Thanks for the replies. I suppose candlestick patterns appear randomly then.
One more question here, I have read many websites that says we should stay away from trading on the first and last day of the trading week, eve of major holidays, and near major news releases because of the volatility. Do these taboos apply to this candlestick method of trading? Or is it supposed to work effectively anytime, anyday, regardless of external factors like news releases? I do remember tymen saying that it is fine to trade this method during news releases.
I seem to remember Tymen say that he paid no attention to news releases. I personally trade every day although I do pay attention to news releases. I don’t see any reason not to trade this system at any time provided that the rules are adhered to. If you are trading during high volatility then trade management is even more crucial
If the patterns WERE random then UM wouldn’t work. Its because and ONLY because they’re not random that we can make good trades with them.
We are using reversal candlestick patterns. These appear when people have started to change their trading direction (it doesn’t matter WHY they decided to do this). The trick is to catch the reversal as soon as possible and get out just before it resumes.
This is where UM is great. It shows us the most reliable entry points and a choice of great exits.
Hi I have seven pairs open including the ones you mentioned and 7 chart time frames per pair (49 charts). I expect to see atleast two good trades per day at the minimum out of these. Some days more. The point to think about is you never know when they occur. So patience is required to trade this method. The good news is, if we trade highly reliable patterns there are hardly any big drawbacks during trades before it gives us profits. I refer you back to the charts posted both in this thread and JoCT 2 for your understanding.
Regards,
Muthu.
Chennai.
India. My Laptop is not ready and I hope readers are catching candle stick patterns so it can be posted and make it easy for us to learn
This thread is about trading candle patterns, not just the Tymen system, excellent as it is. As a proffessional trader you need to bear in mind the way the market moves. Tymens method is about catching reversals, but what if the market does not reverse ? what do you do if the market is trending ? do you sit on your hands watching massive moves waiting for the reversal ? Being able to trade the reverse is a very useful tool in our box, but it is not the holy grail. look to being able to trade in all conditions without becoming a system gypsy and without overtrading.
best regards
Eventually I do want to be able to trade in all conditions. However, I’ll get myself there step by step
Is there any particular technique/system you would suggest to couple with trend reversals? Just one though, trying to learn 2 things at once might break my brain.
Hi slane
certainly you should concentrate on learning one method at a time, but all knowledge is good. If trading with candles is a fit for you then maybe have a look at kenneth lee’s thread " true PA trading using MA’s as S/R"
best regards
Dave
Anyone having problems with the dealbook platform? The charts are not updating in tandem with price action. I have emailed their technical support and they asked me to clear all from storage manager. But after afew times this method doesnt work anymore? Its really really annonying
I’m quite keen to get myself moving in a direction where I could become a full time trader. Obviously this needs baby steps and may prove at some point to not be for me.
i can’t just drop my job and commit to trading in the hope it all works out. So I was wondering if there are any people out there who are working and trading? Or better, people who have been in that position and now trade full time.
Are there any tips/suggestions you would give me?
How much do you trade a day while still working?
What times do you find are best?
How much capital do you need with good money management to be able to make enough to live?
A morning doji star has formed on the lower BB of Eur/usd 1H chart. Waiting for the BBs to turn flat or up before i attempt a trade. Anyone spotted the same pattern?
Following on from my mistaken pattern read a couple posts back.
If a pattern occurs, but the bollinger band is not pointing with the direction of the reversal pattern, but it turns the correct direction 1 or 2 candles later, is that a signal?
Or does the bollinger have to be pointing the correct direction at the completion of the pattern?
