How does a newbie without the relevant post count get his/her charts up as I have tried with the photobucket method with no sucess due to lack of posts?
PLEASE EXCUSE ME, I NOW HAVE THIS SORTED. I WAS TRYING TO UPLOAD THE IMG INTO THE FORUM RATHER THAN CUT AND PASTE. WE ARE COOKING ON GAS NOW!!!
Hi Graviton, hopefully this chart works and is more self explanatory.
The PA was at the upper BB which I took as the extreme candle. As this candle was large I cut it in 2 to get my CBL with the view to going short. The following candle closed below the CBL which I took as my cue to going short.
I take your point about the earlier PA coming out of the squeeze and into a nice short BB walk but unfortunately I was tucked up in bed dreaming Forex!!
In hindsight, I am going to leave this pair out of my studies for now as I find the PA is a bit too volatile for me.
You should have entered short at the line that you drew on the chart!!
I notice that the same red candle (the entry candle - one after the extreme) then went down to touch the mid BB.
You would then at least have got out with TP1.
TP2 would have lost.
So no loss.
I take your point about the earlier PA coming out of the squeeze and into a nice short BB walk but unfortunately I was tucked up in bed dreaming Forex!!
Yeah, you have to sit at your computer if you are going to trade.
You can only do that on a daily and you must also envisage staying in for longer.
In hindsight, I am going to leave this pair out of my studies for now as I find the PA is a bit too volatile for me.
There is nothing wrong with this pair - I trade it myself.
It is one of the 4 majors and is quite safe!!
The PA on the red entry candle went down to the mid BB and back again so quickly that I did not have enough time to get in and out of the trade to make profit
I guess you only learn from your mistakes
Thanks again for your comments and I look forward to the final lesson and concluding pdf.
This has been a wonderful thread and great journey for myself and others.
OK, I understand this trade and agree with what was said. Iāll add that to avoid missing a TP1 point when trading this system, you might want to set it to take profit automatically with the TP setting on your platform. You will have to adjust that a little as new candles are formed and the midband moves slowly, but at least you donāt miss a TP1 point while you are away from the screen for a few minutes.
Generally, I agree that the only way you can let a trade run overnight (or all day while you are at work and canāt check on charts) is to trade the daily charts. There is a situation where I will let a trade run overnight on the 4H charts. If Iām well ahead, and have already decided to exit with 50% or more of my profit on the trade in the worst case, and I believe the trade is likely to continue the profitable trend overnight, I will set my sl to collect at least 50% of my profit and sleep soundly knowing thatās where I would have exited had I been awake anyway. Iāve found this doesnāt work well for me on the 1H and below charts since those change trend direction so quickly and so often. On a good 1H trade, I will close the trade take all my profit before bedtime and sleep soundly. So I guess what Iām saying is, I believe my experience and methods give me a slightly higher probability of predicting the next two 4 hour candles than the next eight 1 Hour candles. After trading for many years, this gets just a little easier. If you are in any way uncomfortable trying to do this, take all your profit before bedtime and sleep soundly. Tomorrow will be another day. Happy trading
To add to this itās also a useful way to avoid the temptation when youāre starting out in trading to wait and see about maybe getting a little more and then having it turn around suddenly and a big chunk of your profit disappears. Taking some profit at the Mid BB will then become 2nd nature after a while.
Just set the Take Profit amount to the midband and adjust it as the midband adjusts. You can right click on the trade and use modify to access the Take Profit level at any time.
If the mid band isnāt moving much, you wonāt have to adjust TP1 much. If the price isnāt moving much, you may not need to adjust your TP1 for several candles. Practice it a bit and it will get easier. Happy trading
As this thread undoubtedly winds down as a result of Tymenās dismissal, Iāve set up a separate bolldna.com/forum/topics/bb-dna-method-postbabypips to cover what may transpire next. Be sure to make your thoughts heard and get an idea from Tymen as to his future plans for discussing this strategy.