THE JOY OF CANDLESTICK TRADING - a Learning Experience

Thanks Mike ; I am going to check into a different Video card . See howmnay outputs You cna get or install mulitple cards. Boy reminds of where we cane from in the computor world… My first exprience was with punch cards in middle school actually punched cards they took away and ran through a computor. My stepfather worked for Honeywell and had one of the frist portable computors , fullsize suitcase lokked like a typewriter with screen and a telephone cradle modem… Boy sure don’t wish for the old days when it comes to computors… Hope Tymen is feeling better… again thanks for the reply… Ken

Well Hello, Glad to see you back quess you popped in while I was struggling typing… Glad to see you… Ken

[B]To Vulcan Classic[/B] : no worries about the change in topic - we need the information!

[B]To mytwopips[/B] :

I like your excellent high quality picture. Your apple will never crash !!

[B]To bigmike [/B]:

Welcome to the forum and this thread. You certainly come in to trading in a big way ! :smiley:
With that much watching power, you won’t miss a thing !!

[B]To pipwrangler[/B] : Than you for the post about IBFX :slight_smile:

[B]To concept [/B]:

Higher time frames will give you less patterns (less frequency) but they travel further ie you get more pips out of each trade. You can also lose ever so much more in your stop loss :stuck_out_tongue:

The patterns on higher time frames are significantly more reliable. But we compensate for that by trading only on the BB. That should return the edge back to the shorter time frames.

[B]To KENNETH LEE [/B]:

Great to see you got your first trade with success !!!

But 15 minutes is a little short - you are dipping into the noise bands.

I would suggest a minimum of 20 minutes.

Now for the setting out of the charts, see next post.

To Yuv and Vulcan Classic :

To get more charts on GFT, you simply right click the icon/tab /“workspace” at the bottom and then click “add workspace” or “clone workspace”

In this way, you can get as many charts as you like.

I was more wondering if I can use BB and a higher time frame say 1 hour or even 4 hours w/ KC and whatnot… I have a bit of patience thats why I am asking :slight_smile:

Here is my set-up of the charts. I use a very high resolution 22" LCD monitor.

Notes below >>>


By tymen1 at 2008-04-14

I trade the time frames 20,25,30,35min…55min,1hour for the 4 majors.

So I have 2 tabs or “workspaces” for [U]each [/U]currency. One tab shows 4 charts - 20,25,30,35 mins.

The 2nd tab shows the remaining 5 timeframes.

[B]The picture shows the latter 5 timeframes of USD/CHF. (swissy).[/B]

If you look carefully, you can see all the tabs in a row right at the bottom of the charts.

In addition I have the 5 and 10 min time frames. I set the choice of currency pair on these when I need them.

Now, with the GFT program, each one of these charts is fully independent of the other.
Each chart has its own timeframe, its own display type, its own currency choice, its own grid settings, its own indicators and settings, its own chart parameters (size, background, positions etc, etc ), its own time scale (GMT, local etc with daylight saving setting), its own print options …etc, etc.

Each chart can be maximized to fill the whole screen or minimized again with one mouse click (standard Windows operation).

Entries, exits, stop losses etc set on one chart for one currency are shown on [U]all [/U]the charts for that currency automatically.

The only drawback is in the initial setting up of the charts. Because each one is independent of the other, you have to do heaps and heaps of mouse clicking to set them all up!! :stuck_out_tongue: :stuck_out_tongue: But once done, all is good. When closing the program, you click “yes” to “save current layout” and next time you open the program, its all there !!!

I like this program. :smiley:

So with all these charts, I can be Mr Vigilant.
If you see a pattern forming on a particular time frame, the you can compare this pattern on the adjacent time frames to see if the pattern forms better on another time frame.

Clicking quickly from tab to tab allows viewing of trading on all the major currencies. One only needs to see if something is hitting the Bolinger bands.

Thank You Tymen : Yes i will setup mine Like that , Maybe once you have one chart setup and used the clone option you can just change time frame and save to cut down on extra mouse clicks… Ken

[B]This picture below shows the first 4 time frams of AUD/USD[/B]


By tymen1 at 2008-04-15

**

Absoutely !

But make sure that you also allocate the correct currency pair to each tab/workspace.

Nothing to stop you ! :smiley: :slight_smile:

Go ahead. Let us know how you get on. :wink:
Very keen to know !

For a 1 hour chart, use a 10 min KC chart instead of a 5 min.

For 4 hour, I suggest a 45/60 min KC chart for a best entry.

[B]As I am still unwell, I will make only one post for today - but hopefully a good one.[/B]

In the picture below, I have tried to show the [U]perfect evening star pattern.[/U]

Notes below the drawing >>>


By tymen1 at 2008-04-15

The [B]first candle [/B]is green and rises from a string of rising green candles as though one was climbing a hill. This 1st candle does [U]not [/U]come near the [U]middle [/U]BB, but is some distance from it - [U]this is absolutely important.[/U]The 1st green candle of the evening star sets the benchmark as it goes thro the [U]upper [/U]BB - or at least comes near.

The [B]next candle [/B]forms the star, it is a very [U]small [/U]bodied candle and it can even be a doji. Having the highest point, it definitely goes thro the BB.

The longer the upper wick, the further distance to the stop loss (lose more).

The lower wick does [U]not [/U]go past the halfway mark of the 1st candle.

This halfway mark is shown by the pink line.

The [B]3rd candle [/B]is red. It continues from where the 2nd candle left off but then goes down. Ideally, the lowest point is [U]below [/U]the pink halfway line.

The higher into the BB the set up is, the better.

Of course, there are variations but the picture is an ideal and this is what we should be looking for.

Tymen,

Since candlesticks show trader emotion - sentiment, do you find them equally valid on each timeframe?
It seems to me for a pattern on any particular timeframe to work, the majority would need to be trading it.

Curious

Alright. Now that I can see Tymen’s screen, I can completely understand the magnet analogy; just in that screenshot, I can see at least two formations (they may not meet our requirements). I hate to say it, but Metatrader appears inadequate for this approach- despite VulcanClassic’s excellent find about converting timeframes.

…Metatrader just doesn’t cut it for this strategy.
Don’t get me wrong, I like Metatrader and all, but Dealbook360 just blows it out of the water. Plus, Dealbook makes Metatrader look REAL old (NTTAWWT).
I trade at work during the day with the window open in the background, and this will save me a lot of jumping around between screens (when I’m supposed to be working). Plus, I really want to get my screen set up like Tymen’s. The visual effect is very impressive.

VulcanClassic (and others), you really should download it and at least give it a go!

I agree,

I too have abandoned MT4. Once U get used to Dealbook, there’s no going back. I’ve got a workspace for each pair and 9 timeframes in each, similar to Tymens. Too bad you can only load 83 charts before it quits.:smiley:

I’m in the process of opening a live account to keep the charts.
I just want to give them the absolute min $250 to keep the charts and do my one live trade per month to avoid the “inactivity fee”. There is pressure to deposit $2500. They want you to trade with them which is fair enough. But for now I just want the charts.

Trade on.

Hi tymen1,

So for evening star pattern, the first candle must be a green candle, the second candle will always be higher then the first candle and the third candle must close lower than the second candle. So if none of these conditions are fulfilled, it is not considered a evening star. I have come across some evening star lookalike with a red candle as the first candle. Pls correct me to see whether i have understand the basic of an evening star.:slight_smile:

Hello I seen you guys talking about GFT.I was with them for a demo last october and then after talking them into me keeping it longer than they said.I wore out my welcome on that.The guy started out saying I need a $2500 account for the demoto stay around , but than said that a $250 account would keep my demo going.I agreed with the $250 account.But they do not offer micro lots,so trading a mini lot account on $250 would be suicide, I went to Oanda.Which I currently use MT4 charts along side my Oanda account.GFT did not offer all there indicators without a $2500 account.I mean they leave out about 85% of them with a $250 account.I am not bashing GFT because I really like there charts myself,but they are kinda pushy to the new guy on the block to jump in and start trading.I don’t like pushy people and I dealt with about 8 people there,and they were all pushy.I will say though when I went to get my money out of there account there was no problem with that.Hope this post helps…goodtrading!!

jlmac,

I find them pushy too. Came just short of saying that demo is a waste of time. If I want to give my money away I’ll go to Vegas.

They told me the same thing; that you don’t get demo and indicators until you put in 2500.
Then I got thinking about it and for 250, you don’t get demo? So what. You still get the charts which is what I want. Just don’t trade it but the required once a month. In and out, unless it’s a winner, but money mgmt isn’t important in this case.
Also, they listed the indicators you do get, and all the ones you need for this system are included. So we’re good.

Rock and Roll.

How do you report these spammers?:mad:

Top right caution triangle in every post.

edit:
Hmmm… I just tried to report and it didn’t work for me. Oh well, they will find it.

Alright. So, I try to log back in to Dealbook, and I get denied access and told to call them…hmm, could be legit, but in light of the previous comments, I’m doubtful.
Well, my intent all along is to trade OANDA and use someone else for charting, so Dealbook probably won’t work out for me.

[B]ANYHOW[/B]- Before you all think I’m turning this into a broker gripe posting, I did find an MQ4 code that I think works better with Metatrader than the previous one. Still- big props to VulcanClassic for finding (and sharing) it in the first place.

Under the old one, I was only able to open one alternative timeframe chart; I could open a second one, but the first one would then stop ticking. With the newer code, everyone should be able to set up Metatrader with multiple timeframes each in their own window and have all ticking through at once. So you should be able to set up a window similar to Tymen’s except in Metatrader. As with all Metatrader changes, it will open up the same way the next time you open it.

Sorry in advance if some of you knew this already.

Period Converter Optimized - MQL4 Code Base