This one is great NB. The problem is, the more you give, the more we want.
I note you have used the 2xCBL method to determine a valid entry point. Does it also take into account a contraction of the opposite BB?
I was wondering if it was feasible to add in the âcut candle in halfâ rule for extreme candles which almost hit the mid BB. Iâm not sure if it would make any difference in the higher TFâs (Not without back testing anyway).
One thing that would be good would be the ability to set the Bollinger Period i.e.,
extern int BollingerPeriod = 20;
I like to vary this between 10-15 when looking at the trend of the higher TF and would find this change very helpful.
Thanks again for all your coding to date. I have found them an excellent teaching tool as well.
I used the 2xCBL because I had that code pretty well modularised, and it was easy to integrate.
It doesnât consider the outer bands, or any other rules. Itâs not saying âyou should enter hereâ, itâs just a heads up that you should look at the chart.
Sorry I couldnât include the source this time, itâs a bit of a mess - too embarrassing to release it
Hey; no problem at all. I certainly didnât expect the source code so please donât apologise about that.
I have been using a great little BB squeeze indicator called, oddly enough, âbbsqueezeâ, :rolleyes:
It combines the Bollinger Band and Keltner Channels to identify when the BBâs are contracting. I already use it as a manual filter with your BB Tag Summary to focus my attention on possible entries. I was still trying to work out how to incorporate the bbsqueeze code into your BB Tag Summary code when you came up with the CBL Entry Alert.
Thank you for that suggestion. I just reread this entire thread today :eek:
Wow did I learn a lot. I am not sure if i just jumped to the end before or whatâŚ
Today was a bad day of trading for me. I say short it goes long. I get out it goes short. I am in nice profit one minute, go read come back not two minutes later and i am stopped out. Uggg⌠It didnât matter if I had large stops or small onesâŚ
hi, could you post a picture of how it should look ?
i put it in my chartâŚand shows only the pairsâŚbut nothing below BB, CBL, pips and trend.
maybe is something that i miss ?
You dontâ have to have another indicator installed. This is a self-contained exe.
You have all the currency pairs visible, right?
Did you change any of the default settings on the initial inputs?
Have you tried restarting MT4?
Iâve seen many people trade without a stoploss. It works well, until it doesnât. Then one bad trade wipes you out. Often this happens very quickly and with no warning, like an airplane crashes into buildings in NY. Even if you trade with a very wide 150 pip stoploss, itâs an important technique to master. Part of trading professionally is learning how to use a stoploss [U]and still[/U] make a profit. You arenât learning that and trading without a SL is an accident waiting to happen. Thatâs just my opinion of course.
I do use that as a stop loss, but I exit before I hit it. Iâd be a real sucker to watch a bad trade get worse until it hits my emergency stoploss and stops me out. That stoploss is there in case my platform goes down (I have other back-ups too) or in case something horrible happens, like N. Korea drops a nuke on S korea. Otherwise, if a good trade goes bad, Iâll simply exit before it goes negative. Itâs really simple. Try it.
Yes, I will use the M15 for the H4 entry. This is used a a very quick filter to eliminate trades, or put them on hold until the lower TFâs might be going in the right direction. More study is then needed to optimize entry. Itâs just something I use. Itâs a leftover from long ago when I traded the Stoch almost exclusively. If it works for you fine, if it doesnât then just donât use it.
Trendlines are very subjective. Just start drawing them and it gets easier. Some times a trendline will have only 10 candles and two touches to start. If the trendline is respected with a third touch and bounce, itâs considered significant. If price blows right through it the third time, itâs not significant. Sometimes the trendline will be formed by 20, 40 or more candles. The more you draw them, the easier it gets.
Just google drawing trendlines on charts and study up on it. You can also search youtube and see some good videos on it.
RenaLa, Iâll always start out with a single lot and a tight stop. If the trade goes my way, Iâll just stay in it and add additional lots according to the increments I want to use and let the stop loss widen as the trade runs. As the stop loss widens, so does the spacing between increments. After a couple months Iâll have many lots on with a spacing of about 100 pips between lots and a stoploss of about 300 pips or more. I draw trendlines and make plans on where to exit so I canât lose more than the last couple lots at break even. If the trade turns against me, I pull off big chunks of profit, more as it goes further. Use the same techniques you would use on a 4H chart and multiply by 6 to 10 to trade the daily charts.
For me, the best way to get some practice at this is to paper trade. I can practice dozens of trades in just a day that way. Itâs good for practice, just donât believe the huge pips you get paper trading. It never works out that easy in live trading.
Please correct me if i am wrong
If the 4H trend is down, you wait the stochastic on the 15min to go overbought and come back, and then switch to a smaller timframe and wait for a breakdown of the uptrend line.
I just look at the tic chart as Iâm looking for the best entry point to a trade. Itâs a quick easy way to eyeball a trend.
There has to be agreement on price for there to be a trade. Gaps are just where the price jumps to a higher or lower level without selling at prices inbetween.
For day trading, Iâll often trade 5 to 10 pairs at the same time using multiple lots on them all. Iâll get on the wrong side of 1 or 2 quite often and just exit those, or sometimes exit and reverse direction. The point is, I treat the whole thing as one trade. If I exit a couple for small pips loss, but 4 or 5 go for multiple lots, Iâll make 500 to 1000 pips on a single trade. I did that today with short trades on nu, eu, ej, and long on gu and ucad. Using 20 pip stops and 30 pip increments I made 1000 pips in about 2 hours. When the trade started to play out, I closed all remaining lots for the final 300 pips.
The point is, if you put all your capital into one pair, even if you would win 75% of the time, there are many days when youâll lose. If you spread it out among 5 pairs, and exit any that go negative quickly, you will make more pips and more consistent pips than just trading one or two pairs at a time. This is the principal of diversification of risk. It takes practice, but with wide enough increments and tight enough stops, it can be easily managed. Of course, you reduce your lot size by dividing it by 5 to trade 5 pairs at the same time.
Every day Iâve made my 500 pip target, Iâve traded multiple pairs, usually 5 or more.
