I have been having wonderful success with IronHeart’s idea ( I think Graviton uses a similar method…but I can’t be sure).
I use the 3 hour (Oanda) to find an area to enter. Then I check the 15 minute. If the 15 has the same shape – the price is touching BB at same place as 3 hour, I use 2 CBL line on the 15 minute. I think the 2 CBL is far superior to the 1 CBL and has kept me out of many bad trades.
Last trade I did got me 25 pips. My win/loss ratio has been pretty good. My reward has been somewhat low because I have done lots of these again the high TF prevailing trend. And I trade Asian session (unfortunately, I cannot trade most other times yet) so it is slow as hell. But they are still wins. So I am pleased.
Like Tymen, I am still searching for the best exit though. The simple exit has cost me quite a few pips.
Well, I am at p307, and a solution may have already come up for this one. But with the multiple lot entry what if the two lot and multiple lot entry were combined. If the trade goes to tp1, close one lot and open another one. Collect the profit, and move sl 1 to be, and place the sl for lot 3 at the be for lot 2. In a full retracement you be overall, minus any spread. If you hit tp2 and repeat, profit 1 is than guarenteed and risk only on the diffrence between tp1 and tp2, or what you have already earned.
I too am also keen to investigate making entries on the 15 minute time-frame, and then manage the trade on my higher ones. A quick, small sample test has shown that this increases the Risk:Reward ratio many times over, and I believe that it will enable me to maximize profit on each trade.
I’ve been away from the forum for awhile, other projects, but always kept my hand at trading.
I seem to be freed up again and just caught up on this thread. There’s alot to digest. I read it but didn’t try trading any of it till the last post, as I know your work tends to evolve, so I will go to the chatroom to get the hang of the system, because I do have questions.
A couple of questions for you now;
Have you gotten away from the Ultimate Candlestick method, or do you still trade that as well?
Is there a pdf that I missed, or is it not posted yet.
Anyway, good to see you’re still going strong. Keep up the good work.
Ok after extensive testing - I can definitely say that entering a trade on the 15m TF is [B]very risky[/B] and you should do this at your own peril.
While it works on occasion - sometimes it can get in on a trade too early and it turns around almost immediately.
It is important to do a detailed analysis of price action before pursuing an entry.
Remember - it’s [B]YOUR [/B]trade, only you can decide when to pull the trigger.
I am still developing this technique and trying to find ways to time the entry properly - but I think this is more a question of understanding price action than anything else.
For the time being I’m going to [B]endorse Tymen’s BB DNA[/B] strategy the way it’s presented, as it has a [B]much higher winning %[/B] and allows you to make more concrete pips. This is hardly surprising, given Tymen’s many years of trading and teaching experience!
Are we entering differently? Because I have only had a few that have turned around on me using a 2 CBL and matching price action shape (15 min mirrors 3 Hour).
In these market conditions it seems to be working pretty well.
Over a long period of testing, though, I have seen many occasions during which price turns around pretty quickly. It is a 15m chart afterall, it’s never certain what its going to do! :eek:
As long as you have a good appreciation for price action, though, you should be fine.
I think a good stop loss is necessary as well. And the key is what you and I have said…the chart directions must agree. If the my 3 hour is showing a bounce off the bottom BB but the 15 is nearer to its top BB, I do not enter. I also check the M30 and H1 for same direction. With a decent size stop loss (say 25 or 30), I can ride out quite a few 15 minute retracements.
Of course, I rarely let it get close. If I see the 15 minute reverse to a walk or just meander straight across, I get out and move on to something else.
[B]I see the 15 min timeframe as ok as long as you do 2 things…[/B]
When entering at a squeeze and the BB expand thereafter indicating a BB walk pending, make sure you [U]delay your entry [/U]until the opposite BB shows signs of or actually [U]contracts.[/U]
[B]This is very important.[/B]
Use a parabolic sar for the stop loss.
The PSAR will never get hit - unless it is an extreme case.
[B]All posters on this thread, regardless of age or experience…
PLEASE STAND FOR VULCAN CLASSIC.[/B]
[B]Vulcan Classic[/B] has been with me since the earlier days of my presence on this forum.
He has seen and supported me through the development of the Ultimate Candlestick Method, which took 2 years to complete.
[B]Vulcan Classic[/B] has been my closest and most reliable friend I have had on Babypips.
We share common Christian beliefs and he has supported and encouraged me thro the very hard times when I was constantly being attacked by the many trolls on this forum at the time.
[B]He is very talented himself!![/B]
He would have been an Honorary FX Member long ago if it were not for his work committments.
A couple of questions for you now;
Have you gotten away from the Ultimate Candlestick method, or do you still trade that as well?
Is there a pdf that I missed, or is it not posted yet.
Anyway, good to see you’re still going strong. Keep up the good work.
The candlestick method has largely been abandoned - the reason - it is a knife edge system and if you do not get your interpretations correct from the start you stand to make large losses.
The final PDF’s are not yet made - there will be 2 of them, one for the Bollinger DNA method and one for the MACRO method.
The DNA method has a very high win/loss ratio which is why it has gained great popularity on this forum.
The MACRO method has an ordinary win/loss ratio but has a high risk/reward ratio.
Both these methods are vastly superior to the candlestick method since they both follow the [B]1st Fundamental Law of Trading[/B] - [U]the trend is your friend.[/U]
Great to have you back here [B]Jeff[/B]- please remember to join our chat room and whiteboard where I give live lessons.
I definitely agree. I try to match the shape of the price actions as close as possible. Generally, by using 2 CBL, the contraction happens due to the distance of entry from the extreme.
Ironheart. I keep to ~1% of my balance for SL. I say approximately because I sometimes go less. I NEVER go above though. If the move is strong, I start using 15 -20 SL manually trailing once I get to 15 -20 pips profit. It all depends on how fast the price is moving if I choose 15 or 20. I should also note that even though I use 1%, I RARELY let it get hit. It is more of a psychological thing: makes me feel fuzzy and warm.
Tymen, I have not tried the SAR SL yet. But I will try it out next week.
I am really digging this technique…BB DNA overall. Not just my usage of it.
The initial trade (long) was taken at candle A, a doji, in a squeeze.
The entry marked blue, stoploss in red.
The entry was in candle B.
It failed, hitting the stoploss in candle C.
Candle C, however, became a new extreme candle and formed a CBL with candle D.
The entry does not occur until it hits the mid BB, making the trade redundant.
But the trade does make it to TP2 at candle E, where there is a new squeeze and a potential new extreme candle for going short.
But I do not know what has happened to our most senior members, [B]Xelnar [/B]and [B]PTB[/B]
I’ve been fighting bronchitis and pluersy along with buying a home that recently came available by way of a short sale that I could not pass up. I’m over the sickness and finished moving so now trying to get back in the trading groove. Also been having trouble with an inconsistent internet connection.
I have a lot of catching up to do but I’m looking forward to the new information. Thanks for noticing I’d been absent.
