Bollinger band trading with MAs

[sundolpn]

Any thoughts prior to the London opening?

[TalonD]

I tried but was stopped out by the fluctuations of the charts… tend to be wider, isn’t it? that’s y i downed to 4hr… maybb because i’m still new and can’t catch the entry point accurately… that’s y was stopped out//

Wider yes, so you need to use wider stops and a smaller lot size. I seem to be headed that way myself

[sundolpn]

fyi talonD, i’m already using the smallest lot size. and if i were to trade dailies, i’ll have to reduce my stop loss making it infeasible… so now have to grow my capital in 4hr until i have a big enough capital to trade daily… lol… and my platform makes it a compulsory to for a min 20pip SL which i find it to be very frustrating!!

[trader1000]

just out of curiosity what pairs do you trade?

I trade GBP/USD,USD/JPY,USD/CHF,CHF/JPY and EUR/USD pairs.

[trader1000]

@R_Carter

LWMA are just there to average a line across the tops of the candles and or wicks and also good for picking out spikes i.e. where the candle has broken the LWMA line and dropped back in.

Hmmm… Stops. You may notice on my posted chart there is no SL or TP. This might be contreversial and I’ll probably get slammed for it but I’ll give it a go in any event… I’m not suggesting anybody follow it unless they really do know what they are doing and seeing in a set up.

I look for a good set up thats why I trade the longer TF charts, 4h and up equals plenty of time to pick the trades properly. Then I enter. The trade will either go my way stand still or go against me but usually within my tollerance limit and then come good. My TP is usually center boll line but I will wait and see if PA will carry on if it breaks center line I’ll ride it all the way down to lower boll if PA looks like it might. Highs and lows judged by the upper/ lower boll bands.

Now back to that stop loss. Given that the set up is good how many times have you set a 10, 20, 30, 40 stop loss only to see it get hit and PA go the way you knew it would over a trading year? If its only one 20 pip SL that gets hit a day (200 trading days lets say) thats 4000 pips you’ve lost by setting a stop too close. I have what I call my OMG ‘OH MY GOD’ stop loss thats out of view on the charts 200 pips. Its there to protect my capital if say a comet is discovered on course for earth, etc. I mean something that will out of the blue make PA hit the bottom of the monitor, roll off and hit the floor kind of News. Plus I dont trade high impact news events. So my stop just doesnt get hit… ever! I decide when the trade has gone bad not my SL.

CAUTION. You need plenty of experience as a trader to do this. To be able to see a trade and distinguish when its still good and more importantly when to close it for a loss. I am not advising any newb do this but it works very well for me because I can stay emotionally detached from each and every trade and have more than a few years experience.

Mr Carter,
With all due respect,sometimes SL is not necessarily the best things to do.If you enter trade and you believe it is likely to be profitable,even SL of 20pips on 15m or 5m may not be enough.I am talking from experience.Most people here believe that 20pips is adequate for 15m or 5m,but i dont.It depends on the prospect of the trade you are in. I just take at on your London breakout now.I entered through 5m and was 22 pips down.I did not give up and end up with more pips than i can imagine.Had i set my SL at 20,i will be feeling bad by now instead.So,SL is not written in stone.It depends on the trade you are in.
Thank you.
Daniel.

[SanMiguel]

@trader1000

Mr Carter,
With all due respect,sometimes SL is not necessarily the best things to do.If you enter trade and you believe it is likely to be profitable,even SL of 20pips on 15m or 5m may not be enough.I am talking from experience.Most people here believe that 20pips is adequate for 15m or 5m,but i dont.It depends on the prospect of the trade you are in. I just take at on your London breakout now.I entered through 5m and was 22 pips down.I did not give up and end up with more pips than i can imagine.Had i set my SL at 20,i will be feeling bad by now instead.So,SL is not written in stone.It depends on the trade you are in.
Thank you.
Daniel.

“Stops are in, emotions are out.”
Without a stop and without experience, it will probably lead to more trouble for a lot of people.

[trader1000]

"Stops are in, emotions are out."
Without a stop and without experience, it will probably lead to more trouble for a lot of people.

Frankly speaking,emotion is there in trading as always.We just try to be detached and aloof most of the time.Researchers have proved long ago that anything the money is involved,emotion is around there.I challenge anybody to prove me otherwise.:):)

[R_Carter]

This mornings charts and my trades.

[hellogoodbye4201]

This mornings charts and my trades.

remember that EUR/USD trade i got stopped out of by 1 pip? ya well it just hit my TP. actually it hit it a few hours ago i just wasnt home

[poca]

holy cow!! carter making some pips today

[R_Carter]

holy cow!! carter making some pips today

Yep quite a few… closed out three or four trades already as they are at max pips for the days range. Up over 314 a few others still have some pips to give yet before closing out.

I would quit EUR/USD & GBP/USD now you aint gonna get anymore today on an up.

[SanMiguel]

Yep quite a few… closed out three or four trades already as they are at max pips for the days range. Up over 314 a few others still have some pips to give yet before closing out.

I would quit EUR/USD & GBP/USD now you aint gonna get anymore today on an up.

EU and GU have been pretty lacklustre today.
I missed the buy off support at 1.6060.
Got +20 from the 1hr bollinger band trade at 10:20.
Have a nice Daily swing trade going on oil at present from 83.50 - need to wait for that to hit some support, hopefully may go far.

[R_Carter]

EU and GU have been pretty lacklustre today.
I missed the buy off support at 1.6060.
Got +20 from the 1hr bollinger band trade at 1020.
Have a nice Daily swing trade going on oil at present from 83.50 - need to wait for that to hit some support, hopefully may go far.

Just took a peek… Nice one San… missed that one.

[R_Carter]

Closed out everything for plus 500 except E/U & G/U both of which I see as downward so will leave these open short. And I still have hopes for USD/CHF long although it seems super glued to 1.0163.

EDIT: Well EU & GU took me by suprise! They are both looking well overbought.

[TalonD]

Closed out everything for plus 500 except E/U & G/U both of which I see as downward so will leave these open short. And I still have hopes for USD/CHF long although it seems super glued to 1.0163.

EDIT: Well EU & GU took me by suprise! They are both looking well overbought.

500? is that with your ‘new’ system?

GU down? I’ve got a buy on GU

[Shr1k]

RC is a very sophisticated EA, when he talks about his children he means subroutines. 500 pips is playtime for a program like him. How he fooled the forum into letting him post is beyond me. :D:D:D

Nice work !

[trader1000]

Closed out everything for plus 500 except E/U & G/U both of which I see as downward so will leave these open short. And I still have hopes for USD/CHF long although it seems super glued to 1.0163.

EDIT: Well EU & GU took me by suprise! They are both looking well overbought.

Yeah.I have said it before and i am gonna say it again.If i know 50% of what Robert Carter know on forex,it is equivalent to federal reserve gives you license to print dollar.
Good work.

[trader1000]

Closed out everything for plus 500 except E/U & G/U both of which I see as downward so will leave these open short. And I still have hopes for USD/CHF long although it seems super glued to 1.0163.

EDIT: Well EU & GU took me by suprise! They are both looking well overbought.

By the way,what trade is available for your boys in this forum to trade with for the remaining part of today?

[TalonD]

My favourite is GBP/USD as it tracks EUR/USD whilst offering potentially more pips in the same move. Outside of that I have eleven other charts up (total twelve.

12
hmm… that’s interesting, and you use FXCM too

[trader1000]

Yep quite a few… closed out three or four trades already as they are at max pips for the days range. Up over 314 a few others still have some pips to give yet before closing out.

I would quit EUR/USD & GBP/USD now you aint gonna get anymore today on an up.

I believe that short USD/JPY still has around 30pips left for these who want to trade it.Comments are welcome.