Great! Thanks, Dodge. I’m sure once all the ducks are in a row we’ll have all this in our documentation.
Since there is obvious confusion here, let me leave you all in no doubt about how this indicator works.
Firstly…
It looks like the indi paints down near the current price of the current candle underway.
It certainly does repaint and that is why I designed a special method to use it.
Here is your chart again >>>
An extension line is drawn to the right from each stoploss point on the indicator.
The extension line is drawn from the centre line of each candle.
Sample extension lines are shown in blue on your chart.
The extension line of candle A now hovers over candle B.
The stoploss distance is the green line distance from the high of candle B to the blue stoploss extension line.
The extension line of candle C now extends to candle D.
However, the wick of candle D (price action) has crossed the blue extension line and, therefore, the trade is closed when the price action crosses this line.
Candles E and F operate the same way but the trade is now closed.
The blue extension line from candle E hovers over candle F.
The stoploss distance is the green line distance from the high of candle F to the blue stoploss extension line.
I hope this clears up the confusion. 
You are well familiar with my recommendation of the 2 contract strategy - [U]one contract is exited early as a sniper tactic[/U] in case the 2nd one retraces. 
The first contract is then [U]a sealed profit[/U] that cannot be taken away from you. 
This gives confidence for the 2nd contract.
Further, this also allows the stoploss to be [U]moved in trailing fashion[/U] so that a part of the 2nd contract can also be potentially locked in.
If the price action retraces strongly after the 1st contract is sealed, then you at least have gained one smaller profit.
If, however, you run both contracts for the maximum, it becomes a “double or nothing” senario.
Should the price action retrace firmly, [U]you get nothing!![/U] :eek:
The multiple contract strategy has multiple variations in how you operate it.
But again, the theme should be to take sections of profit out so as to seal them against loss, and to give confidence for the remainder.
Here is a good trading strategy that needs to be used >>>
Have a look at the last candle on the chart.
Going down nicely isn’t it?
Nice trade!!
Lots of pips!!
OK, now look at the same chart a little while later >>>
Hey!!
What have you done?!!
Let all those pips go in a retracement!! :eek:
Given back 80% of your profit?
That’s terrible!!
When you get a good spike way past the BB, it is best to exit at the best possible moment as in the top chart.
There will always be a major retracement in such cases.
So exit well before signs of retracement, then let the candle retrace back and you can then re-enter.
It takes a very long time in a short trade for the standard price action to come again to such a low point as the spike!!
When in doubt, get out. The cost of re-entry is only 4 or 5 pips. Just my opinion.
Thanks Tymen.
Having been trading both methods with sucess however have experienced the major retracement in 1 candle you mentioned earlier with the BB walk.:eek::eek:
This cost valuable pips but still made a gain. A gain is a gain i suppose :o
i have been demo trading both systems at the same time and I think the profit grabber is an extension to the bb dna method…
if you missed entry on the squeeze you still have an opportunity to enter the trade if it develops into a bb walk…
but i do remember a long time back (correct me if i am wrong) Tymen advising against this as it would reverse on you as soon as you entered…
maybe the new entry rules guard against that?.. anyhow I have had some success with this method today… i will continue testing it…
I am testing on the 1 hour tf … and checking the 4hr and daily for trend signals … but im yet to be convinced that im doing this bit right???
I believe you are correct, that Tymens new Profit Grabber system is designed to offer fewer reversals after starting a BB walk than just blindly entering a trade with momentum. So go ahead and demo to your heart’s content. Of course, as we have discussed, longer time frames offer fewer trades but more profits to grab in each trade. But you should get plenty in 1H TF’s. Also, note that many traders make a great living on very few pips a day. They just take the best trades and settle for fewer pips generating great w/l ratios, while trading much larger lots. Someone told me yesterday his son was a pro trader who had a target of 20 pips a day and made it almost every day. I suppose trading $50 a pip or so makes that a very good living. Just something to think about.
As for trading the 1H in the direction of the 4H, I usually trade like that, in the direction of the higher level time frame. In a ranging market, you can make pips trading in both directions, but I’ve suffered too many whipsaws to try that again, so I only trade in one prefered direction, eliminating whipsaws from my trading. I’m not saying it’s best, only that it’s best for me. You can also eliminate whipsaws by trading in a prefered direction derived from fundamental information or by flipping a coin to chose the prefered direction to trade for the day. Like I said, only trading in the prefered direction of the higher time frame trend works for me, and others range trade both up and down and that works for them. I believe most of Tymens methods are designed to work in both directions, but if you have a question about trading only in a prefered direction of the higher level trend, I’ll try to answer it. Happy trading
Thanks for the clarification! Now to go rewrite my EA :o
Tymen, more easy way to explain the EA to Dodge could be that do not trail the stop till the candle close, isn’t it?. I mean, move the SL where your indicator cross center of the candle only when the new candle appear.
Regards
Richardj
A sound tactic indeed. Definitely increases your probability of successful trades when trading in the direction of the bigger move.
Thank You Aserat!! Such an expression, with such eloquence, I imagined but have not found. Without objection, I will second your comments. I will add there is a core team of like minded individuals who really make Tymen shine.
Needy
Ok thanks dodge!!
You are right, the pivot points and support levels touched very nicely at times!
[QUOTE=60minuteman;213913]but i do remember a long time back (correct me if i am wrong) Tymen advising against this as it would reverse on you as soon as you entered…QUOTE]
That is correct but Tymen has not completed his study on this subject so I eagerly await his comments/lesson.
I am getting good results from the BB walk method in 4hr timeframe. Having my initial stop loss so far from the price action is unnerving at times but trading in the same direction as the daily and even weekly gives me the confidence that the trade will eventually walk most of the time.
Dear People,
I have posted very little lately and not really posted replies to anyone in particular, even though it may be helpful.
There are two reasons for this…
-
I am busy trading myself since my funds are slowly being depleted due to concentrating on research and posting.
-
I am carefully researching the Profit Walk (profit grabber) method.
I can safely say at this point that entering and running with the profit walk is extremely difficult, as [B]Merchantprince [/B]has posted.
The initial signal candle is mostly a very long candle with the remainder setting you up for a trading loss. :eek:
This means that [U]the real profit walk[/U] is contained in that very long candle - and this translates to a [U]lower timeframe[/U] where this long candle is spread out into [U]several candles[/U], the first of which is your signal candle.
Now which timeframe are we to choose then?
The 15 min?
The 5 min?
Or maybe the 1 min?
The lower timeframes show a lead up or [U]pre-expansion[/U] before the major expansion.
This pre-expansion is filled with retraces and it quite useless for trading.
This, of course, brings the question - how can we know if the pre-expansion is not the real expansion?
[B]So you can see how difficult the work is.[/B]
hi tymen
the other day, when u fumed at me in the chat room for no obvious reason, u asked me ‘’‘how much do u know about trading?’’’ //while probably grinding yr teeth, unfortunately//
Sorry to say, but these cons that u just posted took me shorter to realize then it took to u.
regards
Matey, for a total newbie, I can’t but help see an overwhelming arrogance in everything you say. 
[U]The reason I was upset[/U] was because you were telling everyone how to trade as though you were the expert of the system.
That would have been fine if you were an experienced trader and has spent a lot of time trading and testing the DNA method.
However, you had barely registered on this Babypips forum (to date you have only 5 posts), when you were already telling me how to use the MACD. (not used in this method).
I would humbly suggest that you learn to trade for a least 5 years and then come back and teach [B]Graviton [/B]and me how to trade!! 
There are some people who are on this forum who I do not want on my thread at all.
They are trolls, spammers and [U]know it alls[/U].
Unfortunately, my personal feeling is that you are one of the third category - no offense intended, but every so often I find myself completely incompatible with someone.
[B]Therefore, I am asking you to no longer post on my thread.[/B]
If you do, I am on good terms with the Admin, and I shall ask them to delete your posts.
I honesty and truely submit that you would be much happier posting on someone else’s thread and partaking of their work.
it seems to me that u r the arrogant one here
u can call matey yrself and I ll b fine with that
’’’'The reason I was upset was because you were telling everyone how to trade as though you were the expert of the system.
That would have been fine if you were an experienced trader and has spent a lot of time trading and testing the DNA method.
However, you had barely registered on this Babypips forum (to date you have only 5 posts), when you were already telling me how to use the MACD. (not used in this method).’’’
Sounds to me like u have mistaken me with someone else as I had done none of this