Main Chart - After Exit
Regards,
Muthu.
Chennai.
India.
LOL we both failed back to back on the same pattern. Maybe next time you’ll be on IM so we can cry together :o
My experiencies from a week+ of live trading.
Pros: works very well with both textbook&grey area trades, IF you know where(and when) to quit.
Im thinking of setting a daily pip goal, something small that is sustainble in the long run. ( i made 300 pips last week and lost almost as much+ commision, so i got 50 bucks hehe, but thats only 10 pips a day:mad:) Not having somekind of pip goal isnt working for me, im not Tymen and this isnt demo:p
CONS:mad:: the stop loss is never the same wich means the r/r is never the same. the starc bands and 5 min is hard to master, fake outs :mad:!!! But trading without them is really ****ins.
I have severely overtraded and will now implement the method of breaking even with 10pips 2 amounts, we´ll see how it goes!
But all in all it works, just stick to the rules hehe.
Hi, I read the thread and i think that this system is very well elaborate.
muthusai2000 did you ever think about building a EA out of this ?
It could be usefull.
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Similar failure to Dogde & Muthu 
Dodge, I’ve also had little success using Starc bands for exiting trades. I spent a good amount of time last yr trying to figure it out, but have since abandoned them. Now I just use the Mid BB as my 1st take profit and the pattern extreme for the SL. This has worked well for me. Also, what other methods do you use for trading?
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5 Min Chart
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Hi Mudar Welcome to Adventures in Candle Stick Trading ! Since this method relies heavily on spotting (visual) patterns on top/bottom bollinger bands, I doubt if there is any way an EA could be built ? I am not sure.
Regards,
Muthu.
[QUOTE=evancds;162473]Main Chart
Hi evancds,
Thats a nice trade to book your profits. So all three of us got caught in the same AU trade ha :o
Muthu.
AU the wicks would have kept me out of the trade the mid BB seems to be going upward quite a bit too, but i know its influenced by some candles after it.
thats a nice trade! but the stop loss gives me a headache:o , trim it and you have an engulfing, but thats still a big stop loss, am i the only one with these r/r questions?
With a Huuuge wick on a 1h time frame, we will never let our trade drag on till it goes and hits the stop loss. Especially this trade, the sl as you said is high, so we need to manage the trade using 5m chart and decided when its time to exit and not wait till it reaches PCI stoploss.
Regards,
Muthu.
The PCI stop loss that is at the extreme of the pattern is just to protect you in the case you lose power, your computer, or internet. If you have no technical problems then you should be managing your stops manually. Tymen says to exit IF the starcs turn against you, but this leads to many fakeouts. Others here may let the starcs turn but will use other factors to decide to take a loss and exit. Basically [B]you should never just sit there and watch your PCI stop get triggered[/B], something should make you exit before then.
Good replies, good points.
Ill take it no one trades the basic method then:p, ill share my ****ty mistake on the gpd, i believe tuesday, shorted right after london open, could have exited with a 11pip loss… but exited with a 120pip loss:o, yes i overtraded this, 6 mini lots lol, but the basic method says clearly that if your stop gets hit, your done, but i traded this with the advanced and broke several rules so blame is on me.
But! This brings me to the basic vs advanced style, they are almost like two different systems instead of variations of each other! I believe we all have seen patterns that just roars away in an instant, even though the starc bands and bb says NO on 5 minute chart, and the opposite, 5 min perfect, and then faked out, fake outs happen both ways positive and negativa lol:p.
Having some kind of pipgoal for each trade does help, but wich goal?
Random ranting thoughts hehe, but i must say this week has been slow, beeing a basic trader you had some good opportunities, not so many for the advnaced IMO ( london open --> london close ). We´ll see what next week brings!
Hi Loppan,
I pretty much trade the basic method since I found the starc bands to be ineffective for me.:o They always seem to fake me out, or get me in and out of trades late(it’s a moving average after all). I don’t even put them on my charts anymore. I do drill down to the 5 min to look at price action though and find a good entry. For take profit, my goals are the mid BB and a little inside the outer BB. If the risk vs. reward (current price to pattern extreme vs. current price to midBB) is not 1 or better, i wait for a retrace to enter or avoid the trade all together. I also try to look at the overall picture to identify S&R, or trend lines that maybe useful. If anyone is having good success managing trades via starc bands, your input would be greatly appreciated!
Nice a fellow basic lvl trader :)!
I agree, the r/r should always be 1:1 at least, a retrace entry will get you a better r/r, but heres my input:D!
It seems that wenever there is a low risk pattern ( 20 pip stop loss) price usually roars away, with partial or no 5 min agreement! And a big stop loss (30-40<–:eek:) retraces. ofcourse there migt be no trade, but yeah, i´d rather take the 20 pip loss than the 40 lol.
All in all, a low risk pattern enter right away ( or grab that 7max retace! ), high risk pattern better wait for retrace. Thats my experience at least.
Knowing when to use the basic, and when to use advanced, while keeping your risk/reward @ 1:1 is the key:cool:!
*i use a 10 pip extreme stop loss, dont know what my spread is since its ecn, better start som spread and r/r calcultion while trading lol!
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5m Entry/Exit
