The finest in trend trading

[ninety9]

Sorry for interruption, a quick question for all the Aussies. What time are you guys trading the AUDUSD???
Are you going by Sidney or Perth 0800 Local Time?.
You have a 2 hrs time difference between the 2.
USA it is New York, England is London, Japan is Tokyo, Australia is ???
Thanks

[jcgibson]

Ken

If you are using MT-4 charts right click on the chart and chose save picture as, then from next menu chose active chart ( as is)

For other platforms you will have to ask around.

Hope this helps.

John

[ken_doubleU]

Ken,

I think you’ll find that it’s actually “bottom, left, bottom, left, [U][B]bottom[/B][/U]” for plotting a short CBL. See post #1541. Don’t forget the last bottom.

In post #1522 he says “top, left, top, left, [U][B]top[/B][/U].” ([U][B]3 [/B][/U]tops).

So in essence there are always 2 lefts and 3 bottoms/tops.

Hope this helps.

Mickey you are quite correct: I omitted the final ‘down’ (bottom).
Thanks, Ken

[ken_doubleU]

Ken

If you are using MT-4 charts right click on the chart and chose save picture as, then from next menu chose active chart ( as is)

For other platforms you will have to ask around.

Hope this helps.

John

John I use DealBook and a right click over the chart has a copy function. However this seems to be for adding a copy chart within DealBook itself and nothing is available on the clipboard.

Hence my attempt to post a chart by using the ‘screen print’ key, but having two monitors unfortunately copied both screens.

Thanks, Ken

[jcgibson]

John I use DealBook and a right click over the chart has a copy function. However this seems to be for adding a copy chart within DealBook itself and nothing is available on the clipboard.

Hence my attempt to post a chart by using the ‘screen print’ key, but having two monitors unfortunately copied both screens.

Thanks, Ken

If you google for jing by Tech Smith they have a free copy program that works for what you want.

John

[Markerchin]

A EAs are not just a robot, I have EAs that put up a alert when PA is close to a S/R line, that is all it does.

So Robots BAD, Alerts GOOD

John

Hi jcgibson and ruilima22. Speaking of useful EAs, does anyone of you have an EA that monitors the 2-lot (strategy recommended by Tymen) after allowing you to set Target1 & Target2, plus the Stop-loss?

This EA must be able to monitor the 2-lot positions until Target1 is reached, whereby, it will close lot1 for you, and automatically shift your Stop-loss to Break-even for lot2. When finally, Target2 is reached, it will close lot2 for you, and then end the program.

I believe having such an EA will be a great benefit for all since it is a “set-and-forget” program that relief one of having to sit infront of the computer to monitor open positions for long hours.

Can anybody help out with this?

[jcgibson]

Hi jcgibson and ruilima22. Speaking of useful EAs, does anyone of you have an EA that monitors the 2-lot (strategy recommended by Tymen) after allowing you to set Target1 & Target2, plus the Stop-loss?

This EA must be able to monitor the 2-lot positions until Target1 is reached, whereby, it will close lot1 for you, and automatically shift your Stop-loss to Break-even for lot2. When finally, Target2 is reached, it will close lot2 for you, and then end the program.

Can anybody help out with this?

This one will close a % of your trade and move the stop if you set your TP at a higher level it will close out the remainder of the trade.

It is for MT-4

Change .txt to .ex4 and put it in your expert folder.

The only problem with EAs is you can’t change to a different chart or change the time frame or it will exit the EA.

John

[unrepipant]

Thanks to all who replied to my questions about the time frames. The picture is becoming more and more into focus now. Not unlike zooming into lower time frames huh? And yes my 1st chart ever posted was incorrect:(. I counted 1 too many candles. Another newbie jumping the gun:eek:

[ken_doubleU]

If you google for jing by Tech Smith they have a free copy program that works for what you want.

John

Thank you John for this information. I had never heard of Jing previously. It is just what I need to be able to capture a chart from DealBook, without all the information that is shown on both monitors. Brilliant.

Ken.

[unrepipant]

I am trying to learn how to do scale out orders on the GFT platform. It is quite confusing to me. Do I have the right terminology below?

SELL-STOP-Buy below current price & scale out as price drops.
BUY-LIMIT-Buy below current price and scale out as price rises
SELL-LIMIT-Buy above current price and scale out as price drops
STOP-BUY-Buy above current price & scale out as price rises.

I am assuming it’s OK to ask these kind of questions while the thread relaxes. If not please let me know or tell me some other thread to go to ask.

Thank you

[gezza10]

Higher timeframes are used to provide “guidance” for trading - basically they identify the direction in which you are going to place your trades for the session. If the higher timeframes (4h, daily, weekly) all show an uptrend, then your bias on the shorter timeframes (1h, 30m, 20m, etc) should be upward - that is, you will be going long on your trades.

If the higher timeframes show a downtrend, then on your shorter timeframes, you will be going short.

So, what happens when your shorter timeframes don’t line up with your longer timeframes (that is, the longer timeframes show an uptrend, but the lower timeframes show a downtrend)? You wait. Patience is the key, here.

Do not go short when the trend in the higher timeframe shows a bias for longs, you are more likely to be stopped out. The same is true for going long when the higher timeframe bias is for shorts.

Now - to apply it more to Tymen’s method:

Disagreement between the two timeframes (say the daily and 1h) is good!

You start drawing your CBL’s when this disagreement is occurring, so you can get the best possible entries! This prevents you from jumping in in the middle (or even worse - just at the end!) of a trend, so you can maximize pips!

As I see it, the idea behind these CBL’s is to get into the trend identified by the higher timeframes at the optimum time on the lower time frames. This lowers your risk, and increases your gain - making your Risk/Reward ratio more favorable.

nobody else think that this is a great post?..

why are people trying this on such low time frames like m15?! as many of us are novices, it makes more sense to start on the higher time frames?..thats what i would have thought anyway…

im not sure about it being good to see a disagreement on two time frames (i know h1 and daily arent exactly close though…so possibly this is correct to?)

but the rest of this post is spot on and newbies like me are learning this out day by day in forex, it keeps you out of many bad trades!

good luck everyone

and thanks tymen…

[Aarnog]

I should’ve said - from what we’ve learned of this method so far, it’s good for there to be disagreement. We’re entering after retracements in the larger trend, so if the short and long timeframes are in agreement (therefore, no retracements are occurring), then we don’t have any entries, and we can’t make any pips!

But yeah, the general rule is that the higher the timeframe, the lower the amount of “noise” that can throw you off your game, harm your entries and exits, etc. This is why your analysis should be done on charts of 1hour + (that’s my rule, at least). As you increase your timeframe, your indicators, trendlines, support and resistance levels, etc become more definite, and price is more likely to respect the levels given on these higher timeframes.

This is why Tymen told us to look on the weekly/daily/4h charts to identify trends - the trends identified on those time frames are more likely to hold than ones identified on the 15 minute charts, for instance.

[Merchantprince]

I figured while waiting for Tymen’s return next week that I’d put together the content of his posts so far regarding the CBL entry system he detailed, starting back on page 153.

His examples stretched over several posts so I took all the content, moved it into a single document and did some formatting so it could be read in page-by-page fashion. I then produced it as a PDF document that you may print out and reference while practicing those techniques Tymen has shown us so far.

I have made no changes to the text or images. I have added bookmarks to the PDF table of contents so you can jump to different sections easily.

---

        John (Merchantprince)

“Nobody can be exactly like me. Even I have trouble doing it.”

CBL Entries for Naked Trend Trading.pdf (959 KB)

[Markerchin]

This one will close a % of your trade and move the stop if you set your TP at a higher level it will close out the remainder of the trade.

It is for MT-4

Change .txt to .ex4 and put it in your expert folder.

The only problem with EAs is you can’t change to a different chart or change the time frame or it will exit the EA.

John

Thanks jcgibson. Really nice of you to share this EA. I have been looking for something similar, but can’t seem to find it. I believe it will help me tremendously in my trading.

For those of you who are interested, feel free to download the user’s Instruction from the Text file below.

[kockneerebel]

Thank you Merchantprince for compiling all the information so far into an easy ref doc

[Mystic]

why are people trying this on such low time frames like m15?! as many of us are novices, it makes more sense to start on the higher time frames?..thats what i would have thought anyway…

Horses for courses.

He said that this works on any timeframe so M15 fills a nice hole between the rapid movement of M5 and the slow pain that is H1 or worse still, the snail paced H4.

The other problem with those time frames is that we will almost certainly be using the BB method for exits and you need to be at the charts to see your exit arrive. On those timeframes, your exit will occur during sleep many, many times.

M15 is a true day trader’s TF and suits most day trader’s mindset.

[MCAWally]

One way CBL can be used is to draw a trendline on what you believe to be a retracement of the trend ( higher timefames telling u an up trend is going on), when the trendline is broken use the lowest low and start the CBL from there.

But I’m sure Tymen has a lot better way of doing things as I don’t think this strat is much better then an aggesive 1-2-3 pattern strat ( I burned one account trying that one ).
Wally

[IronHeart]

I am trying to learn how to do scale out orders on the GFT platform. It is quite confusing to me. Do I have the right terminology below?

SELL-STOP-Buy below current price & scale out as price drops.
BUY-LIMIT-Buy below current price and scale out as price rises
SELL-LIMIT-Buy above current price and scale out as price drops
STOP-BUY-Buy above current price & scale out as price rises.

I am assuming it’s OK to ask these kind of questions while the thread relaxes. If not please let me know or tell me some other thread to go to ask.

Thank you

Hey unrepipant,

This is how it’s supposed to be:

SELL STOP - An order to SELL below current Bid price (normally used to catch a potential move if it occurs).
SELL LIMIT - An order to SELL at a price higher than the current Bid price (normally used to get a better price on your entry - if price goes up to your desired level).
BUY STOP - An order to BUY at a price above the current Ask price (normally used to catch a potential move if it occurs).
BUY LIMIT- An order to BUY at a price below the current Ask price (normally used to get a better price on your entry - if price goes down to your desired level).

I’m not sure what you mean by scaling in and out of positions, could you please clarify?

[unrepipant]

Hey unrepipant,

This is how it’s supposed to be:

SELL STOP - An order to SELL below current Bid price (normally used to catch a potential move if it occurs).
SELL LIMIT - An order to SELL at a price higher than the current Bid price (normally used to get a better price on your entry - if price goes up to your desired level).
BUY STOP - An order to BUY at a price above the current Ask price (normally used to catch a potential move if it occurs).
BUY LIMIT- An order to BUY at a price below the current Ask price (normally used to get a better price on your entry - if price goes down to your desired level).

I’m not sure what you mean by scaling in and out of positions, could you please clarify?

Here is my understanding; On a Sell-Stop say with EUR/JPY. The market price is at 124.36 now on a 4h and going up and near the resistance trendline. I’m looking for a possible retrace to go short. Doing Tymans candle count the entry price says to enter @ 124.30. I want to place a scale out order selling at 124.30 with 4 lots. The next support level is at 124.15. I want to unload 2 lots at this point. The next support level is 124.00. I want to unload the last 2 lots here and be out of the trade. These are just #'s picked out of the air for explanation.

[IronHeart]

Here is my understanding; On a Sell-Stop say with EUR/JPY. The market price is at 124.36 now on a 4h and going up and near the resistance trendline. I’m looking for a possible retrace to go short. Doing Tymans candle count the entry price says to enter @ 124.30. I want to place a scale out order selling at 124.30 with 4 lots. The next support level is at 124.15. I want to unload 2 lots at this point. The next support level is 124.00. I want to unload the last 2 lots here and be out of the trade. These are just #'s picked out of the air for explanation.

In this case, if you are at 124.36 and you want to go into the trade at 124.30, then you would set a sell-stop order @ 124.30.

If you are not using Take Profit orders, then you would simply set a Buy Limit order for 2 lots at 124.15 and another Buy Limit order at 124.00 for the next 2 lots.

If this trade were the other way around, with the current price at 124.00 and your entry at 124.10, with R1 @ 124.25 and R2 @ 124.50, then it would be as follows:

Buy Stop @ 124.10,
Sell Limit @ 124.25 for 2 lots,
Sell Limit @ 124.50 for 2 lots.

I hope this clarifies things.