Just thought I'd throw my comments in for the fun of it - I have kept the 15 period length, but increased standard deviations to 2 and put a 55 EMA on the 1 minute chart, taking the BB trades only in the direction of the EMA. The increased devations reduces the number of whipsaws from what I have experienced as well as using the 55 EMA as another guide towards getting whipsawed.
Of course, these only really help if you are trading in a period of high activity, i.e. London, first part of NY. I seem to have some success with Asia and Sydney but generally trade with a 5 pip target and say thank you.
Can anybody tell me how to convert the colored SMA from this thread into a colored EMA? EDIT AGAIN: Nevermind, just change the type from 0 to 1.
EDIT: forgot to mention money management - typically I will always close if a trade is at 30 pips profit or at least put a stop right at the bottom/top of the last candle there. I start with a stop of 10, move to BE after 10-12, after 20 pips, I move the stop to the last candle. Money management is hard to describe, those are just general guidelines, as it really has to be sort of a feel when in the trade. Sure I panic plenty and cut my trades short for 3 to 4 pips when they go on to 20+, but that saves me plenty of times as well.
Of course, these only really help if you are trading in a period of high activity, i.e. London, first part of NY. I seem to have some success with Asia and Sydney but generally trade with a 5 pip target and say thank you.
Can anybody tell me how to convert the colored SMA from this thread into a colored EMA? EDIT AGAIN: Nevermind, just change the type from 0 to 1.
EDIT: forgot to mention money management - typically I will always close if a trade is at 30 pips profit or at least put a stop right at the bottom/top of the last candle there. I start with a stop of 10, move to BE after 10-12, after 20 pips, I move the stop to the last candle. Money management is hard to describe, those are just general guidelines, as it really has to be sort of a feel when in the trade. Sure I panic plenty and cut my trades short for 3 to 4 pips when they go on to 20+, but that saves me plenty of times as well.
Small disciplines repeated with consistency lead to great achievements.