i see no BB and only MA. it looks more like CHOROS thread...
Your're right. I've deleted the post
I usually waste my time posting anything constructive on these threads anyway!
But it's true that I rarely get any feedback or constructive comments from anyone so I'm afraid I do find it a bit of a waste of time posting regarding technical trading strategies.
Anyway, I have used certain elements of Jenx's strategy and combined it with my own ema based strategy. Frankly I don't find Bollinger bands that helpful especially when the price starts trending so that's why I deleted the indi.
I'm online so with pleasure. The strategy (how I read it anyway) is that when price hit's the higher or lower band it's time to close/reverse the trade. Yes this does happen often but usually this happens when there is little or no momentum. Once a pair starts trending in earnest, price will not bounce back and if one opens a new trade one gets stopped out or an existing trade is closed prematurely. I prefer ema's because I use my ema combinations to help access momentum. Really momentum is all important because if the trend is weak one is often hit with dramatic cutbacks which knocks people out especially if you're scalping. I'm sure we've all experienced that!
Other elements of this strategy though are very useful.
Hope this answers your question
jmtini, what are the parameters of your red and yellow EMA lines? (Sorry to all for being off-topic).
Before you do any trade, you should be aware of where your support resistance are then decide whether it's worth to do the trade.
good system in ranges,
when market takes off can rack up losses quick.
always found 1min scalping too challenging.
often when it is detected; it is too late
well done maxpaneplp, at most time the best discipline is to sit and watch... always be very sure before taking a trade...
BTW, do focus only on a few pairs you are familiar with.
Bb+emas are the best way to determine ranging vs trending markets.
If bollinger band top and bottom are facing right and they are horizontal than the price will bounce from top bb to low bb. For example wait for price to touch or go above top bb, if it closes inside top bb with a decent size wick, open a sell order with the open of next candle, sl few pips above high of signal candle wick. Tp few pips to mid bb.
If price hits sl, observe the bb. See if the top bb and bottom bb are facing the same or different directions.
For example if top bb is facing up and bottom bb is facing down than it could be the start of an uptrend. This is the earl entry into trend your looking for.
Additionaly you can use 50 ema to filter trend vs range. Other than the bb direction, if 50 ema is out of bb and is horizontal its a sign of ranging market start( this is also a sign that the price is doing a pullback on a higher tf) so if 50 ema goes out above top bb than the price is doing a pullback on a higher tf during a down trend. This means it might range a bit on this tf.
Also if 50 ema is horizintal and going through price and close to mid bb the price will range heavily.
If the 50 ema is pointing up(about 45degree) and its below mid bb than it is strong uptrend. You can buy pullbacks that get rejected from 5 or 10 linear weighted moving average applied to high.
There are other things. This is all from bbma system, i take no credit.
Try to back test what i said here.
Not looked on here for a while.
Hope everyone's still trading happily.
Last few months the markets have been trending strongly so I've found that adding bbs of 15 (for entries)has given more opportunities with the 25s as TP levels.
I made a 2nd and more in depth check and like to refer to my 1st posting here. I read all the last answers here and some of the assumptions made were wrong. You should test before you write. Doing 10 trades is not testing, do at least 300.
Anyway, some news:
1. If your spread is bigger than 0.7 pips don't trade this strategy.
2. Move your S/L to break even after a candle crossed and closed the middle band.
3. Do not trade when the price is running straight through the MA.
4. Do not trade after powercandles. Dojis are no signal.
5. After a candles touches/crosses the Bollinger Band (signal candle), open the trade after the close of the first candle that moves in the direction you want the trade to go (entry candle). This 2nd candle makes the entries better. Signal candles has to have the right color. For the upper band white, lower band black. Entry candles has to have the right color. For the upper band black, lower band white.
6. Do not trade if the bands are narrower than 5 pips.
7. If the entry candle touches the middle bollinger band do not trade. Because bollinger shows you the average upcoming movement, the entry candle should not take half the way to our T/P goal.
8. You can ride a trend with this strategy too. But you need more trading rules. After identifying a trend use the middle band as an entry and the opposite outer band as exit.
9. You will get far better results if you turn some price action knowledge in. The results I post at the bottom here are without PA!
10. Getting a RRR of 1:2 is not possible with this strategy, so do not try to catch the big moves.
Profit factor: 1.75 (2.01 with S/L break even and add. rules)
Hit rate: 61,68% (73%, this sounds a little too good to be true in the long run, but I re-tested this 4 times with around 650 trades.)
S/L fixed: 5 pips
Pips per trade won: 5.4 (3.5, this is because of the break even S/L)
I would like to test some more things and with other pairs. But all test were handmade and it takes too much time for me doing this.
At least I can say, that I am very sure that this strategy works.
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