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THE JOY OF CANDLESTICK TRADING - a Learning Experience THE JOY OF CANDLESTICK TRADING - a Learning Experience
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  #641 (permalink)  
Old 06-23-2008, 04:05 AM
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Stage 6

Further progress is made on the 5 minute chart >>>


By tymen1 at 2008-06-15

Sorry, no main chart at this time to get perspective. We must work from the 5minute chart.

Now a very important note here.
Forget about the Bollinger bands just now! The price action may or may not cross them but we cannot depend on it.
What is important is the crossing of the upper Starc band.

We are now starting to walk the upper Starc and maybe it is getting to be time to consider entering that 2nd amount. That is for you to consider.

The "new candle" stands at 108.04 at present. This is one pip higher than the green candle of the previous chart.

The question is on the chart.
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Old 06-23-2008, 06:54 AM
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i will enter my second amount now at 108.04.
  #643 (permalink)  
Old 06-23-2008, 07:28 AM
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That sounds like a big hint to enter...

I doubt I would enter in real life so i'm just gonna stay out until I have a better signal to enter..

What signal is there to tell us to forget the bollinger bands?
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Old 06-23-2008, 08:12 AM
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Default Stage 6 answers..
As I am not sure about this candle, is it just opening or almost closed.

If it is almost closing I would enter now as the last 3 candles have just equaled the highest point from the first green candle.. ( which did hit the upper Starc band and may be the highest retrace point)

If it is just opening I would hold off a bit to see which way it heads then decide.
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Old 06-23-2008, 09:51 AM
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I would probably enter now because the candles aren't really agressively walking the starc. They are showing signs of slowing, so second amount now.


Tymen,

What was the significance of the coloring exercise? I've done a couple but I'm not sure how to use it. Does the yellow show the validity of the direction?

Thanks
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Old 06-23-2008, 11:13 AM
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Thanks to Tymen and Vulcan and Daydreamer.

I unfortunately have already signed up with MB Trading. So, there goes that. lol

I have found a nice platform that is based on MT4 but also not the same. The demo does not expire and the charts allow anything you want. So, I am going to use that for now and MB to place my trades.

I will see how it works out but now I have to set up all my charts all over again!

Looks like I will be able to get back in the game by Friday. Ughh!
  #647 (permalink)  
Old 06-23-2008, 12:50 PM
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Quote:
Originally Posted by KENNETH LEE View Post
As I am not sure about this candle, is it just opening or almost closed.
Just opening!!

A candle just closing would have a full body and an upper and lower wick!!

OK, decide now what you want to do!
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Old 06-23-2008, 12:55 PM
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Quote:
Originally Posted by VulcanClassic View Post
Tymen,

What was the significance of the coloring exercise? I've done a couple but I'm not sure how to use it. Does the yellow show the validity of the direction?
Thanks
The colouring exercise is designed to increase your visual acuity and increase your ability to detect small differences in the candlesticks as well as the bands. The colours do not show anything, just to separate the bands.

The benefits work on your subconscious and you do not notice it immediately.

I notice that by your above entry decision, that you are already starting to reap the benefits of this exercise.

Quote:
I would probably enter now because the candles aren't really agressively walking the starc. They are showing signs of slowing, so second amount now.
That is a very astute observation you have made!
Last edited by tymen1; 06-23-2008 at 01:03 PM.
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Old 06-23-2008, 01:09 PM
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Quote:
Originally Posted by sinn1 View Post
That sounds like a big hint to enter...



Quote:
What signal is there to tell us to forget the bollinger bands
Forget about the Bollinger bands all the time.

If price action does cross the upper BB as well as the Starc, then you can be doubly sure that you have reached an extreme.

I apologize if this seems to contradict information that I presented earlier.

It is a matter of presenting the material in stages, so that people can absorb it in little pieces.
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Old 06-23-2008, 01:17 PM
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Quote:
Originally Posted by BrianSNJ View Post
Thanks to Tymen and Vulcan and Daydreamer.

I unfortunately have already signed up with MB Trading. So, there goes that. lol

I have found a nice platform that is based on MT4 but also not the same. The demo does not expire and the charts allow anything you want.

.................................................. .................

Looks like I will be able to get back in the game by Friday. Ughh!

Go for it BrianSNJ!!
I take it you are using Navigator??

How does the platform you have found compare with GFT?

Friday eh?

Well, I will keep the trade open for you!
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