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Old 06-17-2008, 07:53 AM
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trav72 trav72 is offline
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Join Date: Apr 2008
Location: melbourne, australia
Posts: 163
Default Here to learn for the long haul

Sorry about last post...i was having a bad day...should of taken a few deep breathes first. Anyway thankyou tonymand i am following your advice, and Tymen thankyou, it is because of you i am getti ng better...just not ther yet!

My answer is that at the close of the third candle in the pattern, i would switch to the five minute chart that i have setup already to determine my entry depending on the price resultant (MACD/MID BOLLINGER BAND),on the five minute chart.
My stoploss would be placed, from what i see on the 25minute chart. As the price has been rising steadily for 3 to 4 hours i would place my stoploss at the highest risk at 3 pips above 108.08 ,ie 108.11 stoploss.
I would take the trade as it is a good/sound evening star pattern and the bollinger band isnt trumpeting but the rise has been steady, but sometimes in this situation a second pattern will result in the price going down and the first just send it sideways.
Anyway i await the 5 minute chart now to determine my entry point/price.


PS. I wish you didnt tell me you were successful on this one till the end, as we know the pattern is going to be successful. (not sure it matters though..)