Trying to get comfortable with Bollinger Bands. Is that how I should be treating them in my analysis? Please provide you comments as to what would your move be from here? It doesn't matter if one is wrong, just want to absorb the thought process here. Thank you... (did not reveal the stock name so we can purely base decision on the indicators shown here)
The trend looks down to me. I would not go long I would close out positions and consider going short. Just my two cents.
Really depends on time frame. I don't use BBs. Based on your charts - downtrend looks intact. Using price only (and I'm no expert with this), daily could be a mini-breakout to the upside. But as you see from your chart, this view would be taking some heat if you bought above 64. On a shorter term, looks like a buy, the close of 62.75 looks OK. Short term swing trade. One day-2 weeks, probably less than a week. Target 65ish - could go higher. Could mean a breakout on the daily, but not the weekly. I haven't tested any of this and I'm unfamiliar with this stock. We'll see.
A single chart / trade setup won't tell you anything ... whether you go long or short, the outcome of that particular trade is a random event. If you analyze thousand of similar setups, you might find that there is a bias towards long or short ... this will give you an edge if you are going to trade hundred of them, but on a single trade, it won't be of much help (you might have a 60% chance for a win on the long side, but *that* particular trade still has 40% chances of being a loss, again its outcome won't tell you anything). Trading is a statistical game ... gather those stats, and see for yourself if you can find statistically profitable setups.