THE JOY OF CANDLESTICK TRADING - a Learning Experience

[tymen1]

Originally Posted by damo989

Here is a User guide for anyone who is trying to learn Dealbook 360.

Hope it helps.

Thank you for this.
Readers and users will find it very useful.

[VulcanClassic]

Originally Posted by muraleedharan

.What do you mean by reported spammers.?

Ok muraleedharan,

If your intention was not spam, I apologize.

Usually when you see a first post with a link to a commercial site, that's what it is. And then followed by a post that describes a new system (on a system thread).

May I suggest you start a new thread.

[tymen1]

It is important that at this time I am anouncing a review and revision of the UM.

Not that there is anything wrong with it.
It works well and brings in as many pips as a long term trade.
It complies accurately with a correct risk/reward ratio.
It has a high win/loss ratio.

However, it is too complicated.
As such, it does not appear to be able to handle adequately the high speed trading and thinking that is required on these short term time frames.

Lightning fast orders and stop losses are required and here improvement is needed.

So I am going to simplify matters and do my best not to lose any pips in the process.

I think everyone will be pleased with the results.
A simpler approach is a better one.

At this stage, I note that my Dealbook platform (lilac version) is a little different from the latest green version.
But the difference is very small and will not affect my tuition.

As part of the review process, I stress to all traders using candlesticks - do not use a trailing stop loss.
Such a stop loss creeps up on you very quickly and stifles your trade's "breathing room".
You are almost guaranteed to make a loss by using them.
Forex brokers love trailing stop losses - that is why the latest Dealbook has it specially included for very rapid entry.

Trailing stop losses will shut your trade off with a loss very quickly.

Setting a break even stop loss is a very different procedure and must be done manually.

[VulcanClassic]

Tymen,

By all means take your time in developing this system. I'm looking forward to what's coming.

[tymen1]

Originally Posted by FXCaribbean

You forgot about the most beautiful ladies in the world ...

Ahhh......a great reason for living in the Caribbean.

I should go there too.
Sounds like a timeless place.

Being a Dutch citizen, I could also live in Aruba or Curacao (Netherlands Antilles).

I wonder how many people live out there?
Nice and warm but is there more to do than just sit in grass huts or on the beach?

What about accomodation?
Hmmmmmm.
Maybe you buy straw from the hardware and build your own grass hut!!

A few problems with earthquakes and hurricanes though!

[condor]

I gave up on the UM because I found it too complicated and got stopped out quickly. I've just been trading off the main chart after entry, and having some success with it. I look forward to your revised UM.

[tymen1]

Originally Posted by condor

I gave up on the UM because I found it too complicated and got stopped out quickly. I've just been trading off the main chart after entry, and having some success with it. I look forward to your revised UM.

Thank you for your feedback Condor.

The 2nd edition of the UM will be very user friendly.
I am sure everyone looking at it will be pleased with it.

The strain will go right off it.

I have already made some terrific breakthoughs with the revision.
It is looking wonderfully simple indeed.
And also very fast to apply - much needed in a fast moving market.

Please keep in contact with this thread.

[FXCaribbean]

Originally Posted by tymen1

Please keep in contact with this thread.

I think everyone will stay there anyway.

The most valuable from you is the way of thinking. It is a real open mind. Even if important, the method comes after IMO.


FXCaribbean
"Don't go where there is a path. Open a new one and leave a trail".
If you want to understand what we're talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live

[Ray_1]

Originally Posted by tymen1

Thank you for your feedback Condor.

The 2nd edition of the UM will be very user friendly.
I am sure everyone looking at it will be pleased with it.

The strain will go right off it.

I have already made some terrific breakthoughs with the revision.
It is looking wonderfully simple indeed.
And also very fast to apply - much needed in a fast moving market.

Please keep in contact with this thread.

Really looking forwards to the new version of the UM. I believe it will be much better than the first version.

[damo989]

Just a quick question Tymen,

Is the any useful books and online articles you used to learn candlestick trading. I have orded the Steve Nison book but it wont be here for nearly a month.

I have been reading the link you gave us on FXWords and its been quite useful.

Cheers,
Damo