Thank you dr Phil 
I canāt believe that I have been hunting for a great consistent system all over this site and on the internet and what seems to be the best is 1 SIMPLE 50 MA!!! I am so discouraged of the wasted time but I guess it wasnāt wasted if Iāve found the right place to be!!! Itās always in the last place you lookā¦ 
I agree. Iāve done a lot of experimentation and no other way to trade the 50 SMA works as well as the Daily Rubber Band. Well, the Weekly probably does. But I havenāt taken any trades on that yet. Luckily I was experimenting on demo, so I took the hits to the Monopoly money lol.
5-10% growth per month will make you rich quickly from the wonders of compound interest. Anything above that is phenomenal as far as I am concerned. I hit in that range for both April and May. By the end of June Iām going to be looking to deposit to bring my account up to $2k if I have another good month.
The losses that come from impatience are enough to convince me to bide my time and wait for the Rubber Band Trades.
Also, how the heck did all of us miss this set-up on May 28th? Pin at the bottom of the range, 50 SMA angled up. Lovely 1.5R trade.
Hindsight is 20:20. I think I glossed over it at the time because of the size, not realizing what level it was at. 
Itās not just the system. Itās the trader too. The Rubber Band Method is not magic.
It is pretty great though. Just add discipline, patience, a little practice, and stir.
Iāve just been read elsewhere about this strategy and they are using 5min charts. I couldnāt believe it! The unmentioned person was saying how the system wasnāt working so someone said he had to use a 15min chart instead. They were complaining that the 15min TF wouldnāt produce enough trades. (Hahahaha!) I had to chuckle reading the conversation on this other sight.
I canāt wait for Monday to start so I can start a fresh system. Hey? I might not even see a setup but if I have to be patient to have more winners, bigger winners and less risk, SO BE IT! 7 years I have traded and at some points I was in the money but this system will take away a lot my emotional problem for trading I think! Plus 7 years experience should help me with better entries and exits hopefully. Might look at the Fibs and Elliott waves for extra guidance.
Iāve read quite a bit of this thread, and I think this has good potential. Although, it might prove difficult to me, because I like high frequency trading, Iām going to give this a shot!
Pretty amazing, and that pair gives up lots of pips pretty fast.
HAHA Thatās funny. I donāt mean to sound like Dr Phil. But I know how important patients is when trading, as I am sure that you do. Lack of patients has cost me lots of money over the past 5 years. And Rubber Band Trades are sometimes nowhere to be found. Thatās when having patients payās off. If you can have the patients to wait sometimes a week or more for the right set up.
Then have the patients for the right entry, then the patients to trust the trade and ride it out .
Once you have found your strategy, there are only 2 very important qualities that you must have to be successful at trading.
- Patients
- Money Management
My remark was intended as a punā¦
Patie[B]nce[/B]: tolerance of delay
Patie[B]nts[/B]: require medical care
as in: Dr phil must have a lot of patience with his patients.
Didnāt miss it. Took 120 pips from it but I wasnāt posting then 
Hey Brutus,
Hereās what I have found:
Scalping system #7 (Great GBP/JPY 1M scalping strategy) | Forex Strategies & Systems Revealed
Scalping system #14 (EURUSD scalping with Bollinger Bands) | Forex Strategies & Systems Revealed
I think the Bollinger Bands are much more useful for scalping than the Rubber Band Method, while still keeping the core concepts in tact. Let me know what you think about those strategies. They look very promising.
If you have spreads of half a pip or less, the M1 charts looks like it will work well. If your spreads are larger youāll probably have to stick with M5. Iāll be testing these with micro lots this coming week.
Looking forward to your results.
Thanks for the spell check, I appreciate that. I understand it was a pun. BTW, do you have any comments regarding trading the forex markets ?
Interesting strategy - I might backtest it on some of the majors so see how I will go. Might share my results here afterwards.
Very difficult to find setups! I got all my instruments (got about 40 of them with my ECN!) but the problem is that there are good candle patterns away from the 50MA but the 50MA is not flat or pointing in the right direction. There are some tempting trade opportunities there but I want to have the discipline to not trade unless ALL conditions are met! Oh wellā¦ maybe tomorrow morning when the Sunday candles have opened and closedā¦
How far away would anybody think we need to be away from the 50MA? Also, do you think the doji is strong enough?
Hey Jadd,
They look pretty good. Iād expect # 14 to be more reliable. ā¦ will have to play around with that a bit. Thanks.
Iām also looking for any swing trading strategies using Bollinger Bands that might be used in conjunction with the Rubber Band method. Maybe a variation of this one ā¦ Bollinger Band Swing Trading System-Combine With Price Action? Great! | ā¦ Iād for Rubber Band setups in the usual way, and then switch to this method (or a variation of it) when there are no setups. This one is almost the opposite of rubber band. It bounces away from the mean rather than reverting to it.
I think this trade is no longer valid, as the SMA is now tilted up, better to wait for some PA at around 96, which is a key resistance level and hopefully the SMA will be tilted downwards, offering a nice RR trade.
What about this strategy, giving entry and exit points to the rubber band strategy? Maybe a slightly different strategy altogether. Makes sense in theory.
Rubber Band Trade - YouTube