Congrats for your profits HoG. 
Well, it seems that demand is higher than expected. If not it would have dropped to 13490 easily. Makes sense?
yunny1,
Lately Iāve been mostly lurking and havenāt contributed much to the bp forum but read your post about the āSTARCā bands and thought I would chime in.
Iāve been a long time fan of the Bolls bands, inspired in large part by an old thread that SanMiguel and RC started a few years back. Also, Iām dyslectic and have trouble remembering and keeping numbers in my head. So trading with strong visual methods such as bands trend lines and moving averages work better for me than trying to keep track of the values of a bunch of horizontal support and resistance lines.
For the last few months Iāve replaced the Bolls bands with the Starc bands and pretty much use them the same way you would the Bolls. I set the Starc bands at 20 period ma, 20 period ATR, 2 x the ATR.
I donāt take trades off the bands, just use them as a tool to tell me if price is high, low or neutral for that time frame and what type of trades I should be looking for, long vs short, with the trend or a counter trade, etc.
Iām not sure why, maybe because of the ranging nature of forex the bands calculated with the ATR seem to be pretty consistent, maybe more consistent than the Bolls with volatility?
I use the Starc bands with a multi-time frame strat, along with a bunch of other stuff, guppy ma, hi/lo 34 ema tunnel, hi/lo 3 lwma tunnel, trend lines, the kitchen sink, and it all seems to be working for me.
I like to trade the 1-hour but depending on the time and the nature of the market Iāll use the same set-up on the 15m and even down to the 5m and 1m! The bands are a useful tool, but unfortunately not the āHoly Grailā LOL!
thanks!
Cheers buckscoder.
Just took another +13 from 2 lots short @ 1-3513 to 1-35. That really is me done for today.
Now it drops lower. 
Some more sellers got aboard.
Anyways, not a nice trading on m15 today and with those speed bumps all over the chart. I prefer h1 and up because of a reason.
It has been interesting for me to read the conversation between Buckscoder and yunny1 over the last few posts, especially since I knew I was going to make this post. Itās been a conversation by two experienced traders talking about different tools they use to make trading decisions.
Now to be honest, I donāt understand what they are talking about. But it gives us newbies a place to aim for, or should I say a level to aim for. So where are we now?
Well, as I said in an earlier post, although I have been trading my micro account now for 6 months, Iāve been questioning recently just how seriously I have been taking the whole thing. And as I do want to make a future of trading, I had decided that Iād need to start laying down some firm rules and guidlelines.
So letās go back to the start, which is where it shouldāve began to start with.(?) These are the ground rules I have layed down for my future trading. Itās NOT a trading startegy or method of trading, theyāre just rules I should have put down long ago.
I hope in some way these will help other complete newbies form their own āground rulesā. Again Iām NOT talking about what indicators or tools I will be using. Theyāre just the foundations that I SHOULD have built my trading on 6 months ago. So letās start from the beginning now shall we ?
Before I start, I should tell you that my account balance today stands at $187.21. I tried to take a screen shot of my home page on my trading platform, which I have done before, just to back this up. But for some reason I couldnāt get it to work properly so youāll just have to take my word that my balance stands at $187.21. OK? Here we go then.
[B][U]Trading Sessions[/U][/B]
Looking back over the last 6 months, it is very clear to me that my most successful period of trading during any given 24 hours has been the London session open to the New York session close. I donāt understand the Asian session. Maybe because I donāt live in that time zone, I donāt have any āfeelā for it. Iāve placed over night trades and mostly lost them.
So from now on, I will ONLY be trading between the London open and the New York close. If, however, I have an open trade from that session, that still makes sense to leave open, Iāll leave it open, but no more opening trades during Asian session.
[B][U]Timeframes[/U][/B]
[U]Scalping[/U]
I have had some success scalping. In fact, my experiences with scalping have been more profitable than unprofitable. But it makes me nervous and uncomfortable. I wonāt rule out scalping in the future, but it wonāt be my preferred trading method
[U]Intra-day[/U]
This is by far my most comfortable trading timeframe. I enjoy it. I like to work from the intra-day charts and this is the timeframe I have had the majority of my āsuccessā. This will be my main trading timeframe
[U]Longer Term[/U]
I donāt have the patience for leaving trades open for days on end. Iām not saying there is anything wrong with doing this. I just know that I donāt have that patience, I wouldnāt be comfortable doing it, I doubt I would be successful doing it.
[B][U]Research and Tools[/U][/B]
A month or two ago, I started noting the previous 4 weeks Highs and lows, also previous daily highs and lows, and adding these levels to my charts. It was working in the sense it gave me levels to keep an eye on. But I got lazy about it and stopped doing it. So I intend to start doing it again.
As far as technical tools are concerned, I donāt know how to use any just now, use them properly that is. I have been using simple Support and Resistance levels. So thatās how I will be starting off. S&R levels, daily weekly pivots and adding Fibs to moves. As I said, I donāt know how to use anything else properly just now, so I wonāt
Iāll demo other things, but for now simple is best.
[B][U]Risk[/U][/B]
2%, maximum on any trade. Thatās it, no long story, 2%
[B][U]Reading[/U][/B]
Previously I have been sitting up to the wee small hours watching Asian session. But since I have decided there will be no more trading during these hours, Iāll be using them to further my āEducationā. I intend to start with the āWhat Every New & Aspiring Traderā¦ā thread, which I did start but again got lazy and stopped,
Also there are threads started by petefader concerning stop volume which is a subject I am very interested in. So Iwill be reading through them as well.
[B][U]Objectives[/U][/B]
My objectives are pure and simply to refine my entry points to any given trade. To have a valid reason for entering that trade, and have valid reasons for my stop loss and my TP on that tradeā¦
I will try to post examples of some of my trades AFTER I have entered them, giving my reasons for taking them.
And that is about that to be honest. These ānewā rules may see me trading less in the future, but hopefully they will add some structure to my trading and produce better, more consistant results.
This is MY foundation. Strategies and tools to be discovered as I move forward.
Anyway, itās late now so Iām off to the land of nod. Good night gang.
Hog
Nice to hear STARC bands work for you!
And yes, they are just a tool to give us a visual understanding of the risk taken in a trade for certain period of time.
I think is better to have the sma parameter near 5 or 6 period, since sma is a lagging indicator.
The ATR period above 14 will do the work but to smooth things out I use a high number (63)
The theory says 90% of PA is contained between 2ATR band, and 99% between 3ATR band, so if we see any good PA formation in that area is a low risk trade
Since [B]nearly[/B] 100% of PA is contain within 4*ATR band , I now place my SL there or beyondā¦
I like to use this strategy in the 8H because allows me to search PA patterns in the 1H or 15m chart and hold the trade more time, so the reward is usually pretty good
Happy Trading d-pip!
Been there done that !
Dont give up - and use your Live account only for major high probability setups.
Anythying else just keep your demo openā¦
Good Luck !
Anybody brave enough to be in EU ahead of the bond sales in Spain and France ?
Iāll confess to being in a sneaky Short off the 30 minute chart. Not sticking with it for too long - just a 40 pip Stop and about to trail to B/E. Guerilla tactics today. Not my normal approach, but had a good day yesterday so thought I would try to finish the week strong by trading with a portion of yesterdayās proceeds. The 30 minute was beautiful and steady on a number of Pairs, yesterday, trading that on so several Pairs at once was the principal reason that I was not on BP much. So I donāt feel that brave - made a nice profit yesterday, so it is within my plan to trade some of that today, knowing that itās a good week regardless.
That and the electrician taking up what seemed like every floorboard in the houseā¦
Will properly absorb your long post later, HoG, looks good though.
How is the car? There must be a cheaper solution out thereā¦? Or am I showing my slightly bodged-DIY mechanic instincts, thereā¦?!
ST
waiting for EURUSD to hit 1.3500 to go short ā¦ SL 1.3560 , TP 1.3425
I had a loss yesterday night. 30 pips. Then going long and my 50 pips target missed by (the usual) 2 pips, lol. Because I had to sleep and let it there. Bailed out today at 5+ pips of that, lol.
If my bot is not doing anything today, itās a no trade day. Reason: Too many mixed signals. We are low in value and high in technicals imho. It can go anytime down to 132 or up to 136. So we are in the middle of nowhere. 
Long off 13444. 
EDIT: Out at 13527.
Hi ST
As far as the car goes Iām in a bit of a fix with it. Engine suppliers changed in '51 plate. Mine is a Y reg. So, unfortunately the only hope I have of getting a second hand one right now is some-one elseās get wrote off. So in order for me to have good fortune, I need to hope for some-one else having bad fortune. Such is life I guess.
I think I am in scalping mode today. Just got home from garage again. Done well with account balance this week, even though the main reason for that was not exactly as planned. But regardless, not too worried if I donāt trade again this week. Though it would be nice to get to $200 for the weekend.
Iām sure you have thought of this, but would buying a rotten/cheap car with a decent engine and swapping it out be easierā¦? A ratty runner can sometimes be surprisingly cheaper than a writeoff, although I donāt know what model car you have.
In terms of trading I am out for the day, my EUR/USD Short hit TP, thatās me done so Iām on the sidelines.
I love a career where I made money selling something this morning, and you can make money buying the same thing this afternoon!!
ST
Nice price level for a longā¦ are you going to hold it long term?, I took one at 1.3460 but closed it fo 30 pip profitā¦ looking to short but only around 1.3550/1.3600
No out at 3527. Possible short but not yet.
Together with my bot and first target. Now letz see if second target will be reached or b/e with that second trade, lol.
Well, I do expect a b/e to be frank. :15:
Anyways, my night loss is recovered. Good bot!
I mean, I could let run my other trade and tp would be hit, but I was not convinced of it anymore, so it was the right thing to bail out. I am just looking forward and not backwards.
Took a quick scalp off the new 1h short for 23. But will now hold out for a correct entry short if and when the set up comes through London/NY.
If this hour candle closes in a good pin bar i will take a shortā¦ I am seeing high volumeā¦ if not will wait for a better levelā¦