I bet you would… now if only I can figure out how to post charts, plus I have a multiple monitor set up and ‘print screen’ takes a multiple screen snapshot. I guess I have to edit the resulting picture.
SSD is good for an indication of overbought/ sold. If you have it up in a seperate box below the charts, standard practise is to put in two horizontal lines (if not already there) at 20% and 80%. With the SSD if it starts to turn against the trend especially if under 20% or over 80% watch for a retrace. As now on the 4h, its indicating a bounce long. Will need practise using it as you can like all other indicators get false readings.
RSI is useful again for overbought/ sold and market strength. Again practise in recognition of its behaviour is the key… intitially look to above and below 50% as a guide and below 30% and above 70%.
I’ll keep an eye on this 24-26 period average price trailing stop over the next few weeks but in principle it looks good and as long as you add a little buffer it might allow a slightly tighter trailing stop. Any thoughts?
1hr chart:
4hrs might need a little work - though notably at these points, the centreline cross might have forced you into closing the trade?
If you put up the center line boll on the 4h chart with the 12 regression. All those points were the exit point’ish for the regression line cross of the center line boll after a long trade and entry points for a short trade.
As I mentioned some time back, with the 4h chart you could have actively managed the trade and closed the long trade out at the upper boll band retrace which is much easier to spot on the 4h chart for even more pips instead of waiting for the cross.
Will look forward to your analysis of a suitable stop using the 4h trend strat as this where I’m unsure of a suitable size moving SL? When in front of the monitors its no bigie as you can see whats going on. Its when your away for extended periods… sleep etc.
Here is a screen shot of RCarter’s 4h chart. I’ll attach it in a zip file rather than a small thumnail image. It’s hard to see detail on those small pictures.
Sorry, I just realized there’s something wrong with that zip file. I’ll have to upload it again later this afternoon.
I can only think of ‘cons’ … the market is unlikely to move very much either way. So better to open on Sunday night and take a look then and see. If you happen to be in a trade over the weekend and oh I don’t know… err… a comet is discovered hurtling towards Earth you could get hit (no pun intened) :D:D for a huge loss and be unable to close the trade!
Sorry about my flair for the DRAMATIC!!! But you get the idea.
What you mean you can’t solve that 3rd grade conundrum! :D:D
Trade until Friday close if theres still pips in it? But better to close over the weekend. My platform opens 21:00 GMT and can be traded from 22:00 GMT. Anytime after that I might place a trade. Sometimes its good for around 40 pips, last Sunday PA fell through the floor!
When you trade on 5m do you take any notice or put any emphasis on the angle of the middle 20 BB on 15m…?
Because there is a situation right now with the EUR where on 5m the middle 20 BB is pointing down in an angle and on 15m the middle 20 BB is pointing up and sitting right under major S&R.
Sorry was away from the monitors there. I suppose its a matter of how many pips your going for/ duration of trade.
I only use the 5m for a boll bounce and just take 10 pips (auto set up order, with a 10 SL & 10 TP). I use the 15m for a lead into the 1h chart. I really only trade the 1h using the 15m as a likely entry/ exit but am now looking into o the 4h.
I’m still following the original as well including bollinger bounces. I stopped trading Wednesday as I had made my pips for the week. I know some people don’t encourage weekly targets but it works for me - I find it easier to keep a consistent profit that way.
15min boll bounces at S/R
5min boll bounces when flat market
1hr MA crosses & 15min MA crosses in conjunction with S/R points
I will add the 1hr trading to my strategy though - it doesn’t have to completely replace the others but if you find a strategy that earns you substantially more pips than watching a short TF chart everyday then it’s worthwhile. I still intend to trade the 15min chart at key S/R points as you can also get a nice trend originating from that point.
Am also interested in cas’ oil 5min boll bounces but I have to say I know nothing about light crude oil, oil news report timetables, etc. so it’s not something I would trade live to start with.
On a 15m in addition to the 20bb you can also put a 5bb wich closely matches the 20bb on a 5m chart so you can see them both together at the same time. hope that’s not too confusting? On the 15m price was traveling up the upper bb then broke away from that and headed down it takes a while for the center bb to follow suit since it’s a 20period moving average but the 5period moving average follows price down pretty quickly since that’s what a 5m chart bb is when superimposed on a 15m chart. I see when price got to the 15m center it flatened out some maybe becaues of that s/r ? and the 5m bb narrowed. but now the price is inching back up and 5mbb is widening. will it continue on up? Don’t know what all that means… it’s just an observation.
Thanks for your reply. I had not seen any thing posted on the original strategy lately, though you where moving away from it.
I am taking it slow one step at a time.
This week I only traded the spike and color change on the outer BB.
I made 119 pips minus 10 pips for the week so I reached my goal of 100.
Next week I will add the crossovers to my plan.
I have been watching S/R bounces for a couple months now haven’t traded them yet. I will add them next.
I did try that 4H strategy Last night on a demo account and made 43 pips before it turned against me and I got out with 35 pips profit. But I don’t think I’ll be ready for that for a will, I am too impatient.
Sorry if it seemed I was changing the strategy? It was not intentional.
Even on the 4h I am using boll bounces… did three today on the bottom of the 4h chart and although a regression line, its still an ma. TalonD and I were just trying to figure a longer open position using almost the same system weve been using on the 15m chart with 3/6/9 LWMA.
