GIMMEE Bar Reversal System: Fx Trading Strategy for Sideways Markets
The GIMMEE trading system can be especially effective if used in conjunction with other indicators and tools like we are going to show below. Although it is not necessary to use these additional tools, they should help to increase the probabilities for making a profitable trade. A GIMMEE bar is defined as one that pierces the upper or lower Bollinger Band but doesn’t break it and then instead retraces off it. You can see this candle formation in the charts below, where we show trade examples with this strategy. Next, as soon as such a GIMMEE bar appears, we take its height (the distance between its high and low) and note these levels. In the bullish case, we are looking for a breakout above the high of the GIMMEE bar, while for short (bearish) setups, we are looking for a breakout below the GIMMEE bar’s low. The other level you took note of is the stop loss for the trade.