THE LEVELS
Diagrams and Clarity –
For the sake of clarity, schematic diagrams are used.
The steps in the trade are shown by numbers.
The “W” sign indicates a point where a Break Even watch is needed.
Double lines indicate 2 amounts traded and single lines mean one amount.
Pink lines show a trade in negative while blue lines show the trade in positive.
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THE BASIC LEVEL
By
tymen1 at 2008-08-30
Knowledge Assumed :
Having read much of the Candlestick thread and being able to find quality patterns on the Bollinger bands.
Charts required :
Only the main chart with timeframe ranging from 20 minutes to 1 hour.
Restriction :
Only the 4 major currency pairs should be traded.
Method :
1) Set a PCI stop loss 3 pips higher/lower than the extreme wick of the pattern.
No rush here – as long as it is done before you enter the trade.
2) Enter
2 amounts on the open of the entry candle by clicking the Direct Deal ticket. (DDT).
(DDT
preset to
2 amounts.)
3) Close
one amount with DDT when price action hits 10/12 pips away from your entry.
(DDT
preset to only
1 amount.)
WATCH - Watch the Floating Profit/Loss in case of
break even for the 2nd amount.
(Explanation is in Common Procedures above – methods 1 or 2).
4) Close the 2nd amount when it has reached a much larger amount or your target profit is reached.