Yeah… waiting watching and thinking about it!
PA on the 20:2 bolls on the 4h looks like EU could be heading back down, so I’m looking to go short if it breaks the 1.2300 area. I’ll use a stop back up around 1.2350.
I’ve also been playing around with a 5 period simple MA high/low tunnel on the daily chart, using it to determine the major trend and the direction I want to trade, looks like the PA is dropping through the 5 period low line.
I’ve also got the [B]20:1 [/B]on the 4h and right now PA is playing with the lower band so I’m not 100% committed to it going short. I’ll turn-coat and go long at 1.2350 area.
Or go to bed and get some sleep LOL!
I’m afraid you’re right about the hours. Whenever I take a nap the market makes a big move… LOL Yeah, it would be nice to have 24 hour eyes.
Bounced off the lower 20:1 band… maybe its not ready to head south yet…
Somethin’s a jerkin’ it’s chain.
Gonna sit tight and watch;)
All clear, EU bounced off the daily pivot point now it can head back down LOL
I was scalping that ride down and doing well then I got reading here and decided to let my last scalp turn into an “investment” now the trades still open but its eating up all the profit I made earlier. I don’t want anyone to think I am complaining about a bad signal I am not we have been down that road on this thread. My point is as much as I like BP for education and entertainment sometimes to many perspectives and ideas take away from your focus. Oh well I still have some room to wiggle and I do think this is going down so I will batten down the hatches and ride out the chop. 
Sure is choppy 40 pip swells during the Asian on E/U kind of getting stormy.
LOL I believe ya!
And Wheeeeeee!!!
Ever heard of trading with stops? just joking!!! LOL
I got in at 1.2315, looks good for a ride down!
Ever heard of trading with stops? just joking!!! LOL
Whats a stop??
seriously I had my finger on the button. and a stop not far away I didn’t want to start eating up last weeks profit.
LOL Shr1k!
I was scalping a sell too, got stopped out for -22 pips when that spike hit, saw it come to a screeching halt, jumped in sell again, saw that grind to a halt, so I closed the trade for +15, jumped immediately into a buy, got 10 more pips on that little climb back up, and then decided to not sell short again (which I should have).
So I got it all back LMAO
Some days the sun shines on a dog’s a$$!
P.S. I’m workin’ on a little sumpin’ different.
So it was okay either way;)
Not too comfortable with it on the live account as of yet, so I’ll take my pitfalls in demo:D
Glad to see you back, and your sensa humor is still intact;)
Makes for a much more enjoyable bit of conversation.
Oh yeah! dropping right through the bottom of my daily 5ma high low tunnel, nice when that happens! 
good luck guys I am out with some profit this dog got some sun the last 2 days and needs some sleep. I swear as soon as I close my eyes the interbank spies that watch me turn the market against me I beat them by closing everything out before I sleep;) Making money while I sleep is just to good to be true for me.
Just to confrim myself as a professional trader I’ve added myself to the wikipedia page ;).
RC if you say most professionals (ones without their name on the wiki page do not count) trade either breakout or momentum then what you classify your systems as?
Hi All
Jumped on this thread a little late. But better late than never.
Is there a summary anywhere for the setups and entrys?
Thx
If you start at the beginning, you may find what you are looking for;)
I dont know much about momentum trading but from my understanding it has to do with MACD and an EMA or 2. Does that sound correct? Or do the wiki professionals use different indicators?
And, I remember hearing that most professionals look for OB/OS and trade back towards the center which has to do with PA so how do they trade momentum? MACD and EMAs take precious price action to show momentum which would mean that they couldnt be used really in trading OBOS channels 
I’ve heard of k.i.s.s. but that system you posted on another thread about the 20:2 BB on the 5m and 15m GU takes the meaning to new level lol.
Might be me being thick. But, whats PA stand for?
[B]P[/B]rice [B]A[/B]ction
It seems that OB/OS is what people seem to be focusing on, RC and Shr1k included. I am still trying to grasp the particulars and am hoping these two (or others) will be able to answer my questions below.
From earlier Shr1k posts:
Most of my trades are based on overbought/oversold condition being met on a few time frame charts simultaneously. I use 20:2 BB, 5:1 BB, and two 2-period moving averages set to high and low. I don’t take a trade inside the channel on a daily chart. So the daily sets the direction.
I get that orders are placed when PA is outside the channels, but how does one figure stops in these circumstances? In order to maintain disciplined MM one must have some idea of maximum loss per trade, in pips. I’ve noticed that both the system Shr1k outlined and the RC system codified some time back both do not address the matter of stop loss values. Can anyone provide advice on this matter?
The 1hr and 15min are for entry - again never trade in the channel. The 5 min is for watching a trade and exit. Most trades are scalping trades a few pips to 15 or 20. As long as the 5 min chart is not starting to go against me I will stay open. I close most trades early. I watch the 10 pairs with the lowest spreads. That’s not as bad as it seems a quick glance at the daily chart will eliminate most pairs most days.
I’ve noticed that both Shr1k and RC mentioned these two TFs in their systems. (RC in his daytrading system described the 15m being for scalpers, the 1H for trend followers.) Is the 15m recommended as the shortest TF advisable to open trades based on OB/OS characteristics?
MMTT+RCarter’s channels + closing trades early + wacky MM = $
RCarter frequently changes the indicators he uses to determine his channels, but can we agree they are fundamentally based on the 2-period High/Low LWMAs and the 20:2 std Bollinger?
Are there any other indicators strongly recommended as filters to help indicate when OB/OS has exhausted itself and is preparing a return to the channel?
I look for a pair that meets Rui’s MMTT rules and I trade the same direction you would for MMTT. To go short I wait for price to get over the 2 ma on my 15 min chart enter and grab a few pips. If I am wrong I might wait it out; if it’s OB on every TF from Daily down to 15 min it will usually at least BE.
So you start your trading session with the following steps?
1.) Look at 2-period H/L LWMAs for all pairs on the Daily chart. Ignore all those pairs currently inside the channel; focus only on those pairs currently outside the channel created by the LWMAs. (At this stage do you consider the shape of the Bollinger Band on the daily chart?)
2.) Drop down to the 1H TF and check for those pairs upon which we are focused for the session and look for OB/OS (LWMAs/outer Bolls) opposite to the direction of the channel we noted on the Daily.
3.) When price is OB/OS on the hourly in the same way the pair was OB/OS on the Daily, drop down to the 15m. When price also moves outside the LWMAs/outer Boll away from the channel, open an order back in the direction of the channel.
Lot sizes would be based on percentage of the account risked, but how do we establish the size of the possible stop? Shr1k talks about closing right away with a few pips (15 or 20), but if the trade size is small and the SL is wide one will need many such small, successful trades in a session to clear one percentage point.
Can anyone help me fill in the blanks?
John (Merchantprince)
[I]“Nobody can be exactly like me. Even I have trouble doing it.”[/I]