Hello all. I have been lurking around on this thread for a while now and have read it through twice. To give you a little background on myself, I also am a schoolteacher, Iāve never used a slide ruler :), and Iāve been trading forex for a few years now. Iām one of those traders that has had mixed results over the years, and sometimes it feels a little too much like gambling to me, especially when Iām not making consistent gains. This summer, however, I have decided to learn how to do this right and I appreciate the simplicity of Tymenās system. OK, so thereās the skinny on me, now Iāll get down to business, and why Iām posting. I have no problem finding a good CBL when looking at old charts, but do seem to have a problem finding them in realtime. I have to be honest, I donāt feel like I fully understand why Iām setting my CBL where Iām setting it in realtime. Iām looking only for bubbles at the moment, am looking for the bbās to turn in, and generally I seem to be getting it right, but I feel like Iām missing something. Let me illustrate with a chart:)
This is a 60min eur/usd chart.
OK, let me start with the big green up arrow on this chart. I really, really, really, WANTED to use that extreme candle down and set a cbl, but at the time the bbās looked like they were sausaging to me and I didnāt see a good way to set a cbl. I didnāt like the looks of it in realtime, but, I would have been very right. Oh well, no big deal. Iāll get the next one.
I waited and waited and finally the bands seemed to be forming a bubble shortly after the extreme candle I marked with the yellow star. I set my cbl by dissecting the previous candle in half, which Iām not even sure was right to do, even though Iāve read the rules for setting cblās over and over, and waited some more. So a couple of hours later my cbl was hit, the bands had formed my bubble and I triggered a short at 1.2247. I hit tp1 within a couple of hours and set a stop. It gradually marched to tp2 where I collected a nice gain at 1.2178.
That was my first realtime execution, and Iād say it worked out pretty well. That being said, after I triggered that trade I again, really, really, really, REALLY, wanted to go long. Once again, though, it looked like a sausage to me, didnāt look very bubblicious, and I couldnāt see a good way to draw a cbl, so I stayed out. Once again, however, I missed a big long walk.
So, here are my questions. Admittedly I donāt think I fully understand how to figure my cblās, especially in the two situations here where it went for a walk. Does this method allow me to hit those walks and I just donāt understand? Have we learned to trade walks like that and I forgot? Was I correct in setting my cbl where I set it when I did? I oftentimes am reading this late at night and its possible I miss/forget things. Like Iāve said before, Iāve read this thread through twice, and I like the lesson format, but once Iāve read it its a little disjointed sometimes to go back through and try to learn again. Iāve always been good at learning from the textbook!
So after all of that, those were my questions. I really appreciate everyoneās hard work on here and may I suggest continuing watching this chart b/c it looks like this last walk is coming to an end and could produce a trade within a few hours. It could start walking again too! Who knows! Thanks again and Iāll be around here more often now that school is outā¦
