You are welcome, Aserat!!
Keep up the good work in your dentistry and your trading!!
You are welcome, Aserat!!
Keep up the good work in your dentistry and your trading!!
If it helps any Tymen I scalp the daily on the 15min haha
[U]There is more work that I have to do[/U] before this BB Profit Walk method is complete.
I have to construct a program which will depict squeezes which are 25% (or less) of the previous large BB section.
I have to set in place a set of entry rules which cover the complaints of [B]Merchantprince[/B].
These problems I know about also.
The 25% sqeeze detection program should weed a lot of these out.
But I also have a rule in mind which states that we never enter when we see a large dominant signal candle.
In 99.99% of these cases, the next candle is a retracement candle.
So much so, that you could make a trading method just out of this fact alone.
([B]R Carter, Honorary FX Member,[/B] uses this knowledge to his advantage!!)
As to the 2nd problem (which I know about also), I will develop a rule to cater for that also.
Congratulations on reaching [B]Honorary FX Member[/B] status!!
I will post an update to the records to let all on the forum know that you are our newest addition.
I have taken on the responsibility of keeping the records.
I am sure your technique for scalping is different from the methods that are posted in this thread.
Please do not tell the newbies in this thread how you do it - they do not have the experience you have and will be led astray. :eek:
I wonât this thread is for your strategy, which I use some of in my own trading
Tymen, I have to say how humbled (and grateful) I feel by your several posts in reply to my concerns. I had no idea my troubled thoughts on the 15m timeframe would elicit such a detailed response! Thank you.
I have long suspected the oscillation effect you described as part of a daily candleâs evolution. Iâd hoped to take advantage of the 15m TFs because I was one of those who felt that too often I did not get enough trading opportunities on the 30m. But that was when we had been restricted to only looking for the specific characteristics of the CBL entries outside the âno tradeâ zones.
Now that we are enjoying the benefits of the Profit Walk, I am thinking more and more that going to a 4H TF and using multiple lots will be far more lucrative, especially with the new indicator tool you have developed to get the most out of these periods.
I am ready to evolve to the next level and begin charting off the 4H.
Thanks once again for coming through for me with such good advice.
MP, Iâve had similar problems trying to trade the 15M TF. Thereâs just too many false breakouts on the 15M for me to be consistent in my trading. I believe Tymen recommends 20M or above, and I agree. The 30M seems to produce consistent pips for me. Today I had several good 1H entries after news this morning reversed the market and itâs working well for me. If you are getting too many false breakouts, Iâd definitely advise moving up a TF to at least the 30M where things are a little more stable. Just my opinion.
I see what you are saying Tymen, about the higher timeframes.
Actually, on my layout I have 15 M as my lowest TF, then 1H, 4H, and Daily.
As you know I have screen space, so I have a page linked to the quote board (12 Pair) with each of these TF for whichever pair is selected. Other workspaces are by TF (All pairs on 15M, 1H, etc.) I actually consider all the TF before entering, but have been using the 15M for a sharpshooter entry, if I can catch it.
Thanks Tymen, great posts!
Im trading the 30min (home chart) at the moment.
I took it because it gave more signals than the Daily. (obviously)
And more signals means more chances to practice the method.
So more experience in shorter time.
But i also think that theres still a little âchasing the actionâ-part in my trading.
I think i just take 20 trades on the 30min chart and 20 trades on the 4h or Daily and then compare the results. ^^
Anyway thanks for sharing your thoughts.
This is putting it mildly!!
You have more screens than a televison station!!
Compared to yours, [B]Gravitonâs [/B]3 screens is positively pre-historic!! Ha ha
Tymen, thanks for the helpful advice. Your reply to MP is very helpful. I am big enough to admit that my biggest problem is lack of patience. I started out on the 15 MIN t/f because there seemed to be more opportunities to try out the BB DNA method, certainly not for greed. I am dedicated to learn this business and after reading your advice will move up to the higher t/f.
Gerard1
Pre-historic? I resemble that remark! LOL, Itâs nice to have lotâs of screen space. You can easily put lots of things up on side screens and just glance at them while doing other things, like posting to Tymenâs thread But I have noticed that when Iâm traveling and trading from my tiny laptop screen, my trading results are about the same. So my conclusion is the additional screens donât make me a better trader, they just make me more comfortable.
They are like my super comfortable office chair, which I also highly recommend. I traded for years with various ergonomic office chairs, but I could never find one for any price that was truly comfortable. At the end of every 12 to 16 hour day, I always had lots of back pain. Finally, I decided gee, itâs my office, I can use any type of chair I want. It doesnât have to look âbusinesslikeâ. So after about a year of searching, I selected the most comfortable chair I could find, one that perfectly fit my poor old back. Itâs a Laz-Y-Boy brand, and a bit expensive, and perhaps it wouldnât be perfect for anyone else, but itâs perfect for me. Well, it is now. I had the back re-upholstered using a slab of memory foam to make it really perfect. Itâs so big, I had to redesign my whole office to fit around my chair. But now, every time I sit down, my back says, âAhhhhh, thank you.â
So, my advice is, make yourself very comfortable. Be it air conditioning, sound proofing, more screens or a super comfortable chair. Itâs not a matter of trading better, itâs just a matter of being more comfortable and happier with what youâre doing. Happy trading
Edit: Re-reading this I see I was rambling late at night. Oh well, old folks do that sometimes.
hi tymen and all participants
such great new material you have posted tymen! its nice
I would like to verify your statement I may missed something while I were out
which metod is better on bubbles type of bands âthe exitmeterâ or âthe simple exitâ which is the candle free of band?
I didnt try the exitmeter yet
thanks
Gee, I cannot remember what the exitmeter was?
I am getting old!! :o :o :o
You are much better off using the newly programmed stoploss + exit line that I claim to be superior to the PSAR.
Rambling eh!
Your are allowed to do that!!
I do it all the time!! :o
Pre-historic? I resemble that remark!
I trust you see that my comment about being pre-historic was purely in jest!!
But I have noticed that when Iâm traveling and trading from my tiny laptop screen, my trading results are about the same. So my conclusion is the additional screens donât make âŚ
This is a very interesting observation.
I use only 1 large screen but I have a 2nd one if I want to use it.
They are like my super comfortable office chair, which I also highly recommend. âŚ
So, my advice is, make yourself very comfortable.
Anyway I totally agree with you about the office chair - mine was given to me by a large company where workers were in front of the computer screen all day long.
We have an election going on for the government of our country, Australia.
Please allow me to take a few days off while I consider the best approach to dealing with the rules of the BB Profit Walk method.
I have also to write a program to detect < 25% squeezes.
Also, I could just use a few days rest!!
Dont worry about your age too much - We all become old one day
You are much better off using the newly programmed stoploss + exit line that I claim to be superior to the PSAR
I have read your post #4464. There is a bubble type of bands on the picture. It looks like the simple exit method that you described earlier give the better exit
Recently thereâs been a discussion here about the benefits of trading the higher time frames. Tymen PMâd me and asked if I would give a brief recollection on how it came to be that I ended up on the higher time frames.
In order to explain that, I have to start at the beginning.
In 2008 when I was completely new to all this I had the very good luck of finding Tymenâs first big thread. Before that I had wandered the usual newbie jungle path in darkness. Thatâs another story though.
I was, and still am to some extent, fond of candlesticks. I learned a lot from Tymen and from some books that I read. After a while I started feeling that I knew enough to have a go a it. This was when a completely unexpected problem appeared: how was I supposed to have the time needed for trading? I worked, as I still do, a full time day job, one which doesnât allow me to check the charts at any time I wish.
Hmm, how to solve this problem?
I knew that the ideal was to trade higher time frames since their signals are more reliable, this I had read and knew to be true. But suddenly my job became an obstacle I couldnât pass. I couldnât trade while at work, period. Since I work during London and early NY this was a big problem.
I had two choices really, and as time and money would show me, I started off making the wrong, impatient choice - I decided to trade for a few hours in the evening after work. Obviously this meant that I had to trade shorter time frames and I ended up on the 5min or even 1min since even the 15min yielded little or nothing for an impatient guy staring at the screen for 3-4 hours while NY was slowing down.
I tried to scalp and failed in a spectacular way. I started jumping systems and looking for the holy 1-5min grail etc. Needless to say I failed and failed again. I came to a point where I realized that I could either go on like this and join the 95% club that I already seemed to have a pending membership application for, or I could face the hard truth and make some real changes.
Luckily I did the latter and the first thing I understood was this: you have to find a way to make trading fit into your life.
When I understood that, I had no choice but to accept that all I could trade was daily bars. There simply was no time in my life to trade intraday. In order to trade properly I would have to be patient and wait for days or even weeks for a good setup.
As time went by and I learned more about trading, not to mention patience, I increasingly understood that it was a very good choice to move to a higher time frame.
Some of the pros of trading higher time frames, such as 4H and above, are:
[ul]
[li]More time to make a decision before placing an order.[/li][li]No risk of âIâm boredâ trades - these are more common than youâll think. After a couple of fruitless hours in front of the charts the boredom easily becomes great enough so that a trade is made that never should have been. This of course stops out for a loss every time and then the green devil of revenge-trading may appear to add insult to injury.[/li][li]No need to stare at the screen for hours on end, itâs enough to check the charts once a bar closes.[/li][li]More reliable price action signals.[/li][/ul]
Iâve been there, so I know what eagerness, impatience etc will do to you. I wanted to trade so badly that I tried to force trades that werenât there on a 1min chart during the slowest part of the 24H day. It didnât work, but it taught me a lot, not least about myself.
Nowadays I will not trade on shorter time frames than 4H. Maybe that will change in the future but for now that is what suits me.
My advice is to build patience and character and start out on a time frame where youâre giving yourself a real chance to succeed.
An excellent post especially the 4 âbulletsâ 3/4 of the way down the page. Thank you.
Hello dear Tymen and all, again I was the last 15 days on vacances, and I am again some pages back. But I want to give thanks not only to Tymens, but also as he did, to the rest of the expert team. Dodge, MerchantPrince, IronHeart and the new one KW.
I am trying to get time in order to be part of you like programer, since I studied computer ciences at the university (more than 10 years ago), but since I finished my studies, I have not write any code again, I was oriented to Mobile Phone eviroments, and I just need to understand technical things, not to implements.
In any case, thank you to everyone and I have the feeling that all of us, we are like a little or big family :rolleyes:
Tymen, I do not have pets, but two babys (4years old and 2 years old) that are very difficult to manage. and of course very difficult to get time to be with all of you.
What about your health?
Regards
Richardj
P.S. Please Tymen, could you send me a Private Message with you mail or contact. I want to give you something as a thank you for your time and the knowledge adquired. I can not send yet PM but I suppouse that I can receive it.