Nice trade though - smooth bounces on that one.
Do you have an example of when you wouldn’t take the trade, ie when price is riding the outer bollinger. I guess you don’t know it’s going to trend on the outer bollinger until you’re already in a trade though if it’s a limit order…
That doesn’t seem to happen at Oil News time. In my experience the Market waits for the news and then starts to ride the outer bollinger afterwards.
For instance it’s starting right now where PA is riding lower BB on 5m.
At news time you see boll bounces. 
Sometimes there are a couple. I have seen boll bounces close to 200 pips :eek:
I mean that one today was close to 100 pips.
Your’s look nothing like mine. 
I’m using 2:20 Standard BB.
Strange that is…
[B]SanMiguel[/B]
Here is an example of an WTI BB just now I would [B]not[/B] take.
Color changed way outside BB and it would be a counter trend trade.
It was just luck that the grey candle in between green candles didn’t keep going in direction of trend.
Too much risk for my taste.
Could the news have gone the other way?
Hmm, maybe it’s my broker, they have a spread of 5pips on WTI.
I zoomed in and the BBs seemed a bit closer but before that big candle, the last bounce from the bottom (circled) actually touches the lower BB in your charts. My broker’s feed is from Reuters.
Very unlikely.
Even inventories dropped compared to forecast WTI is overbought. Also demand is slowing because of economic conditions.
What could have happend that the corresponding long candle wicked further outside the upper BB and then bounced down and retraced all the way up again and further…leaving a wick in the whole area between outer BB.
That’s why I set TP 2 pips inside corresponding outer BB…in this case lower BB…at the same time when I place my Limit entry order.
I take no chances.
[B]CAS[/B]
Well I brought up the oil charts… very interesting, I can see why you trade the 5m chart… its a rich ‘mans’ bet.
Placed a 2:20 and 1:20 bollinger band on the 1h chart. Seems Monday and Wednesday are the ‘movers and shaker days’… correct me if I’m wrong?
Looks like most of the big moves occur from the center line bollinger when it tightens and PA breaks out.
Tested the water with a long on the 5m bounce at 69.07. 
[B]R Carter[/B]
Did you bag some pips from that GU breakout just now…?
I missed it. 
[B]CAS[/B]
Missed the up but took a quick 12 on the retrace. But got 57 on oil.
[B]R Carter[/B]
Huh…? Oil…? Did you get inspired…?
Well done.
[B]Cas[/B]
Thanks to you!
Read post 887.
Sorry, I missed your previous post.
Yes, you’re right about Mondays and Wednesdays. Especially Wednesdays because of inventory. It’s boll bounce day.
The 5m is perfect with 1h and 4h as reference.
The tighter the channel gets…especially on 4h and price sits along middle BB…the bigger the moves.
Usually one touch on outer BB…retrace…and off she goes.
[B]R Carter[/B]
When you look at attached 4h…where the grey triangle is…really tight BB…one touch at upper BB…retrace to back where the move started from center BB…and off she went.
Befor big moves there are enormous retraces. But you can cover them with boll bounces on 5m.
[B]CAS[/B]
Call me converted.
I will certainly keep up an oil chart from now on. Just place a long at 69.69 and all good so far.
I’ve made some updates to RCarter’s Excel spreadsheet. It now contains formulas so that all values are calculated. You can input different beginning account balance and see the results. Trade size is calculated based on beginning balance as 1 full lot per 10,000 of account balance. On the right hand side of the spreadsheet you can input your actual day to day trading results and it will calculate daily, weekly, and yearly running totals.
If anyone sees any errors in it, let me know and I’ll fix it.
The results depicted may be quite ambitious for a beginner and you seasoned pros are probably already there, but it’s interesting to ponder… 
Forex spreadsheet.zip (62.5 KB)
If I were following my own 1h strat I’d be up about 150 pips in about the last 16 hours, but I’m still messin around with the 15m
But! I made my 20 pips this morning… and on my way
I’ve decided to do the Matt Strat and see how far it takes me 
[B]TalonD[/B]
There ya go.
Another valuable lesson learned…do your own thing.
[B]TalonD[/B]
Yep, I noticed that too.
I’ve put up a 1:20, 2:20 and 3:20 bollinger band on all charts and noticed the 1h had markedly condensed outer lines this morning indicating a breakout.
[B]R Carter[/B]
Do you mean that one starting between 1.570 and 1.580 isch on 1h…?
Oil is doing it’s 5m BB bouncing again.
[B]CAS[/B]
I was thinking more the 1.586 - 1.591 range. The 1:20, 2:20 and 3:20 bollingers show a defininte tightening before the break north.
I’ve been having the odd go on oil. My you need a quick trigger finger! Been getting 10 - 12 pips off the 5m chart when PA steps in between the 2:20/3:20 bollinger range and definately when it steps through the outer 3:20 boll band.