SanMiguel,
Thank you.
will probably jinx myself by saying this but makin some pips tonight on that little up move just following the MAs, 
got 20 locked in, might not sound like much but that’s a lot for me.
[B]TALOND[/B]
Good for you, its been really well behaved on the 1h tonight! Have given some thought to the 1h tonight which is why i’m on it. 
Try setting that MT4 bells and Whistles ‘thingie’ SanMiguel has sent you to a 20/14 SMA cross on a 1h chart. 20 SMA equates to the 1h center line bollinger. Or simply use a 2 std dev bollinger (20 period).
Usual drill, 14 sma (green) 20 sma (red). Green on top long. Red on top short. Dont trade PA trade the SMA’s. Would have made 1100 pips since 17/09! Might be an idea to add a 100 pip trailing stop just in case though.
Try scaling the 100 pips to no more than 2% of account balance and then money management will be fine. I’ve been running it in real time since the 17/09 so the figures are correct.
it’s touching the 1h upper bollinger right now though, makes me a little nervous that it might drop back some ?
[B]TALOND[/B]
Take the pips and run!
I mean when the next cross happens it would be worth a go no? Even when its ranging if you look back the SMA settings leave you around BE’ish.
Just thinking this would be ideal for you and others who have ‘a real job’? Especially with SanMiguels MT4 alarm. You could always set a hedge at the out bolls when it was obvious a retrace of your position was occuring back to the center line? Could make even more pips then.
But I have not done this. I have simply let PA go where it wants and just followed SMA and changed the trade at a cross. Simples!
Nice results there. !
yep, I agree, the 1h sounds ideal for me with a day job. I like the action of shorter 15m though 
but I will definately be doing the 1h
[B]TALOND[/B]
Forgot to mention. I am using a simple price line and not candles. The price line is the average price line (on my set up, that means deleting the upper and lower price and just leaving the center line price).
I don’t know if I can do an average price line with my metatrader? It looks to me like the price line connects the close of each candle. That may be close enough though.
I may take your advice and take the pips and run for tonight, it’s getting late.
I would like to close the night with a nice win, I’ll sleep better
[B]TALOND[/B]
Don’t suppose it makes any difference in any event as were trading the SMA not the PA. But thought it best to give you accurate info.
That reminds me of a line from a George Thorogood song, "I’m ten times richer than my big brother Bob, but he’s got a haircut and he’s got a real job"
LOL
Hey all.
I’ve been lurking in this thread for about 2 weeks now. Haven’t posted until tonight…
First, Thanks to Carter and SM for starting this. Us noobs need all the help we can get. It’s appreciated, believe me.
So, some good news. A buddy of mine that I work with has made over $500 (demo) trading this system his FIRST NIGHT!.
So now my not so great news. Try as I might, I can’t seem to get any consistency out of this and I KNOW it’s something I’m doing wrong. I just don’t know what. When I get up and fire up the system around 10 am EST, I easily manage about 10-20 pips (100-200 if you count the fifth digit as a pip, I don’t) Through the course of the day after that, I either break even or get stuck with a loss. I can’t seem to get my entries right, as right after opening a trade it seems to immediately retract to -10 pips and hovers there for awhile…after that either stops me out, or slowly crawls around.
I know this is all kinda general, so…I guess I’ll ask. Could someone post a quick recap of what the current train of thought / strategy is here? Should my charts still be set up the way the first post says?
Hi Leviathan, I’m usually not up this time of night, Eastern time for me too. I’m not the best to give advice either but tonight was a winner so… tonight I see the 1h chart was generally pointed up and the 15m also. I have a 7lwma and 14lwma on the 15m chart and entered a buy at 1.5959 trailing stop closed me out about 1.6 I kind of like a 7lwma and a 30lwma on the 1h chart. I get the impression that the exact ma value is not so important, they just help you to follow the price in the right direction.
so like RCarter says, just follow the MAs
I try to keep my chart set on price line rather than candles, it fakes you out less when you don’t see the long wicks. I’m not doing the bollinger bounce since it seems like trading against the price action in a way. besides I figure I’ll try to master one thing first then the other.
I do look at the candles too though, curiosity, can’t help myself
Only had a few good trades so far, my account is way down from when I started but slowly building it back up with fewer losses now and more wins.
With a day job, I need to follow mainly the 1h because I can’t watch the chart constantly during the day. but I do like to see the action on the 15m
I haven’t had much luck during the day. I keep missing the entries and getting in late just before it stalls or turns.
I’m sure the others can give better advice that I can
I’ll need to change it a little to do that cross so I’ll reattach one here when done.
You’ll need to post some charts of a couple of your failed trades otherwise it’s difficult to get 2nd opinions on the hows and whys.
Which timeframe have you made the trades on? Did you look at S/R at the point of the trade? etc. etc.
Just knew I should have taken that 3 line whip BUY at 1.6062
Only reason I didn’t was the 5min bollingers had been flattening.
RC - for these ones, how far would you want price to be in the other half of the bollinger before crossing back over?
Often you’ll see maybe 1 or 2 5min candles closing under the centre bollinger before crossing back over but I wouldn’t really call that a definite move into the lower half:
So, any thoughts on this:
- we should be hitting resistance round about 1.6120-1.6130.
- if momentum slows down at that point, I’ll be looking for a quick bounce down off the resistance
- it’s also a 50% retrace of the last down move
- I suppose I’m really looking for the 5min bollingers to flatten and MAs to move down and/or a 15min candle spike through the bollinger.
- if it blasts through the resistance then I won’t bother waiting for either of the above 2 to occur.
Edit: Also, if you zoom out to the 4hr chart, there is a resistance area at 1.6110ish
I was just thinking of doing a buy and only trade the 1h and exit when it crosses over but that resistance and a sudden down candle kind of makes me think that I should wait till the next 1h cross over to enter. looks like you could probably average about 50 pips a day but the drawback is you have bigger draw downs and bigger stops.
buying on the edge of the upper bollinger - hmm I’d find that pretty risky.
USD news coming out soon as well and I think I’d want it to blast through 1.6130 as well. Doesn’t look in a hurry to go down either. Usual stuff a couple of days before NFP…
If you’re always risking the same %age, it doesn’t matter too much if you have a bigger stop really.
well, I didn’t go long there, decided to wait it out.
Just as well as that was a huge drop at the news report
Kind of hagning round the middle 1hr bollinger at present.