How to Set Up and Trade the Gimmee Bar Trading Strategy in Olymp Trade.

What is the Gimmee Bar Trading Strategy?

The Gimmee Bar Trading Strategy is a trading technique that uses Bollinger bands as well as price action to trade price ranges.

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Range trading, though it aims for small profits, the profits are consistent.

The Gimmee Bar Trading Strategy works best during low volatility moments when there are no range breakouts. Therefore, avoid using it during high volatility periods when range breakouts are common.

About the Gimmee Bar Trading Strategy

The Gimmee Bar Trading Strategy was authored by Joe Ross.

The strategy aims at spotting down entries from the top of the price range and up entries from the bottom of the price range.

Wondering how the Gimmee Bar looks like?

Well, it depends on whether you anticipate taking a down trade from the range top or an up trade from the range bottom.

Here are the specifications:

  • Bearish Gimmee Bar: Prices must be rising within a trading range until it tags the upper Bollinger band. The bar that closes lower than open after the rising price touches the upper Bollinger band is the bearish Gimmee bar.
  • Bullish Gimmee Bar: Prices must be falling within a trading range until it tags the lower Bollinger band. The bar that closes higher than open after the falling price touches the lower Bollinger band is the bullish Gimmee bar.

Are you a trader in Olymp Trade and wondering how to set up and trade this strategy?

In this post, I will show you how you can set up and profitably trade the Gimmee Bar Trading Strategy in Olymp Trade.

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You are just about to realize how low volatility price ranges can grow your account consistently, even when major trading sessions are closed.

Trading the Gimmie Bar in Olymp Trade

Setting Up and Trading the Gimmee Bar Trading Strategy in Olymp Trade.

The Gimmee Bar Trading Strategy is a simple strategy.

This, without a doubt, means that it is also easy, both to set up and to use in your trading.

If we proceed with such an understanding, I’m sure you won’t find anything difficult in applying this strategy in your trading.

Here are the simple steps to setting up and trading the Gimmee Bar Trading Strategy in Olymp Trade:

  1. Ensure Market Volatility is Low.

We mentioned that the Gimmee bar trading strategy works best during low volatility moments when there are no range breakouts.

It should, therefore, be avoided during high volatility periods when range breakouts occur often.

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Meaning, the first thing to establish is a less volatile market.

Less volatile markets are known to range and not exhibit breakouts.

Range trading strategies such as the Gimmee bar strategy work well in such markets.

But how do you establish a less volatile market though?

You can use price action to see markets that seem to trade within the support and resistance.

Additionally, if trading currency pairs, you know that volatility is highest when the trading session related to the currency pairs you are trading is open.

Expect low volatility in currency pairs whose sessions are closed.

Look at each currency pair, the Forex session it is related to, and when it opens and closes.

You can then take advantage of the times when the sessions are closed to apply the Gimmee bar trading strategy.

The guide ‘Choosing the Best Trading Time for Olymp Trade in India’ will help a great deal.

  1. Set Up the Indicator.

Do you have low volatility ranging market already?

Then you are doing well so far.

You can set up the only indicator required for this trading strategy and proceed.

The only indicator required here is the Bollinger Bands.

Click on the Indicators tab and choose Bollinger Bands.

You can apply it in default settings or adjust it according to your liking, as determined by the timeframe you are trading on.

  1. Establish a Trading Range.

Do you observe price action in relation to support and resistance levels or what exactly do you use to establish a trading range here?

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That must be a disturbing question but I’m about to answer you right here.

You observe price action in relation to the Bollinger Bands indicator to establish a trading range. But how is that done?

It is a simple activity.

The price must have tagged or touched the upper and lower bands of the Bollinger Bands Indicator several times without breaking out in order to resort to a trading range.

A Bollinger Bands breakout is where the price touches either the upper or lower band but does not reverse away from the band but continues in that direction.

Consequently, the bandwidth of the indicator changes course towards the prevalent direction of the price.

Establish a trading range and proceed to the next step.

If a trading range is lacking, observe another market and ignore one which lacks a range.

  1. Identify a Gimmee Bar.

After establishing a trading range, it is now time to trade. To trade the Gimmee bar trading strategy, you must first spot the Gimmee bar as the entry trigger.

Do you remember how the Gimmee bar looks like from the introduction? Here is how it looks like:

  • Bullish Gimmee Bar: First, the price falls within the trading range. Next, the falling price must tag or touch the lower Bollinger Band. The bullish candlestick which occurs after those two events is the bullish Gimmee bar.
  • Bearish Gimmee Bar: First, the price rises within the trading range. Next, the rising price must tag or touch the upper Bollinger Band. The bearish candlestick which occurs after those two events is the bearish Gimmee bar.

Not every bullish candlestick which occurs after the falling price within a range touches the lower Bollinger band is a valid bullish Gimmee bar.

Similarly, not every bearish candlestick which occurs after the rising price within a range touches the upper Bollinger band is a valid bearish Gimmee bar.

There are exceptions to the Gimmee bar.

Gimmee Bar Exceptions.

Gimmee Bars to avoid are ones which:

  • Overlap with or are close to the Bollinger Band central Moving Average.
  • Have a wide range or are longer than average compared to the previous candlesticks.
  • Are followed by a trading gap as the next candlestick after the Gimmee bar opens beyond the range of that Gimmee bar.

So far, I hope you have already noted that a Bullish Gimmee bar is to be expected at the lower Bollinger Band.

On the contrary, a bearish Gimmee bar is to be expected at the upper Bollinger Band.

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Spot a valid Gimmee bar free of the exceptions and proceed to the next step.

The ideal target – lower band

  1. Set Up Buy Stop or Sell Stop Pending Order.

Bullish Gimmee Bar: Place a Buy Stop Pending Order 1 tick above the high of the Gimmee bar.

Bearish Gimmee Bar: Place a Sell Stop Pending Order 1 tick below the low of the Gimmee bar.

  1. Adjust Stop Loss and Take Profit.

In a real sideways market, prices should bounce off the Bollinger Bands (ranging) without pushing further beyond them (breaking out).

Therefore, tight Stop Loss orders are possible, improving your risk to reward ratio.

Place the Stop Loss for the buy order just below the low of the Gimmee bar.

On the contrary, place the Stop Loss for the sell order just above the high of the Gimmee bar.

Take Profit from the opposite Bollinger band projection.

For the buy position, just look at where the upper Bollinger Band currently is, and place the Take Profit at that price level.

For the sell position, however, look at where the lower Bollinger Band currently is, and place the Take Profit at that price level.

Final Thoughts.

Was it rocket science setting up and trading the Gimmee bar trading strategy in Olymp Trade?

I guess not, because as you have witnessed, the strategy is simple and easy to apply.

Set up and trade the Gimmee bar trading strategy in Olymp Trade and rescue your trading account from a perennial decline.

Happy Trading!


*Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.
 

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