Bollinger Bands and RSI Trading Strategy (Simple and Effective)

In today's Trading Beacon tutorial, all will be explained about the Bollinger Bands and RSI Trading Strategy.

This effective trading strategy makes use of the bollinger bands and rsi indicator, and shows you exactly how to use them effectively. There are two main trading strategies covered in this video, one of them involving the use of divergence. These can be used for a forex trading strategy, as well as stocks, crypto and futures.

So make sure to tune into today's video to see the bollinger bands and rsi trading strategy in action!

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So the first step of the strategy is going to be setting up the bollinger bands properly. So click on indicators. Search for bollinger bands. And then click on this search result. Now, we’re going to have to make a few changes to the bollinger bands so that they work better for this strategy, so let’s do that now.

So double click on the bollinger bands to bring up the settings. The first thing I’m going to do is remove the background, since it’s not really needed. So simply click on this button and slide the opacity all the way down to 0%. Next I’m going to go in and change all 3 of these colours to black.

Ok, now let’s adjust the input settings for the bollinger bands. So the first setting we’re going to change is the length. So for those traders who don’t know, the bollinger bands are made up of 3 lines. The middle line is simply just a moving average, which takes the average of previous candlesticks and plots them as a line on our chart. So for example, if we left the length at 20, then this middle line would show the average of the last 20 candles. But for this strategy, we’re going to change the length to a setting of 30.

The upper and lower lines that you see, which are the upper and lower bands, are controlled by this setting. This word means “standard deviation.” So by leaving this setting at 2, that means we have a line plotted 2 standard deviations above and below the moving average. For this strategy, a setting of 2 for the standard deviation will work just fine.

Ok, now we have the bollinger bands set up properly for this strategy, so let’s set up the RSI as well. So click on indicators. Search for RSI. And then click on the search result labelled Relative Strength Index. You should now see the RSI appear below your chart. So double click anywhere on the RSI to bring up the settings, and let’s make a few changes.

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Beauty Flow by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/5025-beauty-flow
License: http://creativecommons.org/licenses/by/4.0/

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DISCLAIMER:
Foreign exchange trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Past performance is not indicative of future results. The information presented today is not meant for use in live trading.
This video is not a recommendation to anyone on how to spend or invest their money. Take all videos as my own opinion, as entertainment, and at your own risk. I do not assume any responsibility or liability for any errors or omission in the content of this channel. This content is for educational purposes only, and is not tax, legal, financial or professional advice. Any action you take on the information in this video is strictly at your own risk. TradingBeacon.com and all individuals affiliated with this channel assume no responsibilities for your trading and investment results.

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Видео Bollinger Bands and RSI Trading Strategy (Simple and Effective) канала Trading Beacon