What other timeframes do you use for the analysis, or are you taking a look at the 1min chart? Which pairs do you trade?
cheers
What other timeframes do you use for the analysis, or are you taking a look at the 1min chart? Which pairs do you trade?
cheers
None at all. I do look at M15 to see closest s/r above and below (I personally use the trading at the enthusiast method for seeing that) and stick a line on the chart.Originally Posted by ;
That's it. M1 only. (That's not to say it is not applicable to additional tf's, just that I like to be in and out)
Any pair is sound but because its scalping you obviously want your spreads as low as you can? I have a tendency to stick with UJ EU etc as I'm with an ECN and also for these 2 I generally get around zero disperse and cover 0.6 commission.
Both charts are EURUSD M1. Currently only doing some guide backtesting round the current market environment and discovered a more realistic example. I'm using the Heiken i indior since M1 charts can be choppy.
In this case we've got a 10 pip TP plus a 5 pip stop loss for a 2:1 RR. We aren't in a trending market, but we experienced a breakout. We attempt to loe entries and skip any transactions which are currently consolidating across the MA. Clearly I've hindsight (perfect entrances) and no plogy weighing me down so that this is still unrepresentative of real trading. Over the length of about 2 hours, we experience 3 losses and 4 wins netting us 25 pips. This did demand some discretion at the 36 pip breakout because there was a bollinger band contraction, however, price did not really touch the BB.
So as xdj3richo pointed out, we would need to do some more in-depth testing to specify a border and see through what market requirements did this system function poorly. Since this method is relatively straight forward creating an EA to do that wouldn't be difficult.
Skimming through the greater timeframes, it seems like so long as you have defined a R based on the market requirements, you may take advantage of this system on any time frame.
Thank you for sharing the system Jenx. Very interesting. I will be following this thread for further developments.
Nice to see.Originally Posted by ;
To tell the truth, it requires a lot of subjectivity and as you say, discretion, I doubt an effective ea could be created on it. ( I doubt any ea has ever been profitable in the future in any case).
One tweak I had thought of integrating was utilizing the M5 to refine the bands as s/r.
But I don't expect too much from my trading.I can finance my lifestyle and that is all that really matters to me. I've been doing this too long to chase the Ferrari.
Thanks for your input and look forward to more.
Cheers
Firstly, its fundamental, there isn't a fantastic deal to see.Originally Posted by ;
Second, in what way would it help?
I did not discuss my technique in order to demone anything.
I'm not selling anything.
I invested years losing money, watching colours change and lines cross each other.
If only back then I'd realised less was more.
This ribbon is purely me sharing a easy means of trading that I have found. Nothing more.
Good luck
Sorry if that is a stupid question.
So as soon as the price is action is over the simple transfer average you buy at the bottom of the bollinger, and once the price is below you sell on peak of the bollinger?
Ho to work out your stop losses?
I'm looking forward to tracking this trading method. I will post a few charts today.
Sorry just responded but did not scrub my acc amount on the pic!Originally Posted by ;
Basically this was about an hour. Roughly where I had the S/L Green line was.
I had missed the earlier one but as that hadn't really gone very far I was pleased to get on it so shortly after
I took 10 pips. More on the dining table but you do not understand that at the time.
I do not really get hung up on ratios but everyone to their own.