[QUOTE=Merchantprince;188030
]It appears that, despite what I was led to believe, this strategy does not work on anything shorter than a 30m TF -[/QUOTE]
Do not give up, Merchantprince.
As Graviton has said, success may come just at your darkest hour!!
But you will have to realise that trading very short timeframes is no good - you are no longer trading a trend but rather a noise band - the ups and downs of the whims of traders.
It is like the sea - the little shore waves go to and fro for about 1 metre every 5/10/15 seconds or so, but the real movement (trend) is in the tides which are created by the moon and the sun (gravity).
These movements are much larger >12 metres at Derby in Western Australia
Those of us with smaller accounts are back to spending countless hours a day at the comp ā¦
You must not trade undercapitalized.
This will cause you to cringe when you see a drawdown developing.
Even trading 2% of your account, it is still good to have plenty of funds in your account.
If you do not have enough, save more.
Do what o990l6mh suggested - open with Oanda so that you can trade smaller lots.
our win rates are far, far less than 90% and (in my experience so far) not even 50%.
Your win rates will be far better if you pay attention to the major trend and then trade timeframes 30 min and upwards.
Also do not trade the BB bubble + sausage retracement sections for the moment.
Sorry to bring everyone down by splashing a bunch of cold water on the thread, but thatās just how I feel. Now, if youāll excuse me, I have to get ready to go back to my miserable, hellish job that I hate with every fiber of my beingā¦
If you donāt like the horse you are on - get off it!!
Sitting in a job you do not like just turns your brain into a loaf of bread.
It kills the spirit.
I have removed all of the lines and entered the correct ones.
There are 2 trades, both successful.
The first one starts from a level BB, standard entry, goes to TP1+TP2 - no problems.
The second one sees an extreme candle drawn as shown.
It looks like we are entering a BB bubble or sausage (the bands are expanding), and there is an opposite (upper) band contraction at the black line.
The mid BB is going down so we are careful - any long trade would most likely finish at TP1, giving an OM trade.
We set the CBL, the next candle (green) has its close pass thro the CBL and is also a trifle smaller than the extreme candle.
We enter on the open of the next candle as shown.
We are in for a long profit ride.
If you want your trading to be a success, then you will have to be fluent in discerning the price action. (just like I did here).
Thank you for the congratulations Nforex, but they are not earned under Dece I managed that is so great ā¦ :rolleyes:compared to your graph, and you should unite with MerchantPrince (as noted by Master Tymen), still quite beautiful full abstracts.
Regarding your demand for indicators, I do not want to interfere in the wire Tymen for now, I give you 2 soon.
thanks tymen, i will spend time this weekend on that.
couldnt agree with you moreā¦
key words in your last sentence āto be [B]more[/B] certainā
nothing is 100% certain, just try and stack as many odds in your favour as you canā¦if it still fails then thats just how it goes sometimes in forexā¦nobody wins all the timeā¦
dont get to upset if your trade didnt plan outā¦ask yourself āwhere the odds in my favourā ādid i check enough TFā¦trendsāā¦if you ticked all the boxes and still lostā¦dont get to emotional about itā¦
just persistā¦
oh and watch out for the big gaps in sunday/monday opening price next week!!
good luck everyone
EDIT: out of the USD/CHF trade now, stop loss hitā¦pre-news manipulation (something to watch out for 10-20 mins before news release)ā¦+24 over allā¦+29 on AUD/USDā¦+54 for the day, friday, time to stop tradingā¦
Listen Tymen Master, and I would also let the trade come to you, never force the trade:eek:, if only one reason not to enter, so do not go:o, come let trade and follow the big trend, it 's my humble opinion is that small trader 2 years experience:rolleyes:
What i found so far in this method:i
I got tons of small losses in the timeframes below 1H,always got into failed retracements,and got 3 big wins trading 4H/daily that made for all the losses.
Saw your post gezza10 and thought it was good advice. Obviously you have watched the markets a while. I never hold day or swing trades over the weekend, due to the unlimited opening gap risk. I do hold position trades for months on end, but that is another subject. Perhaps Iāll start a thread on it someday, but first Iāll have to learn to post charts! Oh well, we all have our strong and week areas.
Itās now 10:00 AM EST. Iāve made 12 trades in my live account for the day. After spreads I have , 10 wins for +147 pips, one loss for -34 pips, and one trade near BE in the hopper that Iām still managing toward the close for the weekend. The loss was a stupid mistake that I wonāt go into unless you are interested. I will close my remaining open trade, win or lose before the weekend, but I suspect it will close BE or for a small profit. Just an average Friday. Since Friday is a short trading day I start closing out my trades early so I donāt get caught having open trades over the weekend.
The following is for new traders having trouble. Senior traders will already know all this stuff.
I see all the pain and frustration of the new traders, trying so hard to make this work. Believe me, I feel your pain with every fiber of my heart, mind and body. When I first started trading I had close trusted friends tell me I was wasting my time and money. I was not a very good trader. If I won a trade I felt like superman. If I lost a trade I would get a terrible sick feeling. I won like crazy on paper trades, but when I started trading real money, it was 6 months before I had one winning week. It was another 3 months before I had my second winning week. I made every mistake that is possible, some three, four or five times before I learned from them.
I wish I could save every new trader all that pain and anguish, but I canāt. Iām just not the natural teacher that Tymen is. Iām not a natural trader either. I had to learn everything the hardest possible way. One thing I have learned is when you get to the top of the mountain, keep climbing. Following this thread is part of my continuing climb, and I have learned things here that Iāve never seen or even thought of.
I canāt possibly explain Tymenās system better than he can, and probably not as well as some other senior traders in this forum. But Iām not totally without talent. If I can save even one new trader one moment of the pain I had to go through when I first started, then perhaps I will have evened the scales a bit. To that end, Iāll post a few things to keep in mind while trading Tymenās system. As always, take what you like and toss the rest.
Iāll start with gezza10ās advice to watch out for the big gaps on the opening Sunday/Monday. In Forex you have an unlimited opening gap risk. For instance, suppose you were trading short USDJPY this week and were well ahead and decided to hold over the weekend. Now suppose, God forbid, North Korea drops a nuke on Seoul, South Korea, what would happen? The pair would open thousands of pips up. Depending on your capitalization you would take a huge drawdown, or be wiped out. Now youād think this kind of event would be very rare, but donāt kid yourself. The markets can and will do anything and everything over a long enough period of time. Protect yourself at all times.
Another thing about gaps is there is an old traders saying. Gaps usually close. Iāve made good money trading that old saying. There is good logic behind it relating to order imbalances, but I wonāt go into it here. If you are interested though, Iāll discuss it in more detail.
There must be 100 or more of these old traders sayings. You need to know them if you are going to be successful. You can learn them the hard way like I did, or you can find someone to give you a clue. Today, Iām here to give you a clue. Like I said, senior traders might want to skip this post, as it will all be old hat to them.
So am I to understand at this point that now we are being told to [I]not[/I] trade bubbles and sausages but only the narrow, level areas? That sure does cut down even more on the number of available trading opportunities, especially if we are forced to stick to the higher TFs.
