Reference last note. Sorry, that “revised entry” sould have read: 4.28 and NOT 94.00. My question remains: What about re-drawing from the latest (not lower but same low) candle?
Thanks
Hi Xelnar
Try dialing down to a 1hr chart and see what entry you get on either
AHa!! I get 94.11 on the H1 on both! Very interesting…
I also see that I REALLY should preview my posts before I send them. I tend to type faster than my keyboard can respond … now if I can only remember to do that!
Hmmm…I see that I forgot to say “Thanks.” So…Thank you. I really do appreciate the input.
OK. Now, I see that I got a 94.11 entry on H1 but I also note that there is a lower resistance level where I could/should/might (?) set T1. That would make the trade less appealing, in spite of the lower entry. But, if I remember correctly, I should set T1 on H4…hmmm…do I also keep to the SL that I set on H4?
Sorry for the rambling/thinking aloud…
Hi np
I believe that we only use 1 hr for entry and S/L is the same low on any TF. once in the trade we monitor on the 4 hr, which would also be the 4 hr S/R’s for TP1 & TP 2
You are right. The S/L is the same on any time frame. I was confusing S/L and TPs which are set on the SR levels of H4.
Super!! I’m starting to get it!
Thanks, again.
Hey Tyman,
I"m back to see your new thread. 
It has been a hard 3 evenings of reading to catch up. 2 things.
You asked what Jeet Kun Do is. It’s a form of martial arts.
My question. On the money management, when your first take profit is taken, do you move your stop loss to the exact entry point, or to a point where the spread is accounted for, and the actual cost of that trade will be $0??
It’s been good to read your methods again. Thank you for making this thread…
I’ve been doing some CBL drawing on a variety of pairs and I’ve come up with another question. In Tymen’s recenty summary, he states that “…price action will eventually cross your CBL and you have an entry.”
My question is: does this mean entering on ANY cross of the CBL or does one wait for a CLOSE above the CBL? I’ve seen a number of situations where the price (wick of a candle) crosses the CBL but on the H4 the close remains below the CBL.
What to do??
@ Xelnar,
He said you can either wait for the entry line to be surpassed, OR wait for the actual candle close to occur, but whichever of the two methods you choose, you must be consistent and stick with it.
I personally prefer waiting for the candle to close below the CBL Line, as it allows me to check my charts only in 1hr intervals, so I do not have to be near my PC all day long (which is quite difficult with high school and what not). Also it makes me feel safer - as though I am going with the trend.
But the choice is up to you!
Cheers
xXTrizzleXx
Thanks for the response.
I also like the idea of waiting for the close. The downside is that I can’t set (or maybe, I just don’t know how to set) a buy/sell for a close at or above/below a given value. But, like you, I like that I only have to check on the hour.
Have to spend time to scour for pairs for the PA approaching an SR. So I took the quicker (lazier) route. 
These are the 1hr versions of the 4 CBL calcs from my previous 4hr GBPJPY Trades.
Trade 1, long trade here. Over 80 pip improvement from the 4hr and again hits TP1 and TP2.
Trade 2, short trade here. With the stop loss hit (same as original 4hr trade), the loss has been reduced by over 40 pip compared with the 4hr version of the CBL.
Trade 3, long trade here. Over 25 pip improvement compared with the 4hr version of the CBL. Hitting TP1 and TP2 (Previous 4hr CBL trade only hit TP1, not TP2)
Trade 4, short trade here. Over 40 pip improvement compared with the 4hr version of the CBL. Hitting TP1 but not TP2 (same as previous 4hr CBL trade)
TradeAlan…all I can say is WOW!! You must be trading a HUGE account to be able to expose yourself to stops on the scale you show in those last three trades. OR, your risk tolerance is much greater than my own…or both.
FWIW, I try to keep my risk exposure to less than 2% of my account.
you can have a 5 pips SL that cost you 50$ and you can have a 50 pips SL that cost yu 5$
Well, that’s an issue with placing orders off the CBL, even on an hourly chart. By necessity, for most currency pairs, this number can often be 50-70 pips or more. That’s the problem I have found over my first six months as a forex trader: higher time-frames provide more reliable indicators yet require stop losses so great that the lot sizes must be minuscule in order to honor good money management rules.
It’s a very depressing realization that has done a great deal to dampen my spirit over the last two weeks…
Yeah, I am a multi- millionaire on my demo account. 
You’re right the Stop Loss is over 200 pips from the CBL for each trade. Hmm Tymen’s weren’t that crazy. Maybe it’s the GBY/JPY currency pair or am I doing it wrong?
Well I would be happy if I had a loss of over 70 pips if for every loss I had 10 wins of over 100pips! I wonder what the percentage win rate is.
I mean in the 4 trade examples I used, I had 1 loss and 3 wins. The 3 wins would more than adequately cover the 1 loss of 200… However if on an unlucky streak, I take 2 or 3 of these big losses, it could put me off for a while.
Hey MerchantPrince, did you fly over to help Tymen move afterall? 