Bollinger Bands & MA Trade Plan -- Suggestions?
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Below is a simple trade plan that I put together. How can I improve it? Particularly, I am concerned about profit target and stop specification.
Thanks!
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Timeframes: M15, M30, H1, H4, D1, preferably longer than shorter. Screenshot legend: yellow line - entry trigger, blue circles -entry trigger logic, red line - initial stop, green line - exit trigger, check/cross - filter positive/negative.
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[TD="class: es editshade_lb, width: 250, bgcolor: white"]Set initial profit target to 80% of the recent historical ranges of similar movements on this time frame.
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[TD="class: es editshade_b, width: 150, bgcolor: white"]Stop
[TD="class: es editshade_lb, width: 250, bgcolor: white"]Set stop just below/above the level, which corresponds to multiple highs.lows occurring below/above the Bollinger band, considering the average tick ranges in the vicinity.
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[TD="class: es editshade_b, width: 150, bgcolor: white"]Filter
[TD="class: es editshade_lb, width: 250, bgcolor: white"]Only enter the trade if 3 MA and 5 MA are above/below 13 MA on the higher timeframe for long/short signal correspondingly. The MAs must be separated, and their angle must point upwards/downwards for long/short signal correspondingly. Do not enter the trade if the trend on the next higher timeframe contradicts the signal. Do not enter the trade in case of unusual volatility pattern.
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[TD="class: es editshade_b, width: 150, bgcolor: white"]Order Management
[TD="class: es editshade_lb, width: 250, bgcolor: white"]When possible, set stop loss to break-even. After that, continuously move stop loss just below the support, which corresponds to multiple highs occurring below the Bollinger band, considering average ranges. Continuously monitor the price movement for several highs/lows closing below/above the Bollinger band.