Time frame: could be any, suggested 1 hour, 4 hour or daily. If price retraces down approaching lower Bollinger band – the corrective wave is in progress. Once the price touches the lower Bollinger band – the correction will most likely be over and a new wave should invisible channel indicator forex. If price retraces up approaching the upper band – the corrective wave is in progress.
Once the price touches the upper band – the corrective wave will most likely be over and a new wave should follow. Summary: Bollinger bands indicator can help with Elliott Wave count: to find impulsive waves, as well as search for patterns in during corrective waves, however, it’s not recommended to build trading solely around the Bollinger bands, as you’ll get many losing trades. Use the method to count Elliott waves, and then apply additional analysis to make trading decisions. John Bollinger, the developer of Bollinger Bands, says you should always use an indicator with the bands for confirmation. He has a website that is dedicated to Bollinger Bands and the forex market, BBForex. In the BB tutorial there are rules to use when trading the bands that will keep you on the right side of a trade. The charting program on the site is excellent–worth looking at.
Armed with this information you can be more aggressive when trading in the “Zone”. The zone is green if both AC and AO are green. The zone is red if both АС and АО are red. The zone is gray if АС and АО colors are different. While trading aggressively in the Zone, you should know when to stop adding new positions. Keep in mind that the market by its nature is a series of up and down waves and it’s unusual for it to have more than 6 or 8 bars of the same color. Keep moving your stop with each new bar until you get stopped out.
I decided to post both just so that nothing has been missed. Hi there, AO is Awesome Oscillator, isn’t it? Thank you, from the bottom of my heart for sharing this information. This will help me with the London open to know which way it will go. Can I please get the Mac OS version of this indicator?
This indicator is for which currency pair and what is the time frame for the chart? Want to earn in the Market? Timed Close EA is used to close all trades automatically at your specific time. 30022 How To Backtest Run the EA in MT4 Strategy Tester. It will open a trade at a market price, you can input trade type and lot size from Backtest Setting.