Follow The Bouncing Pip - page 259

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nlenz:
It is very flexible - I have used it for a while down to M5 and now use it all the way up to D1 TF. It's also possible to take cues from lower or higher time frames for deciding entry and exit in your particular TF.

are you successful with this method?

 

Yes I am. 3 months ago I started trading with the original system (the one with the MFI) , H1 or H4, EUR/JPY and GBP/JPY and made 60 pips 1 to 3 times per week with TP at Fib retracements. My account grew very nicely.

I started out with $48 (what was left from a bad signal provider) and grew it within 2 months to $130 by investing 0.01 lot at the beginning then growing to 0.05 lots. 2 weeks ago my account collapsed because of a few mistakes I made: too much leverage (0.05 lots per $130), no stop loss, didn't enter at a real signal (I had bet it would arrive soon), and was not availlable to exit when an opportunity came to close still with a gain.

So I started again a week ago with $200 this time learning from my mistakes I used 0.04 lots per $200 and closed the trades today with $100 in profit. (will use opposite arrow to exit instead of Fib + other cues).

Since the D1 TF is still showing a sell I will wait for the H4 buy signal (where I exited) to turn back to a sell signal and then short them again.

 

Since I renewed my account I'm going for longer term and larger moves - while I used to trade for a holding period of a few hours to a couple of days, this time I may hold an entire week or more as was the case in my last trade. Whereas I used to play mostly H1, now I will prefer H4 and even D1.

In between major signals I may take smaller bites in the lower TFs every now and then.

 
forex11:
This technique looks fantastic. I used it the first part of this week and on monday made 600 pips.

What a way to start the week/month out!!

I also made 100 on the gbp/usd

Are you still trading this system? If so, is it live? How have you faired with the system?

 

we need to do an accuracy test on the first page -- technique

and does lower TF describe the timing

these are vital to success

if we believe the price is bouncing -- will we react faster than the market change of heart in its intended direction

 

Can somebody explain what the EAs are doing?

Hi,

I found this thread a couple of weeks ago and started using this strategy on a demo account for about 1 week now. I love it!

GBPJPY is making me 50-100 pips per trade and I'm jumping into multiple trades per day.

bigbear3391 posted some EAs at the beginning of this thread {this website}suggestions-trading-systems/8728-follow-bouncing-pip.html (can't post a real URL cause this is my first post), nearly 3 years ago. Can somebody explain to me what these EAs are doing?

I can follow the indicator arrows, but I would love to know the howand whybehind this strategy.

 

Hi NewDigital

which version is good for this thread ?

thanks

 

I do not know ...

bouncingPipEA_BigBear_v23 EA was coded using the original method described by BigBear (he started this thread with this method). EA is here:

https://www.mql5.com/en/forum/177573/page84

bouncingPipEA_mPowerV41 EA seems is the latest one: EA is having many combinations of several confirmation methods including QQE. EA is here: https://www.mql5.com/en/forum/177573/page81

And version #42 (improved 41) is on this post https://www.mql5.com/en/forum/177573

if you want to try to test - use original bouncingPipEA_BigBear_v23 EA because it was created based on some manual trading system described in the beginning of this thread.

But please note: I am not sure - this EA (together with all the indicators) were converted from 4 digit broker to 5 digit? And to ECN brokers?

If not so it should be converted.

---------

Zigzag indicator with alert (someone asked by PM):

https://www.mql5.com/en/forum/172952/page17

 

Most of these indicators I'm already familiar with, esp. the Zigzag indicators. They should never be used alone, as they only tell you that we are making new highs / lows. They will keep repainting because of this. I modified the EA very slightly to use the zigzag-pointerV2 indicator, which leaves all its arrows on your chart, thus showing you that its repainting and by how much. This makes it easier to see when the gas is running out of a move. The EA is very flexible, you can chose which indicator to use as an entry filter and which to use as an exit indicator. I don't understand all the settings however.

I'm not big on EAs, but I'll run this one (the latest version) and see how it goes. I think if you pick one or two of the filters it should work fairly well. Exits seem to be harder, so either a fixed pip amount or using the QQE would be a good place to start. I'm not clear on how the trailing stop works so need to read the middle of the thread on that. On larger time frames, 1H and up, you could really trade the system manually, and that is what Bigbear was doing before MrPIP wrote the EA anyway.

Pg 153 has all the indicators and EA that you need for this btw.

 

Hum ! A good TOBLERONE !

Slurp

(Sorry can't resist )

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