and wait for either of these two conditions.
2. Using a 5-minute chart go short when price bounces from the 60,3 Bollinger Band
3. Set a protective stop-loss for 20 pips and a limit for 20 pips
Rules to Buy:
1. Check Market Depth to look for either a 2:1 imbalance favoring the BID or neutral bid/offer balance. If not, stand aside and wait for either of these two conditions.
2. Using a 5-minute chart go long when price bounces from the 60,3 Bollinger Band
3. Set a stop for 20 pips and a limit for 20 pips
Rules to Sell
1. Check Market Depth to look for either a 2:1 imbalance favoring the Offer or neutral bid/offer balance. If not, stand aside and wait for either of these two conditions.
2. Using a 5-minute chart go short when price bounces from the 60,3 Bollinger Band
3. Set a protective stop-loss for 20 pips and a limit for 20 pips
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