5-Minute Bollinger Bands Breakout Unveiled

 5-Minute Bollinger Bands Breakout Unveiled is a breakout strategy based on Bollinger Bands but filtered by moving averages.Only breakouts in the direction of the trend are considered.

Setup Strategy

Time frame 5 min or higher.

Pairs: EUR/USD, GBP/USD, AUD/USD, EURJPY, AUDJPY, NZDUSD, GBPJPY, but at time frames higher than 5 minutes, fx majors and minors pairs are fine.

Forex Indicators

Simple Moving Average 10 period, close.

Simple moving Average 50 periods, close.

Bollinger Bands (20.2)

ParabolicSar(0.03, 0.2)

RSI (14) (Buy level 60, Sell Level 40), optional.

Buy

When the price of the closed candle breaks upper band Bollinger Bands,10EMA>50EMA, RSI>60.

Sell

When the price of the closed candle breaks Lower band Bollinger Bands, 10EMA<50EMA, RSI<40.

Exit

Profit options:

5-15 pips for 5 min tf depends by Currency Pairs;

when the Parabolic Sar changes direction: for buy is bottom, for sell is top; Levels SR.

InitialsStop loss below the previous swing high/low.