THE JOY OF CANDLESTICK TRADING - a Learning Experience

[VulcanClassic]

Tymen,

I have been getting so much from this thread I thought I'd try and give what little I know back.


For all the metatrader users, here is how to get a 20 minute chart:

*The first step can be done in two places. Don't do it first if you use other expert advisors you don't want to affect. If you're doing several pairs doing it first will save time.

1.Go to tools/options/expert advisors. Check 'allow live trading' and clear 'Ask manual confirmation' , check 'allow DLL imports' and clear 'confirm DLL function calls'.

2.Open a chart and select the 5 minute timeframe.

3.Open the navigator, go to scripts and open period converter.

4.On the inputs tab change 'ExtPeriodMultiplier' to 4. If you skipped step 1, it can now be done on the 'common' tab.

5.Now go to 'file/open offline' and choose your chart. Look for it, it will be there. Whichever indicator you're using, make sure visualization is on all timeframes or you won't see it.

It will tick even though it says offline, but there's a catch, you have to keep the 5 minute chart open and you can't change times on either the 5min or the 20min. For one you can change times on, you need to open another chart.

Hopefully that helps and we can all be on time with Tymen.

[pipwrangler]

I like ot call it a U-Turn. They are fun t see develop. Great earnings typicaly follow this pattern!

Great example Thanks!

[pipwrangler]

Originally Posted by tymen1

Nice pattern there akeakamai.

However, the candles are very small and, although the trends can be seen, the pattern is difficult to see. Magnification is required for us readers.

What is the indicator below?

Also, for our benefit, what time frame is this chart using?

I find that the smaller the time frame the tighter the profit and the larger the time frame the longer the run. Have you seen the same in your trades?

[pipwrangler]

Originally Posted by loveforex

Hi tymen1

I love your noneducational presentation on Candlestick trading, but since that style of trading is considered scalping and Oanda doesn't allow it,, can you please tell me which broker does allow scalping and is all around ethical broker, so that I can avoid signing up with a wrong broker again.

Thanks a lot.

Have you checked out IBFX.com I have been pleased with thier honesty as a broker. But my question to you is What broker feels good about scalpers? LOL

[pipwrangler]

Originally Posted by Summerpip

I think it's period 14. Deviation 2. These are Standard Settings.
Cheers Summerpip

Summerpip,

Bollinger bands are difficult for me could you explain to me and others what they track and how ot read them properly?

[tymen1]

Originally Posted by pipwrangler

Summerpip,

Bollinger bands are difficult for me could you explain to me and others what they track and how ot read them properly?

Bolinger Bands are a measure of volatility. 3 bands are used, the middle simply being a 20 period moving average. The 2 outer bands are standard deviations of the moving average. These bands are set at 2 std dev. and this incorporates about 90% of all the price action.

The outer bands are a measure of extremes and are put to good use in candlestick trading.

For more information, type Bolinger Bands into your Google search engine.

Hope this helps.

[tymen1]

Originally Posted by Swamp Gas

New guy here, thank you very much for this thread!

Im only on page 6 right now, but hopefully I'll have time to get through it this weekend.

Welcome to the forum. You have landed on the best thread on this whole forum and you could not do better.

Trust you will learn much and become a candlestick devotee. Forget about indicator trading and avoid losing your money!

But your name.............."Swamp Gas" ?????

[tymen1]

To Vulcan Classic :

This is a truely fabulous post!

It is clear that you are working very hard and your sheer determination is getting you places. Rarely do you see such dedication on this forum.

MT4 users take note!


I will set this post of yours on my favourites section so that if ever an MT4 user ask how to set time frames I will refer them directly to your post here on page 27.

I can see many people benefitting from your post - I submit a recommendation - that you open a new one-post thread and in it you repeat all the details that you did here.

I think many readers will be very thankful.

Pipcrawler or Pipdiddy should give you at least 10 extra points for posting this material!!

[tymen1]

Originally Posted by cbarnett808

I had my first success with this system this morning:

EURUSD evening star completed at 13:00 GMT on the 30 minute chart.

I entered at that time using the 5 minute vector, which gained me a couple pips over open. I closed at 10 pip take profit and finished getting ready for work.

but staying in longer than necessary to take a small gain is where I think trading turns into a crapshoot.

I like your use of language - you have a way with it that I cannot do.

Your understanding of a good exit is to be admired - excellent work!

[Summerpip]

Hello pipwrangler,

i hope you read this thread carefully. As we all know now Tymans standard setting is 20 and not 14 (see post #133). I chosed 14 because my platform comes with 14 as default setting and they talk about 14 and 20 as usual settings.

I'm by far no expert in Bollinger bands and bollinger bands are not only difficult to you.
Up to now I used them like an overbought/oversold indicator (if I use them) and am now trying to learn more from tyman.

If you want more try Bollinger Band and google bollinger bands. I think there you get information first hand.
Oh... I forgot some important fact. For all new readers and those who are not reading carefully my post could be misleading. Therefore I will delete my post.
Happy trading Summerpip