THE JOY OF CANDLESTICK TRADING - a Learning Experience

[tymen1]

Stage 5


By tymen1 at 2008-06-15

Now we are really getting into the action!!

The question is on the chart.

The exact values of that green candle are :

top...........108.03
close ...... 108.01

Cupofjoe (Newbie - congratulations for participating) had his stop loss set at 108.04 - he has had a narrow escape so far!!

Stop losses :

Kenneth Lee - 108.12
Vulcan Classic - 108.12
Keitsuke - 108.10
Trav72 - 108.11
Sinn1 - agreed with answers - will give you 108.11.
Sinn1 has bailed out after 10 pips, that is 108.02. Stop loss cancelled. Credit to Sinn1 = -10 pips.
Tymen - 108.11

Everyone except Sinn1 is still in the trade so far.

[trav72]

price is still going up. We wait for it to maybe walk the upper starc band and pierce or touch the upper bolinger band and then enter a second amount. The bolinger band is travelling horizontal and it hasnt trumpeted so we look for price to go to upper bolinger band as we are in middle of band and starc is going up

[sinn1]

I agree with Trav72.

Starc bands are going up still.
Bollinger upper band starting to go up which will give Starc band more room to go up also.
I would look for a retrace-top to be near the cross of the upper Starc and upper bollinger band.

[tymen1]

Originally Posted by ericoco

Tymen, are there any particular settings for the starc bands or do we just use the default settings?

Just use default settings.

[tymen1]

Please note slight editing of post #621 under "stop losses"

[VulcanClassic]

After reviewing the thread again, I would say to wait until price pierces both the upper BB and the upper Starc band and closes below them, then add.

[keitsuke]

I would wait for the next candle..

[VulcanClassic]

Originally Posted by Tyrian

You're so tough guys here.
I'm newbie trader. Can I ask the question? I found one simulator and it looks good - Forex Tester. How do you think, can I buy it? Thanks!

Tyrian,

Welcome to Babypips. You'll find a wealth of good info here.

May I suggest that you re-post this question by starting a new thread under Newbie Island or Rate my Software. You should get some good responses.

[BrianSNJ]

I am still here Tymen. Just have had serious work and client issues to deal with. Several deadlines needed to be met. I am way behind so I am going to have to catch up, but still loving your system and APPRECIATING your school teaching style. REALLY! I cannot thank you enough! I may be silent but I am here. lol

[neboxian]

I read the WHOOOOOLE Thing.... Wow ...Tymen you are the the Big Dog in the candle stick factory....I have learned more from this thread than all the other wannabe training sites combined...I've been trading fx for 6 months and my biggest weakness was staying to long in bad trades and getting out to soon in the good trades.. took me a long time to understand the volatility of fx and was constantly Spooked out of good trades ...as a result ....lots of losses and small wins...I never could answer the Questions of Why is the trade valid or what is a good pattern when price is moving the wrong or right way. Your Training gives rock solid reasons to enter, hold and exit... I have used the Gtf trade platform and have spent months in their Demo (new account set up is $250 USD and you get a live and Demo chart platform)....but nothing really teaches better than working with real money.... I have a mini lot account and don't risk much but I suppose the pain of even small loss and the excitement of the win make one focus harder. I believe it forces one to seek all the right questions ..thanks for teaching us the right questions and showing us how to answer them profitably. As a result , I placed two trades With your guidance last week + 15 pip and +35 pip.
Most Importantly , I knew the Why! From The entry to the exit....Thank'ya...thank'ya...thank'ya