After this message from teacher tymen, here is the result of my homework. Please correct if needed and i’ll raise the version of this post.
Note : This post won’t explain UMS nor UML.You will notice it is not the exact index of tymens post. It is another way of setting the charts (mine) and the reader may also click on the provided links at the end of this post to have tymens precise settings.
After all the goal is to understand and feel confortable…
[B]Introduction[/B]
We’re all here to recall… sounds like a church, let’s change that one…
Once upon a time… hmmmm that is not the history course neither…
Ok ok, so let’s say we have to set our computer in order for UMS and UML works fine.
First of all if you have that computer (or any Comodore CPC64, ZX 80 or ZX 81 with the 4K extension memory for over $100, or even ATARI 520 ST) then you should think about fishing rather than trading.
Otherwise, here is the ultimate advise about the technical specifications tymen is using …and most of us do now.
[B]The problem[/B]
The method require many charts if you try to focus on all major currency pairs (6) as we have for each :
[ul]
[li]all the radar timeframe from 20mn to 60mn, 5mn step (that makes 9 timeframe!)[/li][li]2 specific charts for 5mn trading[/li][/ul]
This gives almost 60 charts that is :
9 timeframes * (6 charts of currency pairs for each timeframes) + 5mn KC (= 6 charts of pairs) + 5mn KB * (6 charts of pairs) = 60
So here we can feel how hot this is going to be :
[ul]
[li]Computer power[/li][li]Software power[/li][/ul]
[B]Computer power first
[/B]
So you now understand that if you want to trade UMS and/or UML with all the currency pairs, you will need a quick and powerful computer. It is no time to set all the time all the charts spec to have the chart. It has to be fast and predefined.
So first, the [B]ONLY [/B]way to lower the need of power is to lower the number of currency pairs you decide to trade. If you are in such case, skip this content and go to the software spec below.
Charts are memory consuming on both side : the desktop AND the video card.
We came to the fact that the best screen size to be able to watch these chart is 22 inches min.
As a consequence, you must have a video card that can display something like 1680x1050 to be able to have up to 6 charts at one time on the screen. Then, because you will have all the timeframes, you will need memory on desktop and good video card with memory on it. So it is best to consider at least 2GB on desktop and 512MB for video card.
[B]Now the software
[/B]
As mentioned in post #811 there are 2 major software used here MT4 & Dealbook. Both software are free.
Dealbook has a limited time offer. It is free from GFT for 3 month then you have to open an account. There are also other providers that let you use the demo account for life if ever you open at least the minimum one for $250 or $1000 (as an example see Kinetic Securities in Sydney, Australia)
All of those who have been testing these software with these method end to love Dealbook because it is much more easier to set all the screen and be able to switch between them.
It is time to recall a very usefull line from tymen (#798) :
[B]" All readers please note that I do not receive any commissions or inducements for my recomendations.
They are entirely my effort and I get no reward whatsoever for doing this. "[/B]
Time to explain the use of Dealbook (alias DB)…
[B]One workspace and various charts[/B]
When you open DB, you will notice a window named Workspaces. There should be predefined name (CFD/FX Basics and GFT Resources). Click on ‘CFD’. You have various windows opened now. Close all of them. Now if you right click on the workspace (not the button, the green space left free) then ‘Chart’. It is asking for a currency. Select one (EUR/USD).
Note : If ever you closed the Workspace window itself. Don"t panic. At the top of them main window, you will find a ‘View’ then add the bottom ‘Workspace list’…This window is dockable. That means…well try to drag this window and drop it to the bottom or the left of your screen to understand…Now click on the chart window to get the focus on it. You will see on the top of this window different kind of information. I’ll list only the first that are of interest for us.
So, from left to right :
[ul]
[li]Type of chart (select candle),[/li][li]timeframe (let’s take 20mn),[/li][li]First currency pair (choose EUR/USD),[/li][li]Second currency pair (leave it),[/li][li]Grid kind (whatever, chose something confortable for you),[/li][li]SI (as Setup Indicator),[/li][li]SC (as Setup Chart),[/li][li]CT (as Chart Template)[/li][/ul]
Now let’s click on SI. If there are yet various indicator, we can click on each and ‘Remove’. When the list is empty, then ‘Add’ the Bollinger Band (BB) indicator with default values on current Subgraph.
While BB is selected, let’s change the style to select a thin line and blue color for the band. For the MidBB let’s select a dotted line still blue.
Then ‘Apply’. It is now on the chart screen. Everything seems ok ? then ‘OK’. Now we have our candle chart with our BB.
So now we got set our EUR/USD candlestick chart with our BB. Champagne !
Following the rules of UMS or UML, we have to make one of these for each currency pair for that timeframe.
First power of DB is the fact that you can click on CT (Chart template) and ‘Save’ to the name you chose (say ‘Main trimeframe’). Now you can right click on the workspace (the green), select ‘Chart’, click on first currency pair and chose say GBP/USD, then click on CT and ‘Load’ the chart template ‘Main timeframe’. It is then all set for this currency pair…!!! You can do the same for all of the 6 majors pairs.
Ok so now we have 2 charts in our CFD workspace. This name for my workspace isn’t quite clear, let’s change it to something more clean. Let’s right click on the [B]button [/B]CFD and ‘rename’ it to ‘20mn’. Now with a quick look to my workspace list, i can see i will have my 20mn charts.
[B]I need more workspace
[/B]
Ok so now i got 6 charts on my first workspace named 20mn. I set my charts in order i can see them all on my screen at the same time. If i have a 22 inches screen, i shouldn’t need to minimise and/or maximise all the time. It is possible to tale the windows all together.
Right click on button ‘20mn’ and select ‘Clone workspace’. It waits for a name ? say 25mn !
Immediately we have all 6 charts copied within the new workspace called 25mn. It is then time to change the timeframe of each chart to 25mn…and that’s all.
Ok i let you do now the 7 others !
[B]Now the trading timeframes
[/B]
Ok so now i make a new clone and call it ‘5mn KC’.
If my goal is to trade then i should change the timeframe of each chart to 5mn. BUT we remember the use of CT. So let’s work on one chart.
Ok I set it to 5mn. Then SI, ‘Add’ KC on same subgraph, ‘Add’ DiMACD on another subgraph (settings are described in #811). Now it is time to CT, ‘Save’ to ‘5mn KC’. Then for each other chart of this workspace it is easy to CT, ‘Load’ the ‘5mn KC’.
Note : If you are using UML you should also have add the opposite DiMACD.
You should be able to clone and make the same things for the ‘5mn SB’ don’t you ?
When trading time is on, and the shape is chose, then i come to my 5mn trading workspace and maximise the chosen currency. When finished, i put it back to its initial size.
This is it. Now you should be able to be part of the hunt. Good luck.
[B]Warning : Feel confortable
[/B]
It is a description of the way [B]my [/B]screen are set. It allow me to watch all the currency pairs at a given timeframe.
Tymen set his screen differently. He use 2 workspace per pair then he has a whole view of the pairs whatever timeframe.
The method to set them is identical to mine. So it shouldn’t be difficult to do. The only goal is to feel confortable…
Below are the post he made on his settings :
#884
#888
#889
FXCaribbean
"Don’t go where there is a path. Open a new one and leave a trail".
If you want to understand what we’re talking about here (UMS) then read this and set your screen and computer that way
.