ADVANCED LEVEL
By
tymen1 at 2008-08-30
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.
Familiarity with the Starc bands.
Familiarity with the Keltner channels.
Ability to draw vectors and sum them to a resultant.
Charts required :
1) The main chart with timeframe ranging from 20 minutes to 1 hour.
2) A 5 minute chart with the Starc bands on it.
3) The Starc retrace chart may be needed for reference.
4) A 5 minute Keltner chart with Bollinger bands, Keltner channels, standard and inverse Di Napoli MACD’s. The Bollinger has standard settengs, Keltner has period 4, factor 1.
DDT :
The DDT is preset to 2 amounts througout this level.
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) Open the 5 minute Keltner chart and use the Keltner entry method to obtain the best entry.
Enter 2 amounts clicking the Direct Deal ticket. (DDT).
3A)
Pips first.
Switch to watching the 5 minute Starc chart.
Close both amounts with DDT when price action hits the relevant Starc exit point.
OR
3B)
Retrace first.
Switch to watching the 5 minute Starc chart.
If the price action goes negative, then close both amounts at -10 pips.
Total loss is -20 pips.
4) Re-enter 2 amounts when the price action hits the relevant Starc retrace point.
5) Exit the 2 amounts when the price action hits the relevant Starc exit point.
Repeat steps 4 and 5 until the price action on the main chart starts to reverse or the candles are too far away from the pattern.
END.
Linear Mode
