Main Chart - After Exit
I also would like to remind you about what Tymen used to say. Not to trade a second pattern at the SAME time as most of the times when trade pattern blossoms it comes up in more than one pair at the same time just like in our case above. So if you are a beginner and you see more than one trade coming up. Decide on the best pattern and just stick to it until you are done. Remember there is always another chance 
Regards,
Muthu.
Chennai.
India.
Nice trade Muthu
The Agreement on 5m Starc & BB came at 0645 candle. Also Note had we entered at 0630 5m candle in a hurry (Remember no agreement on starc and bb at that time) We would have been in an drawdown. However, since we waited till they fell into agreement. After our entry there was hardly any drawdown.
Just like a Sniper Shot we wait patiently and enter at the right spot !
Again, like yesterday, both EU & GU patterns formed with in a short interval span . Kindly of tricky to manage both trades at the same time. Hence not advisable to do so. However, both patterns were beautiful dark cloud patterns crying short. Hence took them. If you are a beginner please decide on THE BEST pattern and stick to it.
Regards,
Muthu.
Chennai.
India.
This Trade pattern also happened at the same time. However, i could not take it. I wanted to post this chart for our learning purpose. Remember it is also a grey area trade because the bollinger bands when the pattern formed were looking upwards and that made it bit of a risky trade and also this pair has a big spread so it is better to stay away on doubtful starters on this pair. However, this did give profits as you can see.
This is how the main chart looked after we exited at one of the possible areas shown. So why we did not wait till the pattern on the main chart reached Mid BB to increase our profits ? Please wait for the next post.
Since we entered a doubtful starter, lets try to grab our money and run to the hills instead of waiting and hoping for the pattern on the main chart to reach mid bb which never happened as you can see. We don’t want to give away our hard earned money to the market this way ! Especially when trading GJ. Look at how the top bb is shaping up. Looks like today throws some good patterns. However, got to go to work soon. So enjoy candle stick trading
Regards,
Muthu.
Chennai.
India.
Hi Dave,
Thank you !
Muthu.
Hi Muthu, great trades!
Could you please tell us more about your money management in this particular trade?
I see the first candle after the pattern surpasses the previous higher high, where the PCI stop loss would be.
I’d like to know what was your criteria in that case that allowed you to bank a profit, your risk reward ratio, etc.
Thanks.
Regards.
Definitely agree with needing patience…so easy to try to “create” a trade, only to lose $.
Hi wrtm_19,
Most Welcome. I would like to humbly refer you to post # 307 page 31. I also copy the message here for your kind reference.
“”“The Agreement on 5m Starc & BB came at 0645 candle. Also Note had we entered at 0630 5m candle in a hurry (Remember no agreement on starc and bb at that time) We would have been in an drawdown. However, since we waited till they fell into agreement. After our entry there was hardly any drawdown”""
As you can see our trade was initiated only at 0645 candle of 5m chart. Which means, the wick that you see on the main chart that was supposed to have triggered or teasingly went close to our stops formed when we are yet to enter the trade !!! Kindly also note that after we entered there is almost little or no drawback. I usually add spread plus 3 pips above the top of the wick. Hope this helps !
Regards,
Muthu.
Chennai.
India.
Sure now I see it thank you 
Most Welcome Cheers !!!
Hi Muthu,
I have a question for you here. I understand that you have a SL of 20pips for this particular trade. But what would you have done if price remained at around -10pips without going close to ur SL or ur entry price for an extended period of time of maybe 2hrs? Would you hang on to the trade hoping that it will go ur way eventually? Or get out with a loss because the trade is taking too long?
The reason I am asking this is because very often, I spot a pattern that looks very strong to me and I proceed to the 5min chart to do my entry. Most of the time, the trade will go against me after afew candles and starc bands start to turn against me. At this point of time, I always cannot decide whether to strictly follow the rules and exit when starc bands turn against me, or treat the turn of starc bands as a minor retracement before the big move in my favour.
With regards to this issue, how do u decide when starc bands turn against u? Do u take it as a sign to exit immediately or see it as a retracement before the trade moves in ur favour?
Very often when I treat it as a retracement, I will hang on for very long and incur even more losses because I am hoping that it will turn in my favour eventually. And when I exit right after the starc bands turn against me, I find that most of the time the trade would have been profitable if I had waited awhile more. Hope you can enlighten me regarding this issue. Thanks
