{"id":14735,"date":"2019-02-19T13:17:23","date_gmt":"2019-02-19T21:17:23","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=14735"},"modified":"2019-02-19T13:18:37","modified_gmt":"2019-02-19T21:18:37","slug":"bollinger-bands-trading-tools-futures-gold-daily-chart-trading-levels-2-20-2019","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/bollinger-bands-trading-tools-futures-gold-daily-chart-trading-levels-2-20-2019\/","title":{"rendered":"Bollinger Bands Trading Tools, Futures Gold Daily Chart & Trading Levels 2.20.2019"},"content":{"rendered":"

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Dear Traders,<\/p>\n

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Bollinger bands as a tool I use for exits:<\/div>\n
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Different traders have different ways and reasons why they enter a trade.<\/div>\n
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I think that exit strategies might be more important than the actual entries….<\/div>\n
Some common exits are:<\/div>\n
cash stop<\/div>\n
Lowest\/ highest level over x BARS<\/div>\n
time exits ( like MOC if you are a day trader)<\/div>\n
Trailing stops on trades that are in profit<\/div>\n
$$ amount target or X number of ticks profits<\/div>\n
Support and resistance levels<\/div>\n
and many more.<\/div>\n
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One tool I like to use at times is to exit trades using the bollinger bands.<\/div>\n
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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.<\/div>\n
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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.<\/div>\n
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.<\/div>\n
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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.<\/div>\n
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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.<\/div>\n
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You can get a\u00a0free trial to the ALGOS\u00a0<\/a>used in the chart below .<\/div>\n
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PS: In between you can see current levels for the nice rally in gold below…..<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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