5 Minute Chart
Please post better charts:
http://forums.babypips.com/newbie-island/19339-joy-candlestick-trading-part-2-a-51.html
Hi Dodge
Happy New Year and many pips to you 2010
Hi,
Good to see some nice big charts from you. Keep them coming. I wish you and all readers of this thread and all of Babypips a very happy, peaceful and prosperous New Year. May God show mercy on us all
Regards,
Muthu.
Chennai.
India.
The trade worked out but you are outside of Tymen1’s rules. On your main chart the mid-BB is not in your favor, however I know that myself and a few others don’t necessarily follow that rule. The outside BBs on the main chart look good enough for me to move on to a five minute chart. The one rule I would not have broken was that on your five minute chart the mid-BB is not in your favor, I always wait for things to line up on the five minute chart. The five was turning and maybe there was a safer entry a little bit later. It’s helpful to post the currency pair and time (in GMT) so other people can look at their charts.
You can also turn off your positions in GFT if you don’t want them in your charts you post in the forums. It’s in the chart setup. Good luck and look forward to seeing more charts.
I see. So the Mid Bollinger Band needs to be at least level on both the main chart and the 5 minute chart? Assuming you want to be as safe and conservative as possible.
As long as I’m trading demo it doesn’t bother me. Of course everything changes when you move on to live trading.
If you want to follow Tymen’s method exactly then yes. He explains in his method that it is just as important to have correctly shaped BB on the main chart as it is to spot a good candlestick pattern. This means that the outer-BBs are either flat or curving in and the mid-BB is level or turning in our favor. Then on the five minute chart you want the mid BB in your favor also.
Now you will see people take a trade even if the mid BB on the main chart isn’t sloped correctly. However, I would recommeneded that if you are going to do that make very sure that everything else is in your favor: you have a good pattern, outer BB on the main chart curving in, and starcs/mid-BB on the five minute chart look good also.
The trade was going against us for a while. The starcs were sharply rising however, the stops were small and the mid bb on 5m was still flat/in favor thru out so i was in the trade.
