Here is BB Alert. Simply attach it to currency pair window, specify in settings peroid 40 and deviation 3 for BB. I use signals from M5 and M15 (1 pip outside ) only but if anyone wish to use other tfs its free to do so.
Just wondering how were trading weeks of those who are already trading system?
Personally i had BE week if i manage to properly close opened GU position. Closed a lot profitable trades but have one long howering on GU and i am not too sure if i should still grab onto it.
Just wanted to thank you for the wonderful system. I havenât used it much though in real trading. Am still testing it out and it does work. One thing i noticed is that the BB default values (20,2) seem to work better than (40,3). Have you observed this? Any reason why you use (40,3) instead of the default values ?
Also, do you have any good indicator for the FIBS?
i would love to try this system out but im lacking the basic entry and exit signals. I have found if you enter on the fist closed candle past BB i will have my SL hit maybe 40% of the time.
Quite a bit of news from USD coming up at 12:30 GMT. Almost all pairs are in a contracted BB state as well, so this could be a good opportunity to make some pips using this method.
I think this was a risky news to tradeâŚToo much released all at once, but it looks like it still paid off luckily. I wouldnât recommend trading that much news again as there could have been a lot of whipsaws.
I got in too early after the first candle on one pair and that hit my stop loss, but then jumped in again on that pair and 2 others for a total profit of 12 pips. It would have been well of 100+ pips if I didnât make the first entry too early and let the profits run a little longer on the other trades, as I set TPâs tight to try and recover my first loss instead of letting them run for profit. (I also had to leave the computer, so I just wanted to get out above BE for the event
Well todays news trading would have gathered 200 pips if traded on all pairs on USD news. Very easy money. Gold alone would have given more than 200 pips on h4 pullback, which i hadnt had chance to enter becouse i wasnt at home. This week serious amount of pips have been missed (arround 700) all only on news, therefore i am starting to heavily pull future systems improvements especially into news trading, along with new EA in the making.
Just wanted to thank you for the wonderful system. I havenât used it much though in real trading. Am still testing it out and it does work. One thing i noticed is that the BB default values (20,2) seem to work better than (40,3). Have you observed this? Any reason why you use (40,3) instead of the default values ?
Also, do you have any good indicator for the FIBS?
Nope i dont have any indicator for FIBS, Ichimokus Kijun does its job most of the time. For example if you notice heavy move of 80-100 pips simply go to M30 TF and usual 50 or 30 fibbo target is right on Kijun. Thats why most of the time Fibbos are not even needed for TP target as Kijun does all the job.
Bollinger bands default values are wrong to use. Simply i dont have any other word for this. I find it amazing how most people wrongly use perfectly good indicator simply by using wrong settings. Ichimoku for start. Most people only read breakout informations from it. It is so much more beyond that. Kijun angle determining trend strenght, sudden flattening giving good pullback information, fatness of cloud to determine r/s strenght, distance of Kijun to PA and thats just a start.
Bollinger band is the same story. Using 40 3 settings give you strong signal strenght where price and move both reached movement extremes which you want for good solid entry. 20 2 gives you many signals and lot of them are fake, simply you derail 95% winning system into 70% or less by using such thing IF you are using and reading same signals from it. What i do use is BB settings 40 1 too but not as signal provider but only as reference for trend. Most people use default 20 2 settings for OS and OB strenght which should not be used.
Thanks Janpec. I think I understood now. The 20 2 settings probably work when there are no major news and the market is just normally choppy, bobbing up and down. And your 40 3 settings should be used at the time of news releases as give strong signal strength.
Regarding Kijun flattening at pullback and itâs distance to price - this info is invaluable. I totally agree with you. I think entering near the resistance / support when kijun starts flattening is the safest entry in this system. And if in case we use harmonic patterns along with this as an additional indicator, we have a near perfect entry for reversals.
Best regards,
Vicaas
Nope i dont have any indicator for FIBS, Ichimokus Kijun does its job most of the time. For example if you notice heavy move of 80-100 pips simply go to M30 TF and usual 50 or 30 fibbo target is right on Kijun. Thats why most of the time Fibbos are not even needed for TP target as Kijun does all the job.
Bollinger bands default values are wrong to use. Simply i dont have any other word for this. I find it amazing how most people wrongly use perfectly good indicator simply by using wrong settings. Ichimoku for start. Most people only read breakout informations from it. It is so much more beyond that. Kijun angle determining trend strenght, sudden flattening giving good pullback information, fatness of cloud to determine r/s strenght, distance of Kijun to PA and thats just a start.
Bollinger band is the same story. Using 40 3 settings give you strong signal strenght where price and move both reached movement extremes which you want for good solid entry. 20 2 gives you many signals and lot of them are fake, simply you derail 95% winning system into 70% or less by using such thing IF you are using and reading same signals from it. What i do use is BB settings 40 1 too but not as signal provider but only as reference for trend. Most people use default 20 2 settings for OS and OB strenght which should not be used
Yep that is correct vicaas , 20 2 settingly simply work only in flat or corrective moved market, when real trends start one will have major loses with using of such settings.
Tried on real account and made a few pips on GBPJPY today on small news. I am attaching the pic.
The below given points are a few humble observations made by me as per my understanding.
Following these will ensure maximum profitability.
HYBRID SCALPING SYSTEM â USEFUL RULES TO ENSURE PROFIT
Enter only when you see reversal pinbars on 5m timeframe.
Enter only when you see kijun starts to flatten.
Perfect trade - a confluence of Bollinger bands with resistance / support / pivot.
Take only 5 to 10 pips profit â use a bigger lot if you want - donât be greedy with this system.
There is no sense in setting stop losses with this kind of trading system. Only thing you need to remember is to close the trade swiftly with lesser profit, but IN TIME. The reversal chances after the price goes beyond Bollinger band is close to 95%. So instead of stop loss, you can put another trade if the price goes against you. This will happen frequently, so be prepared for it. If you canât live without STOPLOSSES, then donât trade this system.
If your TP is at Kijun (where it should ideally be), close the trade at profit if in case the price touches the middle Bollinger band before it reaches kijun. It will likely reverse at this point. Donât wait for it to reach kijun.
Trades are more successful in this system with smaller or medium news with lesser volatility.
Just my two pence. Janpec can correct wherever I am wrong OR add something wherever I am missing it.
Vicaas Nice results you got there. I have to back you up on pretty much everything you said. Few things maybe:
You dont have to enter on reversal pinbars as long as you enter when price is quite outside of BB and more especially if that happens on news spike its even better.
2.Certainly thats very important, i would say that might be the most important rule. Kijun has to be flat on at least 1 TF, preffered on M5 if you are taking most of signal quallity there, but keep in mind if you dont see Kijun flat on any other TF except M5 be preapared for only very small correction. For best entry its good to wait kijun to flatten on two TFs, especially best is if you have combination like M5 and H1.
3.For sure.
4.Those are my usual targets, but thats becouse i rarely do deep analysis when entering trade. If you do very trough analyis, watch for near S/R levels, check all possible hybrid systems signals that could tell you near price movement and check all TFs where price should go then price targets are bigger usually Kijun, fibbos or strong S R is target then. Just an example, on market open NZDUSD opened with huge gap of 80 pips. I am especially hunting those gaps on market open, its very easy money. Basically all entry conditions were perfect for this system, TP in such case should be on M5 Kijun which was 40 pips. I took only 8 pips of trade couse i am quick go getter but it would certainly hit my planned TP. Just an example.
5.Agree at momment i have to say that it works best without SL.
6.Hm that is not true actually. Strong news will give you much more pips but it really depends on what condition was market BEFORE the news release. If you have strong trend and small news release news wont do anything becouse BB are so expanded that it wont hit any entry levels. While if you have strong trend and strong news move can still be so powerfull that it kicks out heavily (example was GBP claimant release last month) and it gives you 50 pips or more. Any news are good but best is that move is hammering in only few m5 candles does all its job.
Thanks a lot for taking out time for the clarifications :-)) This should really help all of us here.
I have a small question - if the Kijun flattens on M5 and M15, would you be comfortable in taking the trade or would you wait for a flat kijun at higher timeframe like M30 or H1 ? Thanks again.
Here is my record for today. When I was engaged in the earlier EURUSD trade, I had a visitor and as I didnât want it to go wrong, I closed it in a tiny loss - only to find later that the price was in my favour. :mad: The trade later was good. The system works.
Friends - I made an observation that raised a small question - Take a scenario where the price has moved over5 to 10 pips over the pivot and has crossed over the bollinger band (which is below the pivot). You are ready to short it as it fulfills the conditions for our entry. Would you short OR would you rather leave the trade? This happened today in the EURUSD trade that i closed for a small loss when I had an interruption. Normally if the price if over the pivot, it tends to go further and try and touch the R1. That was a risk to me. What would you do? Any ideas?
Flat Kijun on M5 and M15 is always good enough entry for me as long as some other signals have been meet too, like price hitting SR or if distance from Kijun to PA is decent on any TF, just some additional confirmations.
Vicaas if Candle closed 5 or 10 pips over pivot on M5 or M15 no matter what BB says do not short it in that case. This means that pivot has been broken, and price in most cases goes further up. It is important that it only matters when Candle is CLOSED. If candle closes bellow pivot while its high or low was trough pivot that means pivot is rejected and its good to go for pullback trade.
Not sure if anyone cought but todays GBP news was really easy entry, price made gap on news jumping trough BB nicely, it was certain 10-20 pips there. Few hours before there were two easy gold (XAUUSD) long entries, and one later that day. All together 50-70 very easy pips there if you didnt miss it.
