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

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Bollinger Band stop reverse 1min

Hello guys. Really lovin' this thread. Been using BBands indi for a while now and I'm really glad to have found other people use it as often as I do. Thanks Jiva for your simple system.
@James
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!
Is there any chance to find out what's the indi in your attached image? I assume
is some type of Gann. And if so, would it be possible to share it with us all, if there's no inconvenience for you? Many thanks & good trading to you all.
L
Quoting kingcrab
hello Jiva thanks for your system,could you post the indi you use to get the two lines 16 pips from the ma please
thank you and good health
Hi Kingcrab...

Here's what I did.

Just take the SMA 50 from Metatrader and place on your chart. Then go into edit and set the levels. To do that click "Add" and type in 160. Click "Add" again and type -160. Click "OK".

That should do it!

Happy trading!!
"Be the change that you wish to see in the world." --Gandhi
Thanks for the vouchure, i went to start a thread a few months back and the moderator mentioned something about not having enough vouchures. Obviously i must be mistaken.

The indicator on the 15tic chart is a gann i had made for Ninja trader, if anyone is using NT you can send me a private message and I can send it to you.

As for trading futures such as silver, gold, oil, i think it is a wonderful idea and the the gann will work like a champ. Just set it on a Lower timeframe, 15 sec, 30sec etc. Even with futures remember spread and commission is the HOLY GRAIL for scalpers so find a broker with low low commissions and can use limit orders to take you into trades. Typically when you use LO trading futures the spread is zero, so you are only paying the commission on the contract which is quite a bit less than spot forex.
Enter Signature
Hi jamesr24,

I would love if you explained and showed more examples of your trading system/method.

Kind regards
these charts are using Ninja Trader but this can be set up on any lower time frames 15 sec, 30 sec etc. It works on the 1min but you miss a lot of trades especially when the market is really surge.
Attached Image (click to enlarge)
Click to Enlarge Name: some trades.gif Size: 63 KB
Enter Signature
Thanks bud...your posts are very enlightening..I would say you would have to have very quick fingers to be placing orders and stops etc on a chart that moves as quick as a 15 sec tick chart...

T..( ps would love you to start a thread on this type of trading...unfortunately I cannot vouch at this stage but I'm sure word will get around ff and you'll get them)
Quoting oconnor365
Thanks bud...your posts are very enlightening..I would say you would have to have very quick fingers to be placing orders and stops etc on a chart that moves as quick as a 15 sec tick chart...

T..( ps would love you to start a thread on this type of trading...unfortunately I cannot vouch at this stage but I'm sure word will get around ff and you'll get them)

I agree would love james to do a thread...
I would also be very interested if Jamesr24 would start a thread about his method. I trade M5 with success but I only get 3-5 trades per week with my very fussy setups. I originally came from a scalping background and after 2 years I couldn't make it work past breakeven. I created the Mr Blobby system which uses the BB Stop to scalp but it wasn't profitable long term. The Gann Hilo method looks better but on the 1m there can be a lot of losses even when outside the 16 pip band.

A dedicated thread for this method would be fantasrtic. Those of us who love scalping and have experience with this style would be able to contribute and we can all learn.
Hi all, Hi JIva34,

Many thanks for your Thread.

If we want compare 2 indicators ,it is better to use the same periods.

The Gann hi-low the periods is 5 ,if you put for Bbands_stopV1 5 periods

the result is no so different.

Please see picture.

Regards.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdbbandsstopv201.gif Size: 15 KB
KISS&V :Keep it simple safe & visual
Yes sohocool, they are the same with same period 5 settings
I have kept an active trading blog for the past 2 years usually showing my entries off the 1 tic charts and 5min but I will start adding the 15 tic charts as well. For those interested you can view it under my profile, click website. Nothing for sale not peddeling anything just a blog to help myself and other traders.

The 15 tic chart is not that fast, once you get use to scalping and you have a platform that is scalper friendly then there is no other way to trade IMO.

Remember when scalping and trying any new method it is important to trade at the same time each day preferably the first 2hrs in London or the last 2 hrs of London. (I do not trade the last half hour of London as many traders are closing their positions for the day and the market can be a bit more unstable).
Enter Signature
Quoting jamesr24
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...
Great stuff and thanks Jiva for sharing his system.

I like your trend confirmation technique. I agree 100% with what you say about spread, commision and brokers being the holy grail for scalpers.

Like Jiva, I am using Oanda. The ordering and execution is excellent but their spread has widened from 0.9 when I started to 1.2 on E/U now. That makes a huge difference to the bottom line. I didnt know you could get zero spread using futures. I will look into this. Any more information you have on futures trading and brokers would be appreciated

How exactly do you use a limit order to enter when you are waiting for a break lower/higher to enter in that direction
Well many futures broker link directly thru ninjatrader and they have entry buttons: buy market, buy ask, buy bid, sell market, sellask, sell bid which are the limit orders . So when the price breaks the gann you can immediatley hit where you want to set the limit order. If it is a buy, you click buy bid, normally the price retraces a pip or point and takes you in. Or buy ask and because the ask price is on the high side of the spread it will take you immediately unless the price takes off and you miss your entry, but that is part of the game. Normally it is not an issue and with some practice you will master it.
Enter Signature
James, which broker do you recommend for this trading style? I used fxcm and the spread on EURUSD is normally between 0 and 1 pip. Most times I get about 0.8 pips on average. Sometimes it even is in negative for a brief moment. Then there is the commission which works out about 0.9 pips. So an all in trade cost of 1.7 pips average. This is with the active trader account with a bit higher of an opening balance. The trade costs is prety low but I am not that confident in them as a broker due to their recent legal troubles and accusations of tampering with charts and sending false error messages to steal from clients.

I contacted Interactivebrokers and when I tried their platform it seemd just awful to work on. It is nothing like I am used to and not very intuitive at all in my experience. I can't use a platform that looks like a total mess to me so I am looking for another ecn broker.
Roofx check your in box...
Enter Signature
Quoting jamesr24
these charts are using Ninja Trader but this can be set up on any lower time frames 15 sec, 30 sec etc. It works on the 1min but you miss a lot of trades especially when the market is really surge.

Are you using your 16-pip criteria with these examples?
As i mentioned in the post, the price was ranging today on the and around the 50sma 5min. But my bias was to look for buys because the EU is in an upmove.
Enter Signature
Hi James,
Never knew you have a ff account.
I am a regular visitor of your blog, your consistency and accuracy are remarkable.
I advise every upcoming scalper to dig through your blog, many valuable insights lay there.
well, Happy trading and keep well..!!




Quoting jamesr24
As i mentioned in the post, the price was ranging today on the and around the 50sma 5min. But my bias was to look for buys because the EU is in an upmove.
Hi James
Have been trading for the last 5 years (and sitting as a guest here at Forexfactory for 5 years as well) and almost gave up, this year I am more or less on a breakeven side and have been an avid short time frame trader, just can't handle long time frames. Have bookmarked all 1 minute strategies and blogs I could find here on Forexfactory and went through those, yet I knew I had something missing. Now I realise from your posts that tick charts might be the final edge that I am missing in my trading. Would you be so kind to share your broker and indicator for ninjatrader? Because I just joined ForexFactory (and to the life of me never thought I will) I can't send private messages just yet.
Cheers
Alex
James - may I also ask to know your broker - Thanks in advance
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