In this Article I will discuss a strategy based on Bollinger band and price action that can not only used with any currency pair, but by anyone interested in forex as a part time job. The system is best for 4hr and daily time-frame but it’s too strong that it can be used on the lower time-frames i.e. 30min, and 1hour timeframe. But my sole focus will be with those that need to only take about 30mins a day looking at the Forex charts and by the end of this article, you can do a back test with any chart and see how trading Forex can be as easy as ABCD.
1. Setting up your Chart
Choose the currency pair you are interested in (if you are a beginner at the method I would recommend the major currency pairs i.e. AUDUSD, USDCHF, USDJPY, GBPUSD, EURUSD and the NZDUSD)
Choose the time-frame (I would recommend the 4hr or 1day)
Add Bollinger Bands from the Indicators
Finally, know your risk management (how much are you willing to lose if the trade goes south)

2. Trade entry

In order to make the best entries for the trades we need to wait for the formation of a strong candlestick pattern i.e. a pattern like the Bearish Engulfing, Piercing Line or Bullish engulfing at the upper or the low…
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