Bollinger Breakout Trade On EURUSD
Hello, trading buddies!
In this article we will look into a Bollinger Band (BB for short) trade. Again, if you are not familiar with any concept, please look it up on the Internet. Hopefully, I will find the time some day and create a glossary for us.
It was the hourly EURUSD chart on Jun 3, 2015 I believe. There was a high-impact news at around 8-8:30 am EST and it seemed that the big banks interpreted it as bad for USD. That resulted into a strong bullish bar on the one hour chart, which broke the upper BB (see image). Since that was a news candle, I waited for the next one, which appeared to be another news candle. The breakout of the upper BB was caused by major news, the second major news announcement coincided with the opening of the next bar (10:00 am EST ISM Non-Manufacturing PMI). The news was not good for USD (lower actual value), so I took the long trade after the breakout confidently.
I set the take-profit level around the next pivot point at R1 and scalped some nice 30+ pips off of the move.
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