Hey Tyman,
Have you released the 75% BB squeeze indicator yet? For entries?
Hey Tyman,
Have you released the 75% BB squeeze indicator yet? For entries?
hi dodge! Thanks for sharing that useful indicator. So if im on GMT, i do not need to make any amentments? As in my platform is in GMT.
Thanks.
EA for Tymen TS Walks is attached. Put the .ex4 files in your /experts folder, put the .mq4 files (from Ironheart) in the /experts/indicators folder.
Set TymenTS to 1 to enable the BB Profit Walk trailing stop.
Set Sar Stoploss to 1 to enable the PSAR trailing stop.
Iām extremely tired, so there wonāt be a video walkthrough tonight. I want to implement some more features first and will probably post the final video in a day or two. The TymenTS acts very similarly to the PSAR setting, so you can watch this video for a refresher:
YouTube - The Finest in Trend Trading - EA with SAR exits
Iām looking for feedback on new features, hereās what Iāve got so far:
[ul]
[li]Draw a new Horizontal line called āBreakEvenā on the chart. When price hits this line, your stoploss will be set to BreakEven.
[/li][li]Instead of exiting 1/2 of your trade on the midbb, simply let the midbb set your trade to BreakEven (helpful if the midBB is very close)
[/li][li]Instead of exiting 1/2 of your trade on the midbb, do nothing (helpful if the midbb is very close)
[/li][/ul]
Iāve found that exiting 1/2 of my trade for profit at +15 pips can really limit the potential profit if the trade goes for a walk. The USD/CAD 1HR trade from above for example, itās at 100+ pips right now, imagine if I didnāt exit half my trade at +15 :eek:
Do you have any solution for this Tymen, or has your research shown itās worth getting the +15 because these trades might often retrace leaving you with +0?
Anyone have any other ideas?
Tymen_Walk.zip (185 KB)
If your platform is on GMT, you shouldnāt have to change anything. If you arenāt sure, load up the USD/CAD 1HR chart and compare it to my screenshots.
Great! Thanks, Dodge. Iām sure once all the ducks are in a row weāll 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.
Firstlyā¦
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 ādouble or nothingā 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 isnāt 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?
Thatās 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 methodā¦
if you missed entry on the squeeze you still have an opportunity to enter the trade if it develops into a bb walkā¦
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 enteredā¦
maybe the new entry rules guard against that?.. anyhow I have had some success with this method todayā¦ i will continue testing itā¦
I am testing on the 1 hour tf ā¦ and checking the 4hr and daily for trend signals ā¦ 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 heartās 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 TFās. 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 Iāve suffered too many whipsaws to try that again, so I only trade in one prefered direction, eliminating whipsaws from my trading. Iām not saying itās best, only that itās 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, Iāll 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, isnāt 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 enteredā¦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.