Good work Indy! I dare guess you are ahead of many following this thread. The fact is, this is all hard work, but it pay’s well and the benifits are great. Hang in there. Something wonderful is going to happen 
This thread continues to boost my skill each time I open it! Working on my trading plan now, thanks for the link.
Can I just ask about ATR and stop sizes?
I’ve not used ATR to set stops before. I read a guide that said to take the ATR reading and times it by 2-4 to get you SL size. So, if ATR is 10 it the resultant stop would be 20-40?
Is the size of the number you times it by decided on by experience?
I would then compare to where the standard CBL stop would be, and also time of day/markets open?
Thanks for the help.
Cord
yea, they look at the charts for the last six months
thanks, Graviton
As to what price will do in the future, I would not be surprised if it continues to fall after a pull back into the channel. It would not surprise me if it fell then to about 1.2000 and and touched or penetrated the bottom BB before turning back up. The 1.2000 mark should then be hit about the third week in June. But of course, price can do anything.
How deep is it possible pull back into the channel? will it even hit lower BB(20,1) or its not necessarily?
Thank you very much for posting the chart. Much appreciated.
If any time you would wish to post a chart you may do this :
upload your chart to photobacket. (Image hosting, free photo sharing & video sharing at Photobucket)
Pothobacket will assign http address to your chart, then you can use tag in your post like this
[ img ]http://yourChartaddress[ /img ] (no spaces in brackets)
Thanks Graviton, I’m going nowhere!
Will take some time tomorrow to look over some charts in preparation for next week.
Looking forward to London open as I feel some big moves if there are no positive statements in the UK re the election results. We will see…
Graviton,
I wasnt able to find out how to make an image of the chart until someone show how to do that.
here how you can do it
Open the chart that you wish to post and then press the PrintScreen (PrintScrn) button on the keyboard.
Open Microsoft Paintbrush. To do this, click Start, click All programs, and then click Accessories.
Click Paint.
Click Edit, and then click Paste. The screenshot is pasted on your program.
Click File, and then click Save as.
I so hope to see your charts soon
There must be as many ways to use ATR to set stop loss as there are traders who do it. Google using ATR to set stop loss and read read read, then back test and demo test to create a method that works well for you. If you get tired of reading there are also videos on the subject. David Waring at informedtrades.com made a nice one. As I’ve said, I haven’t found one single method that works for all pairs in all market conditions. Generally though, accounting for volitality in markets when setting stop loss is important to controlling the risk of your trades.
I’m impressed,i remember looking at the trading plan chapter until 1 month and a half ago and thinking it was really far away from me,i didnt even had a system that seemed to work!!Now i feel that a trading plan is almost there,it just needs more organization.
Hey Cordite,
I didnt browse all website but I see that there is eur-usd chart analizing on the home page.
I interest how to use the value of ATR indicator also.
If you could find this video, please post a link to it
thanks
Ah, thought there was one set way of using it. I like having flexibility, so pleased it can be altered to fit the trader/market.
Shall start my homework now
Cord
If I find anything juicy I’ll post it here. Am at work at the moment but will look in the moments when I’m not occupied.
Cord
Cord, if you do come up with something cool for using ATR for setting stops, let us all know, OK?
I’d be suprised to see price pull back more than halfway through the channel due to all the downward momentum and bad Europe news, but the market will tell us.
Thanks Grav, crystal clear. Confirmed and reinforced what I knew about MAs (just another indicator) in my head. Tymen and you are THE business!!
Graviton
This has been a great thread! Thanks to you & all others who have contributed.
I downloaded the pdf & have read it through a couple of times at work as I have no internet there, & read through the thread too also did the same for Tymens,
I’m hoping as you proceed, you or someone else will create pdf’s so I can review while I’m working since I’m on the job in excess of 80 hrs weekly now.
The downside is I can’t practice your system & the cbl system of tymens,
I try & log into the chat room when I get home, but am just too tired to be productive.
Anyway, thanks & hopefully by mid June I’ll be able to put the theory to test
I think I understand it correctly.
Well, here goes:eek:
Thought i would post my trading plan as it stands so far. It’s already changed quite a bit since first 1st wrote it!
Any thoughts, comments, suggestions much appreciated…
This is a business, treat it as such
Major pairs only (for now)
Home chart is 1 Hour
Never risk more than 2% of your account on any one trade
Never trade against the main trend – the trend IS your friend
DO NOT TARDE DURING MAJOR NEWS – wait for the market to settle before opening any positions
Check Graviton trend strength indicator to find pairs that are in a strong trend – Do not rely on this, make sure that this agrees with your pair analysis
When you find a strong trend look for retracement set ups on 1 hour chart or lower, do not go lower than 5 min chart
When you find a retracement use the MTFTT trend counter to make sure that if you are looking to go long that the SFTT does not show a – value. If looking to go short make sure that the SFTT does not show a + value. If you cannot meet these conditions then wait for a better entry
If above rules are met then use Tymen’s BB DNA 1 CBL entry method
Wait for the close of the entry / signal candle before opening position – This will help you to avoid entering trades that could retrace quickly against you
Always use Graviton’s 5 lot system to manage the trades and to get a greater position with same risk – Do not forget to take profit from lot 1 when you enter lot 3. This will ensure the trade is in profit even if lot 3 hits s/l
Set stop losses as follows – London only 15 pips, London & NYC 20 pips – Stops can we widened if market is volatile
IF IN DOUBT, KEEP OUT – No position is a position
Don’t let emotions cloud your judgement. If a trade hits your stop then so be it, take losses on the chin and accept that they are as much a part of trading as winning trades. If it doesn’t work out, analyse why
Keep a journal of all trades so that you can see what works and what doesn’t so that you can adjust your plan accordingly
If you have a profitable day, don’t be tempted to enter signals that are not A+ just because you are on a good run. Don’t give your profit back to the market, have an early finish instead.
If it’s a bad day then sometimes it is best to stop and return the next day with a clear mind. Do not try to get revenge, you won’t get it!
Stick to the plan at all times, don’t change anything mid trade
Sorry guys. Im almost there!
Reading, reading, reading
Thanks, Graviton
It’s not only explained how to set stops also how high volatility of the market is or how much the price can moves. I liked it.
There are also other videos that it would be nice to see
Green, I’m glad this is making sense for you. The rest of us will be moving on over the next week or two, but if you have any questions once you start, please feel free to post them and I’m sure someone will answer. This does take lots of chart review and practice, so I’d suggest you take it step by step when you have time to start. Create your trading plan, do the pair reviews and practice in demo until you are comfortable with the method. Best wishes for your future success.
Glad you enjoyed it. Yes, there are also other videos on you tube for ATR and Setting stops. They can easily be searched and found once on youtube.