Bollinger Bands Trading Tools, Futures Gold Daily Chart & Trading Levels 2.20.2019 - Support & Resistance Levels

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Bollinger Bands Trading Tools, Futures Gold Daily Chart & Trading Levels 2.20.2019


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Bollinger bands as a tool I use for exits:
Different traders have different ways and reasons why they enter a trade.
I think that exit strategies might be more important than the actual entries….
Some common exits are:
cash stop
Lowest/ highest level over x BARS
time exits ( like MOC if you are a day trader)
Trailing stops on trades that are in profit
$$ amount target or X number of ticks profits
Support and resistance levels
and many more.
One tool I like to use at times is to exit trades using the bollinger bands.
I like to modify the default settings of 20 and 2 and go HIGHER ( like 27 and 2.7) as I go LOWER in time frames.
So lets say I am long gold on the daily chart below, based on my BLUE DIAMOND, I will need to figure on my risk to the downside and perhaps initial target to the upside.
In the example below you will see that in this hypothetical trade, if I was long and using the bollinger bands as a possible exit tool, I would exit the trade on the close today as the close was HIGHER than the upper band ( I circled it with a red ellipse). The same concept can be used with short trades and the lower band.
Sometimes this technique “costs me with early exits” and “leaving money on the table and sometimes it helps me get out of a trade in a timely manner before the market pulls back.
Just sharing some trading pointers as they cross my mind in hopes it can give you some ideas to test and try in SIM mode.
You can get a free trial to the ALGOS used in the chart below .
PS: In between you can see current levels for the nice rally in gold below…..
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Good Trading

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Watch 4 short videos on the topics of:
  • Using Bollinger Bands and Parabolics
  • Using range Bars for Day-Trading
  • The concept of Price Confirmation
  • How to Use Support & Resistance Levels
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