THE JOY OF CANDLESTICK TRADING - Part 2

Very sorry for your poor health. Your words have the feel of wisdom. You may find some comfort in the bible, the book of John chapter 14-17. Sincerly, fellow journeyman.

Hi, Tymen

[B]I’m sure that I speak for many, when I say that we’re sorry to hear that you’re ill.

And we wish you a full and speedy recovery.[/B]

Clint

Hi Tymen,

I am sorry to hear that you are ill. Will keep you in my prayers. Thanks for your contribution of such a helpful and powerful thread.

Bank

Thank you for that very important feedback [B]maravizzo[/B].

That is what I need.
Next PDF will show actual starc bands with the correct entry/exit points and also the price action direction.

To [B]Howardjohnson[/B], [B]Clint [/B]and [B]BankDaPips[/B]

Thank you all for your kind words.

My health is a lot worse than last year.
But I shall perevere.

No worries.

I am already a committed Christian.
Not so many of us in Australia as in USA.

[B]I have worked out that there are 3 different starc band strategies to use in the Advanced level.[/B]

  1. Starc bands level - wait till price hits the relevant 0.7 line.
    Enter 1 amount, improve entry with a 2nd amount.

  2. Starc bands going against you - enter at the relevant 0.7 line then improve on that entry with the 2nd amount.
    In this case, there will be a lot of room for improvement with the 2nd amount.

  3. Starc bands going your way.
    In this case price action is going on a roll uphill or downhill.
    Enter at the mid starc band.
    It is unlikely you will improve on the entry so you can enter both amounts at once.

This is only a quick basic post.
The full details and diagrams of the 3 approaches will appear in the PDF file. :slight_smile:

Bacause of the wave nature of the starc bands, it is possible to do a very poor entry and still come out with a profit.
This is done by waiting - ages!! :frowning: :frowning:

[B]It is worth the patience to get a good entry.[/B]

There a 2 senarios - bad trade and good trade.

[B]Bad trade[/B] - [U]rush[/U] to enter then [U]wait ages [/U]as the price action goes against you then finally goes in your favour to get a profit.

[B]Good trade[/B] - [U]wait ages[/U] to enter (properly) then collect your profit in [U]a rush[/U] (sometimes in 1 candle).

I shall post some examples of the 3 starc band stategies.
[B]
After that, I think it is time to develop the PDF file.[/B]

Hi Tymen!

Just wanted to drop by this thread and say thank you. :slight_smile: I’m still working through the first candlestick thread and have gotten through most of it. I figure I’ll be following part 2 once I get familiar with the first thread.

I’ve opened a demo acct on GFT to follow along and so far have been happy since even with my limited knowledge I manage to have good results. I appreciate your dedication and hard work.

Anyhow just wanted to say hi and thanks again, hope to be caught up in a few days.

-Astoriax

Welcome to this thread Astoriax!! :slight_smile:

You are doing well.

Soldier on!! :slight_smile: :slight_smile:

I sent a message to your broker friends over at Kinetic. I’m in the U.S., so I’m not sure if they would be a good fit, but it is worth finding out more. I will paste a message I wrote in the GFT Demo thread:

Tymen,

This is my first post, however I have read through your candlestick method. Thank you brother for your dedication and willingness to give of your time and knowledge to others. I have traded for a couple years mainly using Heiken Ashi Smoothed as my focus indicator. I have had good success, and I’ve always used cadlestick trading because I believe it does show the “feel” of the market. I look forward to posting and reading along with you in the near future.

In Christ,
James

Thank you for your private message.
It has been well received.

Welcome to this thread!! :slight_smile:

You will have not trouble with Kinetic - quite a few Americans have contacted them.
The only snag is the timezones!! :smiley:

I wish you all the best.

I now intend to take a short break from here while I post the finest method of trading ever seen on this forum!! :smiley: :smiley: :smiley:
This will not take too long.

After that, I will come back here and give examples of the 3 main strategies used in dealing with the starc bands.

Then I will finally complete the whole candlestick work by setting up the final PDF file.
I can set up the material in Microsoft Word.
I may need help converting it to PDF.
Last year, SimplexX, a computer programmer and poster on this thread, did it for me.

Hello Tymen,
First I just wanted to say thank you for your contributions to this forum. The first thread on candlesticks was very helpful and I definitely learned a great deal from it. I was just wondering if you have experienced alot more retrace first trades being that thats what the whole advanced section is about? Because I have seen some examples and I have seen some real trades where the first level would have done better, but I’m assuming that they don’t occur enough to be more profitable than the advanced method.

Welcome to this thread [B]lldocll[/B] :slight_smile: :slight_smile:

I was just wondering if you have experienced alot more retrace first trades being that thats what the whole advanced section is about?

Yes, definitely a lot more retrace first trades.

In a ratio of something like 5:1 at a guess.
Yes, the Advanced level specially tackles these retrace trades whereas the Basic level can do nothing about them.
Many times the Advanced level will take quite a few pips out of these retrace first trades whereas the Basic level will do nothing for you - even a loss.

Because I have seen some examples and I have seen some real trades where the first level would have done better, but I’m assuming that they don’t occur enough to be more profitable than the advanced method.

Sometimes that can happen.
If the trade is a pips first, the Basic level works immediately to make a profit.
In the Advanced level, you are busy looking for the price action to reach the 0.7 line of the starc bands.

In a pips first trade, this never happens.
So you enter in frustration at a reduced level, and make less pips.

[B]However, my 3 starc band strategies is designed to cure all that.[/B]

[B]The Advanced level will then be able to handle anything!![/B] :slight_smile: :slight_smile:

Thats a pretty good ratio and from all the observing I have been doing lately it sounds pretty accurate. I have only been doing the advanced method mainly because it allows for the stop loss to be shortened when a retrace does happen. Everything about this strategy is so simple yet very effective and quit ingenious if i might add. It is very sound as it is, but if you say you can improve it by all means I and im sure others will be anxiously waiting for them. Thank you again.

P.s. I actually had my best week implementing this strategy, and only looking for two patterns(morning and evening stars).

I’m no computer programmer, but if you need help with the pdf conversion I’m willing to give it a try.

Thank you, [B]lldocll [/B], for the compliments!! :slight_smile:

Congratulations on your good trades!! :slight_smile:

Soldier on!! :slight_smile:

Thank you [B]o990l6mh [/B], for your offer of help.

I will call on you when the work is ready to be converted to PDF.

Just completed a very fine EUR/USD evening star trade about 10 minutes ago.
Target profit came in perfect.

Then just when finished, the 5 minute feed went haywire.

Reloaded it a few times, no change.

The problem must be at the GFT end.

Tymen,

If you go to Google and search for “convert to pdf” you will see several sites that will convert a Word document to pdf for you. Hope that helps!

DrLogik

Only drawback is that some of those sites put their logos all over.

OpenOffice - an open source alternative to MS Office has the pdf function built in. Very neat.