Hi Simon
In this case the long wick came close to the mid BB so at best if all else in favour a very cautious trade. I err on the cautious side better patterns are much more reliable
best regards
Dave
Well I’ll keep looking for that elusive perfect trade.
we’ll see what the market gives us today…
Trades have been a little sparse on this system. Thanksgiving and Dubai have also had an effect . The more you practice the easier you will see the patterns, hang in there
best regards
Dave
I thought I had the makings of a piercing patteren here but the bull candle couldn’t quite reach the 50% mark and eventually turned.
A losing trade avoided:)
watch the bear candle in proximity to mid BB
What do you guys think of the Eur/USD?
the smaller chart in the background is the weekly chart, in the foreground, is the daily chart.
[ul]
[li]On the Weekly chart in the background, last shooting star is what Nison calls a “Falling off the roof”. Basically, Price finally breaks through a very powerful resistance but gets back under it. (reflected by a the final candle piercing above a power resistance, but couldn’t close above i) It is a sign that price couldn’t hold the above the resistance. and the following will be a reversal.
[/li]
[li] yet the daily chart (in the foreground)contradicts this conclusion with very strong support being met, with very strong low price rejection.
[/li][/ul]
I was jumping on to have a look back over the week to try and pick out some good patterns for practice. These graphs are the USD/JPY, 20min and 25min graphs. They bring up the following question.
If one time frame of graph has the bollinger against us, but one has it with us (or level). Is the fact that we have any graph showing a pattern good enough?
How would you feel if the pattern on the graph with bollinger against us was a perfect looking pattern, but the one with the bollinger with us wasn’t as perfect (but still acceptable).
The 25 min graph attached doesn’t have the bollinger with us, but it was close to it, and hence my question.
I am still in a learning curve myself, but from my personal experience, i would say that you need to have 2 different time frames that are at least some interval apart. 20 with 25 doesn’t really do the trick.
maybe something like 20m/40mins.
I will take the 25m trade. It looks far better as far bbs are concerned. If you are not able to spot patterns, you can spend that time by going back over time and look at charts to see if patterns formed and if they did, switch to 5m chart and spot the entries and exits. This way we can see how patterns formed and the frequencies of formation over time. Good job done on spotting these patterns Slane. Keep posting charts.
Regards,
Muthu.
Chennai.
India.
Hi,
It does not matter on which time frame we get a pattern that satisfies the conditions. Lets have a look at that time frame as stand alone and trade it. Dont worry about what has happened on other chart time frames and dont have them on mind after you entered a trade.
Regards,
Muthu.
Great job on spotting this pattern and even better job done on avoiding
this trade. Coming from a very strong down trend, we had this bull candle that did not close over or atleast at 50% of the bear candle. The bbs are excellent, however if the bull candle is not atleast 50% of the previous bear candle, i will not take it as rightly pointed out by the other member. I am feeling very happy to see such analysis by newbies and that only shows we are on the right track to spot and hit patterns like a sniper as Tymen used to call.
Regards,
Muthu.
Chennai.
India.
*****Kindly post bigger charts ******
Hi Slane
Each TF is veiwed on its own in this method. when you see a set up as in your 25 min chart, that is the chart to trade. The only other chart you should refer to is the 5 min for your entry and exit points if in agreement with main chart. I would maximise main chart to avoid comparison to other TF’s. Like a sniper you have identified your target (25 min pattern ) you take aim (5min chart). Any other distraction and you may miss the shot.
best regards
Dave
any opinions on the euro based on the candlesticks?
I have a pretty dumb question here. Kindly take a look at the chart i have posted and take note of the 2 circles. Why are there gaps between 2 candles? A candle’s open should correspond with the preceding candle’s close. Is this a problem with the trading platform or…?
This happens from time to time, its related to the connections and datafeed of the trading platforms.
Don’t be alarmed because it happens on almost all trading platforms especially on small intra day charts, should not affect your trading.
Hey,
For those using Dealbook, whats the best way to setup all the charts we use with Tymen’s method? I have it setup on a 15" laptop so I have the workspaces window put along the bottom and have 2 graphs per workspace.
Is there a better way to set this all up? Especially since I’m looking at the PA trading using MA’s thread also. So it would be nice to be able to swap between.
I was going to ask what you all thought of this as a pattern, as the bollinger wasn’t quite horizontal. I took the screen shot, and buy the time I had organised the post I saw what happened to the graph.
Would you of seen the first graph as tradable? I didn’t get the chance to go to the 5 min graph.
Hi slane
I would wait for the BB’s to be in favour. maybe a trade that got away :)I use a different platform and that pattern did not appear the same and was a no trade for me
best regards
Dave
There is something i cannot understand.
I see a nice bullish pattern formed at lower BB, but the lower BB and mid BB are still pointing down. So i wait for both BBs to turn level. Once they turned level, I switched to the 5min chart and saw the Starc Bands and mid BB going up sharply. So i entered long immediately since all conditions are fulfilled. However, the moment i entered the trade, price began to reverse on me. And 2 candles later, the Starc bands turned down and i exited with a loss.
Im pretty sure i followed all the rules? Seems like if i were to wait for BBs on main chart to agree before i switched to the 5min chart to enter the trade, it would be too late already. This happened to me twice today and i simply cannot comprehend what went wrong. Please help
Hi Kohkohnut
what pair ,TF and gmt ?