The finest in trend trading

[edd91]

Hey Tyman,

Have you released the 75% BB squeeze indicator yet? For entries?

[fartist]

Yes it is the standard PSAR setting.

Here is indicator I use for pivot points, make sure to set the “shift” according to timezone your broker is in:

Daily Pivot Points shifted for different day start time - MQL4 Code Base

While this indicator is not officially a part of Tymen’s strategy, I find it very useful. Notice, the lines draw once, at the beginning of the day, and don’t repaint at all. Once you load it up, look back at the charts and notice how often you’ll see price reversing [B]directly[/B] after hitting the pivot line, [B]continuing strongly[/B] after crossing one, or just [B]hovering[/B] around the line before taking off.

It’s not a requirement for this strategy, but it’s a helpful confirmation indicator I use.

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.

[DodgeV83]

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.

I’m extremely tired, so there won’t 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

I’m looking for feedback on new features, here’s what I’ve got so far:

[ul]
[li]Draw a new Horizontal line called “BreakEven” 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]

I’ve 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, it’s at 100+ pips right now, imagine if I didn’t exit half my trade at +15 :eek:

Do you have any solution for this Tymen, or has your research shown it’s worth getting the +15 because these trades might often retrace leaving you with +0?

Anyone have any other ideas?

Tymen_Walk.zip (185 KB)

[DodgeV83]

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.

If your platform is on GMT, you shouldn’t have to change anything. If you aren’t sure, load up the USD/CAD 1HR chart and compare it to my screenshots.

[Merchantprince]

Hey Merchantprince,

Based on my understanding, it should work exactly like the PSAR line, so while it uses the current candlestick line (not from the previous candlestick), you don’t exit unless the candlestick either [B]closes[/B] past the line, or at any time goes past the midbb.

Good luck!

Great! Thanks, Dodge. I’m sure once all the ducks are in a row we’ll have all this in our documentation.

[didilut]

@60minuteman

here is my trade today on USD/CHF 1 hour TF

I missed the nice CBL entry, but traded long at E after the signal candle S,
I closed the trade at the end of the day (being a complete newb… i was unsure what to do)

open price 1.03764
closed 1.04062
2 lots

(demo account)

thoughts would be appreciated…

i stress… only been demo trading and studying forex for 2 weeks…
babypips.com school and tymens BB thread…

[tymen1]

@Merchantprince

I am field-testing the new BB Profit Walk indicator on the current EU downtrend. But I am a bit confused over how the indicator line is being drawn. Should we be taking our stop-loss value from the previous candle?

Since there is obvious confusion here, let me leave you all in no doubt about how this indicator works.
Firstly…

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.

[didilut]

@60minuteman

here is my trade today on USD/CHF 1 hour TF

I missed the nice CBL entry, but traded long at E after the signal candle S,
I closed the trade at the end of the day (being a complete newb… i was unsure what to do)

open price 1.03764
closed 1.04062
2 lots

(demo account)

thoughts would be appreciated…

i stress… only been demo trading and studying forex for 2 weeks…
babypips.com school and tymens BB thread…

[tymen1]

I’ve 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.

[B]Do you have any solution for this Tymen[/B], or has your research shown it’s worth getting the +15 because these trades might often retrace leaving you with +0?

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 “double or nothing” 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.

[tymen1]

Here is a good trading strategy that needs to be used >>>

Have a look at the last candle on the chart.

Going down nicely isn’t 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?
That’s 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!!

[Graviton]

i have read every post of the thread, and demo traded all the systems outlined… according to the rules set out… bb’s expanding, mid bb pointing in the direction of the trade, signal candle through the outer bb, enter on next candle to go through the outer bb and bb 1.5, as long as the outer bb’s are still expanding…

the question is… if the trade goes against you straight away… do you bale… or stick with the psar stop loss rules…?

obviously all the rules are open to personal interpretation and clearly in this case the outer bb’s were expanding… but not excessively… and i have found that the amount of magnification on the charts seems to visually affect the slope to a large degree…

p.s I have only been demo trading for 2 weeks so i am on a steep learning curve here, that said, i have taken all the advice on this thread and am trying to follow the rules to the letter…

When in doubt, get out. The cost of re-entry is only 4 or 5 pips. Just my opinion.

[Nipper]

I suggest that [B]Nipper [/B]and [B]60minuteman [/B]start off trading with the BB DNA method because it is a working method whereas the Profit Walk method is still under research.

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

[60minuteman]

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 method…

if you missed entry on the squeeze you still have an opportunity to enter the trade if it develops into a bb walk…

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 entered…

maybe the new entry rules guard against that?.. anyhow I have had some success with this method today… i will continue testing it…

I am testing on the 1 hour tf … and checking the 4hr and daily for trend signals … but im yet to be convinced that im doing this bit right???

[Graviton]

i have been demo trading both systems at the same time and I think the profit grabber is an extension to the bb dna method…

if you missed entry on the squeeze you still have an opportunity to enter the trade if it develops into a bb walk…

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 entered…

maybe the new entry rules guard against that?.. anyhow I have had some success with this method today… i will continue testing it…

I am testing on the 1 hour tf … and checking the 4hr and daily for trend signals … 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 heart’s 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 TF’s. 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 I’ve suffered too many whipsaws to try that again, so I only trade in one prefered direction, eliminating whipsaws from my trading. I’m not saying it’s best, only that it’s 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, I’ll try to answer it. Happy trading

[DodgeV83]

[B]Since there is obvious confusion here, let me leave you all in no doubt about how this indicator works.[/B]
Firstly…

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.

[B]I hope this clears up the confusion. [/B]

Thanks for the clarification! Now to go rewrite my EA :o

[richardj]

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, isn’t it?. I mean, move the SL where your indicator cross center of the candle only when the new candle appear.

Regards
Richardj

[VulcanClassic]

Like I said, only trading in the prefered direction of the higher time frame trend works for me

A sound tactic indeed. Definitely increases your probability of successful trades when trading in the direction of the bigger move.

[NeedyPips]

Hello Tymen,

one month ago I read about Forex market and I felt, for some reason, in love. As a final year student in dentistry (I live in Barcelona) I will try to devote each and every free minute of my time to study about this complex world.

After completing Babypips forum I began reading Graviton’s Multi Time Frame Trading post and this one (I read about your previous Candlestick method too.

Well… I could have not start this journey on a better place and I feel real lucky. I must say thank you to both of you because it’s hard to find someone like you these days. Even in University I had to spend 5 years just to find a real good teacher at the last college course… it’s pathetic and embarrasing as they are getting paid for something undone. They only want you to pay after college for your post-degree and leave you ignorant in my opinion.

You instead spend countless hours here with starters, and try to exert all your abilities to awake our curiosity, provoke our mindsets and inflame our hearts. Not only you show a level of knowledge (not only about Forex) that seems vast but your constant hummillity and kindness are a great example to follow.

Internet allows us to connect with wonderful individuals no matter how far they are… this is truely marvellous revolution I’m happy I can live within.

I will spend whatever it takes to digest all the material posted here, and I’m commited to become a succesful trader some day. With this kind of community I have no fear I will reach my goal if I endure and work hard in it.

I will try to join BB DNA method chat so I don’t have to post asking for explanations here because that would slow the pace of this post. That is… when I find something clever to ask, as I have too much to learn before!

Just wanted to thank you and whole community as I felt it was unpolite to keep reading without expressing my gratitude.

I forgot to hope you can recover your health quickly… wherever you end finally!

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

[fartist]

If your platform is on GMT, you shouldn’t have to change anything. If you aren’t sure, load up the USD/CAD 1HR chart and compare it to my screenshots.

Ok thanks dodge!!
You are right, the pivot points and support levels touched very nicely at times!

[Nipper]

[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 entered…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.