You’ve lost me? PA has only just reached the 1h center line boll. I was refering to either of those two PA longs on your 15m chart fitted the criteria for a counter trend trade as they both wicked outside of the upper boll. I was suggesting that it would be safer to have used either of these signals not as a counter trade but as an exit for a trade already long and in profit.
Although I am tempted to exit my long now at the 1h center line boll as I entered at 05:20 GMT at 1.5785.
When did I last take a long?!
Anyway, I’m short from 1.5905 based on the 1hr resistance line and a 15min wicked candle. I’ll aim for the middle of the 5min bollinger unless it has some momentum, in which case the 15min middle bollinger.
Stop was at 1.5918 but now at 1.5911 as price has moved a bitr in my favour.
It would have been but I was aiming for the centre line of the 15min, which would have been a nice 40 pips by now.
Could have closed for +17 at one point but price came up to 1.502 and of course because the stop was a BUY at 1.5205, it closed me out for breakeven (my broker has a spread of 3 pips). Painful.
Anyway, I am short again from the 15min MA crossover.
Oh well at least it was BE. Closed out my long on first reversal above the 1h. Now looking for my second possible long unless were getting a repeat of Friday… PA skirted the 1h and fell like a stone. Still looking for a break back north though.
One of those days, both my trades placed in good directions stopped out for breakeven and I could have had 60pips already. Hmm.
I’m thinking on these BUY stops, I should place the stop the spread just above where I want it to be but then of course, I’d probably get stopped out at -3pips
Joy.
Are you still looking for longs? So far the trend seems to have been gradually down on the 15min chart. I’m wary of taking any trades in the middle of the bollingers even if MAs say it is going one way as so far today it hasn’t really made up its mind. I have had 3 trades stopped out at BE.
There was a 5min boll bounce down around 1230GMT, which I missed.
Definitely.
Just took a quick +20 off the 15min upper bollinger band.
I guess strictly speaking it might have been risky as there was no wick but the stop was pretty tight and it was a resistance area from earlier today so was hoping there would be a few sellers in the area. Good or bad?
I saw that too, looks good for a brief trade but the next candle headed back up some. I’m staying out today, just checking in occasionaly, got focus on the dayjob today
edit: and the next candle after that is so far pointed up along with the MAs Will it stay horizontal or start heading up?
my chart has a daily pivot point at about 1.5975 so could have some room to go up?
Yeah, strictly speaking it only worked because I closed at 20 pips. If I had been aiming for the middle bollinger on 5 or 15min charts it wouldn’t have worked out so far.
it did look like it was ranging for a while but bb is opening up and looks to be headed up? I’m wondering when price appears to be in a range if it might be better to enter trades at the center bb rather than the outside. If you enter at the outside and it continues in a range with a bb bounce then thats good but if it leaves the range then that could be bad as in this case if you had stayed in it.
But suppose you enter your trades at the center in the direction of the MAs when price seems to be in a range? if it continues to the outer bb then you made a profit, if it continues past there out of the range then you make big profit, if it turns back on you then you have a small stop and don’t loose much. ?
You don;t really know it’s a range until after it’s been ranging though
I’m still looking for a short…what a surprise Lots of wicked candles on the 15min so I’ll follow a 5min MA crossover down if it goes.
Hmm - that’s something I’m going to look to do more often I think. If price is at a S/R line, take an entry off the 5min chart MAs.
Short at 1.5906, closed half at 1.5852, which is the 1hr mid bollinger line on my 5min chart. I’m going to hold the other half for a bit to see what happens but looks like I might have to close it soon if price continues to bounce up.
back to my earlier idea, on a 5m chart do not put up the standard 20period bollinger but in stead put up a 260 period bollinger (corresponds to a 1H) and a 60 period bollinger corresponding to a 15m, it’s less cluttered and it’s interesting to see the relationship of price to the higher time frame bollingers.
You can zoom out for the big picture and zoom in for the detail.
