THE JOY OF CANDLESTICK TRADING - a Learning Experience

[tymen1]

So here is the diagram for starc band entries and exits, long, on the 5 minute chart.


By tymen1 at 2008-07-24


The blues are most probable entries, greens most probable exits.


And here again, is the diagram for starc band entries and exits, short, on the 5 minute chart.


By tymen1 at 2008-07-01


The blues are most probable entries, reds most probable exits.


I would strongly recommend that readers who take up my UM method of candlestick trading do print both these diagrams so that they are on hand to refer to when trading.

[tymen1]

Final post before we start an engulfing trade.

I recommend the following be printed also.




UMS - method for short.


By tymen1 at 2008-06-16



UML - method for long.


By tymen1 at 2008-07-23

[FXCaribbean]

Originally Posted by tymen1

Hmmmmmmm.

Nice attempt to index everything FXCaribbean!!

It is an attempt to save time if i had to get back to something

Originally Posted by tymen1

You need to put the page numbers in, though. Otherwise it can be time consuming to find the post.

page numbers aren't reliable because each of us can set it to what we want (mine is the biggest).

Originally Posted by tymen1

But apart from BB = Bollinger bands and KC = Keltner channel, I will not be using any further abbreviations.

This is because of my teacher training.

ok, sure. I just wanted the text to be short. Again, it was mostly for me

Originally Posted by tymen1

2) Readers have come and gone since I started this thread. Quite a few are no longer with us and several new readers have joined up. This trend will continue and I am man enough to accept that.
This means that the page posted by FXCaribbean will only be known by the present readers.

I was hopping that when you would have sent the GoldMaster post, you could add the link to your sig.

Originally Posted by tymen1

Nevertheless, FXCaribbean's work is very pleasing.

Thanks. Did you checked all of it ?

Originally Posted by tymen1

But do remember to demo trade!!

The whole aim of this thread is to teach you to trade competently.

I add right away those 2 MAIN things to the current version.

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

[FXCaribbean]

Originally Posted by VulcanClassic

There is no MACD or BB on the 5min chart. Those indicators are only on the main chart to determine where in the KC on the 5m chart to enter.

Hmmm, the provided link show a resultant done on the 5mn chart from BB && DMACD. (it is DMACD!).

Originally Posted by VulcanClassic

I assume you're only talking about short trades here.

Yes ! UMS stands for Ultimate Method for Candlestick Trading - SHORT


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

[FXCaribbean]

Tymen,

Doing the summary there is one thing i didn't get.

Do you advise, for each currency pair one choose to trade, to use all the timeframe from 20mn to 60mn, 5mn step to "hunt" the Evening Star ?

If yes, then i can't find the post where you linked each timeframe to the related KC or STARC


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

[tymen1]

Originally Posted by FXCaribbean

Do you advise, for each currency pair one choose to trade, to use all the timeframe from 20mn to 60mn, 5mn step to "hunt" the Evening Star ?

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

Yes!! By all means, hunt for an evening star.

That is why we have all these charts - to maximize the probability of finding one in any given day.
The multiple charts are also in all the 4 major currency pairs so that there is now a great chance of finding a pattern.
I use 44 charts.
On a good day I can get 4 patterns in an 8 hour period.
Pips on all of them!!
Remember................ no patterns - no trade - no pips - no money!!

The people doing long term trading with candlesticks can spend days and days before finding an evening star.
No money all that time!!

If yes, then i can't find the post where you linked each timeframe to the related KC or STARC

There isn't one.

A 5 minute KC or starc chart will do for each timeframe.

In addition, you can also change the 5 minute chart to a 10 minute chart when you look at 45-60 min timeframes.
But I have found that the 5 minute time frame is about the best.

It is different if you traded a daily chart.
Then I would recommend a 4 hour KC or starc chart.


Finally I need to clear up a misunderstanding with you and VulcanClassic.

The main chart has only the Bollinger bands on it - nothing else.

The 5 minute KC chart has Bollinger bands, Keltner channels, and 2 MACD's - the normal and the inverted.
The MACD's can be minimized by using the platform charting facilities.


The 5 minute starc chart has Bollinger bands, starc bands and, later, we will be including a specially modified Stochastic.

It is an advantage to have 2 separate 5 minute charts - one for the Keltner entries and one for finding the retraces with the starc bands.

Hope this clears up some problems.



Sorry if I put a downer on your indexing work - it is great!!

Very smart also is your hyperlink "this" !!
Now every reader can link back to your indexing post.

Still, you will have to do more index work - because there is more to come.

[FXCaribbean]

Originally Posted by tymen1

Still, you will have to do more index work - because there is more to come.

I don't care. When i was a student i used to do my homework that way eg rewriting all my math lessons. It was a good way to make the thing enter the head. It oblige you to explain yourself (!!!).

But, tymen, I would really wanted you to send the MasterGold because all of this belong to you. You are THE owner. Then the link will have the owner head....


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

[tymen1]

To FXCaribbean :

What on earth is this MasterGold thing you keep talking about?

[VulcanClassic]

Ah,

I have more reviewing to do.

I also didn't realize we were using two 5m charts. That would be alot of indicators on one chart.

[FXCaribbean]

Originally Posted by tymen1

To FXCaribbean :

What on earth is this MasterGold thing you keep talking about?

It is the latest version of the said post with all the final correction.

Like for software you have alpha 1,2,..., beta 1, 2 ,..., RC 1 (Release canditate), 2, ...then GM = Gold Master which ends the list definetely

Anyway, I updated the #811 (Alpha 3) with all you've just said.


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