Trade Smarter: Bollinger Bands Made Easy
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Podcast:
 
Find out more about Blueberry Markets – Click Here
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#615: Trade Smarter: Bollinger Bands Made Easy
In this video:
00:23 – Don’t sit at your charts all day. 
00:41 – Using Bollinger bands. 
01:19 – You cannot trade every suitable candle without qualifying it.
02:30 – Why Bollinger bands can help you to trade.
04:00 – Add Bollinger bands when checking for suitable candles.
05:02 – New Forex Masterclass.
05:25 – Book a call with us to chat about your trading. 
05:45 – Blueberry Markets as a Forex Broker.
06:21 – Like, Share and Subscribe

Today, I&#039;m going to explain to you why I use Bollinger Bands. They&#039;re a really important part of your trading and can massively help you if you know how to use them right. So let&#039;s talk about that and more right now.

Don’t sit at your charts all day.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach — outside on a glorious day with one of my wife&#039;s horses here. One of the beauties of trading, and the way that we trade, is that you do not need to sit at your charts all the time. You don&#039;t need to be at the computer all the time.

Far from it. In fact, the opposite — less is more with good trading.

Using Bollinger bands.

But the reason I want to talk about Bollinger Bands today is that I had a discussion with somebody yesterday who&#039;s been trading for just a little while — not a client yet, but he was interested in how we trade, how we operate, and in coming on board with us.

I actually met him in town, took my laptop, and had a really good chat with him. He knows that we use candle patterns and candlesticks as one of our primary ways of looking for a trade and understanding what&#039;s happening in the market.

Now, he&#039;s reading Steve Nison&#039;s book about candle patterns — which I probably looked at maybe 20 years ago.

You cannot trade every suitable candle without qualifying it.

And I said to him, the issue that I find is that if you look at candles just by themselves, they don’t really tell you a lot. They can help, but there are too many false candles. You cannot take every outside bar, engulfing bar, pin bar, or hanging man — whatever it is you&#039;re looking at — as a trade. You just can’t do that, because you’re not going to be successful.

What you need to do, as with any trading, is qualify it and make sure it’s in the right part of the chart.
I took my laptop and showed him some trades that I had open live — in fact, two of the trades hit their profit targets. They were six-hour trades on XAG/AUD and XAG/EUR, which we posted for our members yesterday.

They actually hit their profit targets live as I was sitting in a café talking with him, which was quite amazing. I said, “Well, you can’t make that type of thing up, can you? It just happened right in front of you.”

Back to the story — I was discussing those trades and others, showing him the reasons why we took them. Yes, it was the candle patterns, but also where they occurred on the chart. We were using support and resistance levels, round numbers, stop-loss protection, and all those types of things.

Why Bollinger bands can help you to trade.

But the other point he wasn’t aware of — and what I want to discuss today — is about the use of Bollinger Bands. Now, I&#039;m not a massive fan of using lots of lagging indicators because, well, they lag. However, I find that Bollinger Bands can really help you put the candle in the right part of the chart.

Of course, you need prior trends and indecision and all those types of things. But if you just look at the setup candles that we look for, and if you&#039;re looking for candles that occur near the upper or lower Bollinger Bands, then what you’re seeing are potential reversal trades.

In other words, if you had a nice uptrend and your bearish candle bounced off the upper Bollinger Band (or near that area), then that could be a very nice reversal trade — looking for the downtrend to start. Likewise, the opposite of that — if you&#039;re in a downtrend and you see a bullish candle bounce off the bottom Bollinger Band, then the market might start to reverse upward.

Likewise, we also use the middle Bollinger Band. That’s a great area for helping to quantify trades that are continuation patterns — and continuation patterns are my personal favorite.
It means that the market’s been moving up, then pulls back toward that middle Bollinger Band, you get a bullish candle pattern, and then you’re looking for the market to move upwards again.
The opposite applies for bearish continuation patterns.

Add Bollinger bands when checking for suitable candles.

So, go and add Bollinger Bands to your charts and start looking at the candle patterns that we look for.
By the way, that book I mentioned probably has hundreds of patterns — but you don’t need that many in forex. I generally find that there are only about four patterns that we look out for when it comes to candle shapes.

If you can classify them as reversals or continuations by having them around the upper, middle, or lower Bollinger Bands, then you’ll eliminate a lot of those trades that just occur when the market is flat and not really in the right part of the chart for either a reversal or continuation.

That definitely helped him — especially when he could see the trades live and see the benefit of having someone to help teach you that. It’s even better when you can follow along trades like those six-hour XAG/AUD and XAG/EUR trades that hit profit right in front of him.

To see those, to understand why you’re taking them, and of course to be profitable as well — that makes all the difference.
If you’d like to know more about how we do that and how we can help you — obviously, I met this guy in person, but we’ve got clients in 109 countries, so that’s not going to happen with everyone.

New Forex Masterclass.

The best way to find out about us and how we trade is to jump onto my 30-minute On-Demand Masterclass. You can find a link here on this page.

Book a call with us to chat about your trading.

And if you&#039;d like to book a call to have a chat with myself, you can talk to me or one of the team. You can either email me directly — I reply to all personal emails myself — or, if you’d prefer, have a call with me or the team. I’ll put a link for that as well.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets over in Australia. They’re great people with a lot of market options, especially on their MT5 platform, which I use — as do hundreds, if not thousands, of our clients.

If you&#039;re looking for markets like XAG/AUD or XAG/EUR (not just XAG/USD, for example), you can find those types of markets — and the candle patterns we’re looking for — on the Blueberry MT5 platform. I’ll put a link to them as well.

Like, Share and Subscribe

Any questions you have, drop me an email or leave a comment here.
And now, I&#039;m going to enjoy the rest of the day with Raven here — my wife’s beautiful horse.

Have a great day or night, whenever you’re watching this, and I’ll see you this time next week. Bye for now.
Episode Title: #615: Trade Smarter: Bollinger Bands Made Easy
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass

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