Lucky Spike System

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jiva check this out
http://www.forexfactory.com/showpost...postcount=2256


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hey jiva try this one
http://www.forexfactory.com/showpost...postcount=7955

more info
http://www.forexfactory.com/showpost...postcount=2256

nice bounce off resistance
The signal was actually on the 30m.
The lucky spike formation
(It's r2, not r1, sorry bout that)

swing trade,
another bounce off resistance
with a similar formation..
a close outside bb, plus a spike off of resistance....

ouh,got out of usdjpy with 5pips yesterday i was down 70

Been there, done that.
I was hoping you made it through..
When you said short UJ, I knew you were in for a ride...

Nice little trick to save a possible losing trade.
Entry a little early,
enter again further on in the move,
and then again.
for net gain...

Working on all aspects of making this a successful strategy.
Haven't got to money management yet, but it will lend itself well to lot size as %of balance.
The signals are good. candles in relationship to bb bands.
Around the wood pivots and wood S&R sell on close high, buy on close low.
Look for candle formations to confirm, spikes, or haramis, engulfings etc.
Look for 5 pips.

When prices move away from the pivot or S&R, look to buy on close hi and sell on close low. Target will be the next area of support or resistance. 50 or 100 pips possible..

Trial run on tester forward...
London session.

That's it for a while.
Thank goodness it's the weekend.
We have a plan for Monday.

hey thanks for worrying,,
lol
ive decided to only trade eurusd since all the other currencies get affected by eurusd ,i dont see a point trading usdjpy,if its gonna be affected by eurusd,

My sentiments exactly. EURUSD it is. It's the most heavily traded pair anyway. And spreads are usually less than the others.

A lot of pieces of the puzzle are coming together.
How to trade around support and resistance.
How to watch for market times for big moves.
How to catch the trend.
How to check multi time frame confirmation.
The significance of candle formations in relationship to standard deviation using bollinger bands with a customized setting.
The lack of necessity for using lagging indicators, and even their counter productivity.
The benefit of compounding.
The benefit of keeping tight stops and honoring them.
We will put it all together next week. Looking forward to it.

cool ,we can trade together,hows the bounce strategy hows?how many pips?

During consolidations which are looked for around wood pivot and s and r, 5 pips is great. After all this is the 1 min chart and prices are more or less bobbing up and down in a very tight range as traders are repositioning.
When the move becomes clear either up or down and we leave consolidation the target is the next area of support or resistance.
For example if we leave the pivot and head up, the r1 is the target however many pips that is, 40, 50 ?? varies. Then we look for consolidation here, but it might not be much if it is a strong move, we just might blast through and head for r2.. In that case we get back in target r2.
Like that.
So if we watch the candles forming in relationship to the bb bands we can get our entries according to trending or consolidations conditions.
In consolidation enter short with a close outside up, and enter long with a close outside down.
Just the opposite once we start to head away from the consolidation.
I've worked enough with this to know this is good.
this is a sound strategy. Now how to recognize the entries and remain disciplined.
Practically speaking we built an ea to trade this, but we were using a hi lo channel instead of bb bands and we did not have a candle recognition function. We kept adding indicators, macd, cci, stoch, moving averages etc to try to refine the entries but none of them were able to do the job.
BB bands and candle recognition are all that is needed. They are very precise and based on price action. Traders love indicators, but they are lagging. They cannot identify an entry quick enough. But candles showing price action are right there when it is happening. I'm really excited about this. So let's see what happens next week.
Look forward to trading with you...

By the way, thanks for all the links and resources, I'll be checking them out of the next little while..
No stone unturned...

lol,i made this video,while being bored all day

ye i pretty much have given up on most indis ,but if some magically work im willing to try it,next stop monday!

What made you decide to use 10,2 bb bands and not the default 20,2?