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Bollinger Bands & SMA for the 1Min & 5Min Charts 29 replies

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Attachments: Bollinger Band stop reverse 1min
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Bollinger Band stop reverse 1min

Quoting Ezzy
Thank you kindly Jiva.

As I understand it, stop would be the opposite band right?
right, an opposite signal...
EU summit today. Markets are pretty much stalled until the EU announcements.
I placed one quick trade in EJ around London open. But that's it until the log jam clears.
Looking at the 4 hour it is clear, everything is stalled.
We look for lots of action, big swings and active trends.
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It is much faster and accurate. it has been part of my trading setup up for over 3 years. And i am a full time professional scalper using an institutional account and it has been part of my trading setup up for over 3 years. I trade it off a smaller tf but it works on the 1min charts. Use a 50sma on the 5min chart to show trend direction and take trades on the cross of the gann in the direction of the trend. SL=the previous high/low prior to the gann cross. Again, extremely easy and accurate.
Attached File(s)
File Type: mq4 Gann Hi-lo Activator SSL Color.mq4   4 KB | 1,379 downloads
Enter Signature
Thanks a lot, appreciated your prompt reply

Quoting jiva34
>>>What currency pairs respond well with 5 pip take profit<<<
EURUSD, EURJPY.. small spread, active markets.

>>>5 pip include spread or not<<<
5+ profit figure.. (after spread)

>>>which time of of the day to trade<<<
Frankfurt open to London close

>>>can you post some more screen shots<<<
okay
  • Post #25
  • Quote
  • Edited 4:26pm Oct 26, 2011 4:09pm | Edited 4:26pm
Quoting jamesr24
It is much faster and accurate. it has been part of my trading setup up for over 3 years. And i am a full time professional scalper using an institutional account and it has been part of my trading setup up for over 3 years. I trade it off a smaller tf but it works on the 1min charts. Use a 50sma on the 5min chart to show trend direction and take trades on the cross of the gann in the direction of the trend. SL=the previous high/low prior to the gann cross. Again, extremely easy and accurate.
Good one. What is the profit target? A cross and close below gann in opposite direction?
Looks like this gives a really good edge on the market!!!
Many thanks for your generosity...........
Beautiful in its simplicity. Please keep it that way. Uncluttered.
Quoting jamesr24
It is much faster and accurate. it has been part of my trading setup up for over 3 years. And i am a full time professional scalper using an institutional account and it has been part of my trading setup up for over 3 years. I trade it off a smaller tf but it works on the 1min charts. Use a 50sma on the 5min chart to show trend direction and take trades on the cross of the gann in the direction of the trend. SL=the previous high/low prior to the gann cross. Again, extremely easy and accurate.
Thanks for sharing
You can use the BB as the filter or as a confirmation to hold the trade since typically the Gann is getting you in earlier. A simple 5min candle chart with a 50sma is highly recommend to give you price direction, take sells when price is 16+ pips below the 50sma 5imn and take buys when price is +16 above the 50sma 5min. Stupid simple and highly profitable!
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Enter Signature
Very interesting, indeed! Looks promising. Another option which I like is on the M5 chart use HA candles as the additional filter with the 50 sma, entering off the M1 using the gann cross.
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What if we use it with 13-Pips Range Bars, HamaSystem, Gann, and SMA
See attached pic
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I do not want to hijack this thread, just showing a faster entry option to the BB. I have been using this tool for quite sometime so i know it is extremely profitable. Again, used with the BB (which was kindly shared by Jiva24) and a simple 5min chart of your choice to show trend and candle direction, you should be able to pull more than ample pips out of the market each day to make a nice living. When i started out trading years ago an extremely successful and now retired trader showed me the importance of reading candles so I try to recommend to newer traders to keep the charts and candles clean.

But as most live, sucessful traders will tell you the HOLY GRAIL is the broker that allows you to scalp, does not slip you and has tight spreads 0-.5 plus low commissions. These brokers do exist but most require larger deposits of 10-25k. The other option is to trade the futures contracts of the EU(6e on ninjatrader) or your favorit pair. The initial deposits are not as large and most futures brokers spread is 1. But if you use limit orders to take you in trades the spread is typically zero plus their commissions compared to the spot fx market is most times at least half if not more than forex. Also futures are very liquid and highly regulated so no slippage or lagging nonsense.

Just some thoughts...
Enter Signature
Quoting jamesr24
It is much faster and accurate. it has been part of my trading setup up for over 3 years. And i am a full time professional scalper using an institutional account and it has been part of my trading setup up for over 3 years. I trade it off a smaller tf but it works on the 1min charts. Use a 50sma on the 5min chart to show trend direction and take trades on the cross of the gann in the direction of the trend. SL=the previous high/low prior to the gann cross. Again, extremely easy and accurate.
>>>SL=the previous high/low prior to the gann cross<<<
I especially appreciate your pointing out the value of considering the previous support or resistance as a stop... Something I had been overlooking. Really limits the losses.
Quoting jamesr24
You can use the BB as the filter or as a confirmation to hold the trade since typically the Gann is getting you in earlier. A simple 5min candle chart with a 50sma is highly recommend to give you price direction, take sells when price is 16+ pips below the 50sma 5imn and take buys when price is +16 above the 50sma 5min. Stupid simple and highly profitable!
thanks to Jiva for this great scalping thread... just curious James.. you wait for the price to cross the 50 ma on the 5 min and place an order 16 pips in that direction ?.....where does the gann come into play?.. just a little confused and please excuse my stupidity..

T
My point is that price needs to be +16 below/above the 50sma to tell me that a trend is forming. So if price is trending on or around the 50sma I stay flat, no trades. But once price moves in a direction away from the 50sma you then are looking for the price to pullback towards the 50sma and then cross back over the gann in the direction of the trend.
If you read the chart i posted earlier it should make this real clear. When i posted that chart price had broken down below the 50sma so i was then looking to enter in sells or shorts.
So we wait for the price to pullback or move back up some (cross the gann in an upward direction) then we wait for price to return back downward and across the gann for the entry in the direction of the trend. The previous high (where the price turned back down) becomes the SL. As i marked in the chart with diamonds.

Another Key point is to please ONLY trade when the big money is in the market and that means banks. Do not trade in thin markets like australia or asia. You need to be scalping during london open or the last 2-3hrs of London when it overlaps NY. We are scalpers, you need movement and volume.
Enter Signature
Quoting jamesr24
My point is that price needs to be +16 below/above the 50sma to tell me that a trend is forming. So if price is trending on or around the 50sma I stay flat, no trades. But once price moves in a direction away from the 50sma you then are looking for the price to pullback towards the 50sma and then cross back over the gann in the direction of the trend.
If you read the chart i posted earlier it should make this real clear. When i posted that chart price had broken down below the 50sma so i was then looking to enter in sells or shorts.
So we wait...
What is the profit target again, to be clear about it?
Trying to catch a big move or just looking for a certain amount of gain?
Wow, jiva..how fun is this! I just made a quick 15 pips. Hope you are well.
Rebecca
We are scalpers, so we like to jump in and out, i look for a minimum of 3-5 net profit but many times i catch the run for bigger pips 10-20. The nice thing about trading in the direction of the trend is you will catch nice blasts. But look, when you enter normally your SL is 4-6 away so you need to keep your profits in line with your stop. It seems as traders we seem to accept that trades will go against us or be negative and we deal with that, but the moment our entry starts giving us profits we seem to panic and want to close it so quickly. Learn to have a little patience with the trades even though you are scalping. You are with the trend.

As a side note many times i close half my position and let the other half run making my original entry point the SL. Again just a thought on managing the trade. I hope this helps some traders out.
Enter Signature
Quoting jamesr24
We are scalpers, so we like to jump in and out, i look for a minimum of 3-5 net profit but many times i catch the run for bigger pips 10-20. The nice thing about trading in the direction of the trend is you will catch nice blasts. But look, when you enter normally your SL is 4-6 away so you need to keep your profits in line with your stop. It seems as traders we seem to accept that trades will go against us or be negative and we deal with that, but the moment our entry starts giving us profits we seem to panic and want to close it so quickly. Learn...
Thanks. You know I'm testing this like anything.. Makes sense.
I can suggest Oanda as a good broker for scalping. No minimum for opening if I remember correctly either that or ridiculously small minimum. mt4 and broker java platform available. So can syncronize signals in same broker. java platform is sleek. Very fast trade execution. mt4 for signals. broker platform for the trades. trading directly on mt4 is really slow and pokey, hit or miss on execution. just awful for scalping... broker platform is really good.
Quoting lawgirl21
Wow, jiva..how fun is this! I just made a quick 15 pips. Hope you are well.
Rebecca
Am well. enjoy...
Hi Jiva/James, if you put a 250 SMA on the 1M it will save switching to the 5M 50 SMA to check for the 16 pip difference...

Pete
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