Tymen,
My first post in your epic thread. Thank you for your time and dedication. I have read all 100+ pages and have a good understanding of the strategy and style of the system. I have used it for about 3 weeks now on my demo account and have had good success. However, here are a few things that I struggle with:
I have mainly been trading the evening star pattern...
1. Trading opportunities - On a 30 min time frame they have been few an far between, sometimes only once or twice a day for the Evening Star on the upper BB. If I miss the entry due to my regular daily activities I have to wait for it to crawl back up to the upper BB, which can take hours.
2. Exits - I ussually have a great entry and everything goes to plan, however I find myself watching the trade turn around and end up breaking even alot. Sometimes the entry candle is all I get out of the trade and then it climbs back higher. Its frustrating because other times it'll drop off the map. I should master the 2 trade entry to secure the initial pips and then either break even or let it ride on the second trade.
3. Reversals - After trading an evening star pattern and a large green candle follows a clean staircase of reds I read that as a morning star and make a "buy" trade only to find out the reds take back over making the lonely green candle some sort of a 'continuation' pattern and my trade ends up bad.
One more thing...on the last example you traded a Morning star and it didnt turn out too cleanly, but ended up working out. How long do you wait before you say to yourself, "The morning star didnt direct the action as planned and now the action is all over the place and the morning star appears irrelevant, I'm going to get outta this one."
Maybe a better question would be: If it never hit your first profit target, would you ride it all the way to your PCI s/l and take the hit?
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