THE JOY OF CANDLESTICK TRADING - a Learning Experience

[Piphacker]

Hi there Guy's
Today at morning i entered for short on Euro/Usd after the formation of this candle shape in 4-Hour chart... I call this candle as PipHacker's favourate reversal candle... I enter for short onthe next candle after the formation of this reversal candle now see how much strong it's impact was on higher timeframe like 4-Hour as E/U After that dropp's for almost +65 Pip's!!!
PipHacker!!!

[greywolf238]

Here’s a trade I made following Tymens method. An evening star formed on the M30 chart G/U.
Switched over to the M5 chart, to look for an entry, MACD going down BB basically level, Resultant slightly down, which is were the price was currently at. Got in at market price of 1.9828.
The first candle after the evening star pattern is green and hopefully the end of the retrace. I got in at the 2nd candle after the pattern.
I did not set a SL or TP, this is just a demo account and I’m watching this trade closely
Got out at 9806 with 22 pips.

[greywolf238]

Nice one Piphacker, thanks for sharing.
Looks like a 3 black crow pattern.

[truzpip]

Thanks greywolf, I will post my questions in here.

Yesterday night I was trading the EUR/USD and found the evening star pattern tymen talked about in the first half of this thread. You can see it in the first thumbnail circled in yellow. I saw the pattern when it was already complete, so I had little time to adjust everything. The second thumbnail is the 5 min chart of that same trade, in both I have a black vertical line indicating the moment in which I entered the trade, the 20 min chart has three horizontal lines, the dotted one is the stop-loss, the other two are the entry and the exit of the trade. In the 5 min chart I didn't draw the dotted line because it was too high to be clearly seen.

The thumbnails doesn't look so good, so I uploaded them to another server.
Here are the links:
20 minutes
5 minutes

Ok, now the questions

I had a profit of 12 pips (which was my target, 2 pips for the comission and 10 for me) but the doubt arises at if that was a valid exit, I did it because it was piercing the low bolean line and thought it might arise again, to my surprise it kept going down and further down. I guess that my question is:
¿Do you have a suggestion you could give for this kind of exits?

The second quesiton is about the 20 min chart, as you can see overnight (or my night at least :P ) it went up again and a pattern formed, which I circled it in yellow, the question is:
¿Is that really a bearish engulfing pattern? I'm a little confused, because the tip of the red candle is lower than the tip of the blue candle.

That's really about it, thanks!

[greywolf238]

Originally Posted by truzpip

Thanks greywolf, I will post my questions in here.

Yesterday night I was trading the EUR/USD and found the evening star pattern tymen talked about in the first half of this thread. You can see it in the first thumbnail circled in yellow. I saw the pattern when it was already complete, so I had little time to adjust everything. The second thumbnail is the 5 min chart of that same trade, in both I have a black vertical line indicating the moment in which I entered the trade, the 20 min chart has three horizontal lines, the dotted one is the stop-loss, the other two are the entry and the exit of the trade. In the 5 min chart I didn't draw the dotted line because it was too high to be clearly seen.

The thumbnails doesn't look so good, so I uploaded them to another server.
Here are the links:
20 minutes
5 minutes

Ok, now the questions

I had a profit of 12 pips (which was my target, 2 pips for the comission and 10 for me) but the doubt arises at if that was a valid exit, I did it because it was piercing the low bolean line and thought it might arise again, to my surprise it kept going down and further down. I guess that my question is:
¿Do you have a suggestion you could give for this kind of exits?

The second quesiton is about the 20 min chart, as you can see overnight (or my night at least :P ) it went up again and a pattern formed, which I circled it in yellow, the question is:
¿Is that really a bearish engulfing pattern? I'm a little confused, because the tip of the red candle is lower than the tip of the blue candle.

That's really about it, thanks!

I'll try an answer your questions, i'm still learning all this stuff also.
First question about exits, i don't think there's any definitive answer when to exit, you can exit if you have a target number of pips or if you see a bullish reversal pattern.. etc.. I believe you get better with experience.

In my opinion, yes thats a bearish engulfing pattern, as long as the red candle is longer and engulfs the green candle, doesn't have to engulf the wicks/shadows.

[Piphacker]

Originally Posted by greywolf238

Nice one Piphacker, thanks for sharing.
Looks like a 3 black crow pattern.

Thank's Yea You can Say this... But whenever in a higher timeframe like 4-Hour or more if u find after a great bullish move a candle like this(Reversal hammer like in E/U Screenshot) than it's also a sign of reversal...or any candle with a long wick after a great bullish mood is also a sign of reversal candle & vice-versa ... In my journal's page No#30 I have posted an example with screenshot about some reversal candles !!!
PipHacker's Trading Jounral!!!
See them they are intresting one and are another favourate PipHacker's candlestick oattren's trading style
PipHacker!!!

[truzpip]

Originally Posted by greywolf238

I'll try an answer your questions, i'm still learning all this stuff also...
... I believe you get better with experience.

Thank you!! I certainly hope to get better with time. Advancing in the thread I found out what an evening star should really look like (page 19) guess mine is not exactly an evening star jajaja.

[jaguar1175]

Daydreamer65

Thanks so much-I'll give that a try

[Summerpip]

Hi tymen

Once again thank you for a wonderful thread and best wishes for you and your indigenous friend with this unpleasant court case.

good luck summerpip

[BrianSNJ]

@Tymen,

I wanted to wish you the best with your legal case. I am late catching the news because I have been reading this thread from page 1 on up. I am at about page 20 (half way roughly).

Since you are going to be away, I figured this was a great time to just say thanks. Truly amazing stuff going on in this thread.

Still no questions for me. I want to read all the material, read about candlesticks at the site you linked and just absorb it. No reason to rush to ask questions when with patience, the answers will come. Besides, I am not trading live so if I screw up, my imaginary money is affected only.

I cannot begin to express how much fun this thread has been and how wonderful your contribution is. You are very kind.

PS - for the record, I never thought you came across as arrogant or rude at all. I felt you were very direct and clear. I am like that as well and it does get me in trouble even though I meant well, so I know how you feel. lol

I look forward to your return!