Thank you for taking the time to answer, I see that many seek your advice.
Good to know that Dealbook doesnāt offer Donchian as I may choose that platform.
Couldnāt Bollinger bands really be said to also be probability channels/bands as they enclose about 90-95 of price action depending on what setting one would choose for the standard deviation?
Yes youāre right!. Trading, reading, studying, working, talking on the phone, eating, playing with my dog and posting all at the same time is not good!!!. Iāll find the time to post properly, to focus in what I do and then and only then, I will ask. Iāve re-read my last posts and itās even confusing to me.
I agree. Trading is like riding a bike. When you first start, itās exciting, it takes a lot of time, gives you bumps and bruises, and can be difficult. Yet, once you know how, you will never forget.
I like trading because it is one of few things in this world that can produce a moderate to substantial income without taking much of your time away once you know how.
So play with the dog, play with the kids, hug your mother, go fish with your dad, and kiss the wife. Those are what really makes life enjoyable.
A no no here, the BB is opening right up (trumpeting) or breaking out, and the price action is walking the upper band in a very strong trend.
Unless a second short pattern appeared, extreme caution is the correct action.
Tymen!! Thanks so much for your attention in answer my questions. So far I have so many doubts that I will be posting while I have the time to prepare my charts.
You know I see bollinger bands trumpeting everywhere and in every pattern that is formed, and everything looks the same to me. You know I have to digest all the information and become more critical. As I said before despite all my mistakes, unexperience and all my newbie characteristics (you name them), despite all of this Iām still profitable (not as much as Iād want I must say) and keeping myself in the game.
Hope to hear from you soon and looking forward for whatās next!
Soā¦ this is one example I found and I trade myself. Itās a 55min chart eur/usd. The candlestich pattern (highlighted in blue) I think the bollinger bands were trumpeting before, price was walking the bands, and for these characteristics I guess this is a no no trade, am I right??.
The second chart is the 5 minutes eur/usd chart with the starc bands. It corresponds to the main chart. I point with a circle the first retracement. I think itās a valid entry since starc bands are heading up and Iām looking to enter long right? But after that there was a further retracement where I coul have been done a better entry. (Actually there was where I made my entry) But where are talking about the rules right here.
So further retracements I guess theyāre not valid ones because starc bands are heading down right?
If my pattern was chosen wrong then I guess this was supposed to happen. But If I was right what rules apply here???
I hope my explanations to be ok. I obviously suck at photoshop:D, and advises in this matter are also welcome.
When you have the correct magnification, press print screen and send to Microsoft Paint.
Here you can edit the chart.
Then save to a file of your choice.
Then register (free service) at Photobucket (google it) and familiarise yourself with its workings.
Photobucket is a website where you upload and store pictures for downloading on forums later.
Try some test pictures to upload.
When posting on this forum, go to Photobucket and copy/paste the relevant picture script into your post.
The full size chart will then appear in your posts just like mine.
Just for now, the Starc bands will be used as I have posted them, together with the 4 rules.
Manning Stoller clearly knew what he was doing when he set the moving average at 6 periods!!
I do not see us going back to a shorter moving average where the starc bands become excessive in their jerking up and down and we then do not know whether we are Arthur or Martha!!
Definite direction is needed in these starc bands.
However, I am researching the approaches to the Bollinger bands to get a simpler method here.
Hey Tymen, when you gave the parameters for a level starc band, do you still trade with the trend? AKA if there is 3 white soldiers and it levels outā¦ do you just buy at the lower .45 and sell at the upper and wait for the cycle to repeat itself?
