Can OB and OS levels be traded successfully? | Forex Factory

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Can OB and OS levels be traded successfully?

  • #1
  • First Post: Aug 31, 2015 1:44am Aug 31, 2015 1:44am
Many trading systems work partially. Some are good in trending markets, some good in ranging markets. Trick is to know when to use which. I do not pretend to have that answer. Developed a setup based on channel to attempt to at least scalp a few pips here and there. Will apply to GU and EU for now - may add one or 2 more pairs later - as each channel has to be constructed for the specific pair.

This journal will follow the progress - good or bad.

Starting with a GU trade.

Target is 1.5560 area.
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  • #2
  • Aug 31, 2015 1:53am Aug 31, 2015 1:53am
Quoting badblood
Many trading systems work partially. Some are good in trending markets, some good in ranging markets. Trick is to know when to use which.
Being profitable some times and unprofitable other times is a quality of trading systems. It does not mean that they only work partially or are incomplete.
  • #3
  • Aug 31, 2015 2:06am Aug 31, 2015 2:06am
Quoting Atokys
{quote} Being profitable some times and unprofitable other times is a quality of trading systems. It does not mean that they only work partially or are incomplete.
Thank you - if not 100% profitable - it works partially.
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  • #4
  • Sep 8, 2015 12:02pm Sep 8, 2015 12:02pm
It has been 8 days..

a few opportunities for 20 to 30 pips as per chart. I did re position quite a few entries. But look at the Scalps showing once outside the channel - I'm confident we will cover the outstanding break also.. so closing the balance and leaving the weakest entry standing. May again add if the opportunity arise.
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  • #5
  • Sep 10, 2015 9:21am Sep 10, 2015 9:21am
Cleared the last entry with small profit.

We now look for the next opportunity going into OB or OS condition.
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  • #6
  • Sep 10, 2015 10:25am Sep 10, 2015 10:25am
We have possible OB on GU 15min..

Entered short
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  • #7
  • Sep 10, 2015 11:10am Sep 10, 2015 11:10am
Took the 20 pips.

Now waiting..
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  • #8
  • Sep 14, 2015 6:05am Sep 14, 2015 6:05am
Not abandoned - just waiting for the correct setups. Added AUD/USD and EUR/JPY.

Now watching 4 pairs for the Overbought and Oversold condition.
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  • #9
  • Sep 14, 2015 1:25pm Sep 14, 2015 1:25pm
Where the indicator???
Subscribed..
  • #10
  • Sep 14, 2015 10:43pm Sep 14, 2015 10:43pm
Quoting hazor
Where the indicator??? Subscribed..
Plus one to that.

Overall, looks pretty good. Would like to test this too.
  • #11
  • Sep 15, 2015 9:32am Sep 15, 2015 9:32am
Quoting hazor
Where the indicator??? Subscribed..
This is a journal. Not a systems thread. I'm testing OB and OS indicators I have created. Placed the thread in a journal to relieve myself the obligation to post indicators.

Who knows - I may share - but first - we test.

I do not want to feed shit to you. If it has potential ( I think it does) we may have some fun.

Regards

But thank you for the interest. Appreciated.
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  • #12
  • Sep 15, 2015 11:49am Sep 15, 2015 11:49am
GU 15 min may show OS - long
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  • #13
  • Sep 16, 2015 4:38am Sep 16, 2015 4:38am
Quoting badblood
{quote} This is a journal. Not a systems thread. I'm testing OB and OS indicators I have created. Placed the thread in a journal to relieve myself the obligation to post indicators. Who knows - I may share - but first - we test. I do not want to feed shit to you. If it has potential ( I think it does) we may have some fun. Regards But thank you for the interest. Appreciated.
Fair enough.

That was a pretty good entry. What was your SL? Only went about 15 or so pips against you.
  • #14
  • Sep 16, 2015 6:35am Sep 16, 2015 6:35am
Quoting cardm3n
{quote} Fair enough. That was a pretty good entry. What was your SL? Only went about 15 or so pips against you.
Did not place stop loss. GU ran up very nicely in the end -but I only took a handful of pips. We will wait for the next one..
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  • #15
  • Sep 16, 2015 7:38am Sep 16, 2015 7:38am
Possible OB on 15min - looking to short
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  • #16
  • Sep 16, 2015 8:43am Sep 16, 2015 8:43am
Further to my previous post - the following:

Rules are not clear as yet - so time will teach. Although we have possible OB situation on 15 min - the 1hr chart shows that there may be a possibility that price will attempt to revisit the initial line break areas when price continues without bouncing. So - it is possible that price may attempt to go cover higher. This may be a warning that the current 15min OB situation is going to be short lived - more a pull back to continue - rather than a short term reversal.

I will therefor not hang around too long on this one and will take a few pips if the opportunity arise - than rather wait to see if this scenario plays out for price to attempt to go cover up higher. If this is the case - it may assist in future entry consideration going forward.
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  • #17
  • Sep 17, 2015 8:31am Sep 17, 2015 8:31am
Entry was a little too early. I added a few positions and cleared - coming out with a little nett profit. This trade was a marginal one and could be chalked up as either a win or a loss - entry dependent.

Possible OS situation on Dragon 30 min. This is a slightly differently looking indi - but same rules apply.

1st chart - shows my entries and closing
2nd chart - sold Dragon
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  • #18
  • Sep 17, 2015 10:19am Sep 17, 2015 10:19am
17 and 31 taken
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  • #19
  • Sep 17, 2015 10:40am Sep 17, 2015 10:40am
A little off point. But also something I have picked up from this indicator - is possible divergence.

So testing a long here on GU
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  • #20
  • Sep 17, 2015 1:49pm Sep 17, 2015 1:49pm
Possible OB on GU 30min

Think this will be a longer term position with target marked @ 1.5541.

Let's see how it plays out..
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