I believe this is a textbook entry, however I still need critics.
Total PIPS: + 39 pips.
Looks like you have done a textbook trade here, [B]asmi[/B]!! 
Its one of my first trade in months… and hearing from you is a great encouragement for me! Thank you!!
Also… I would like to ask, you are using dealbook 360 too right?
Take a look at this. I have queried, but according to them, they told me that it was because of unscheduled maintainance on demo price feeds. Which I find it very weird to be doing maintainance during traiding hours. I really hope to go live with them soon after a few trades, but after seeing this… Do you think that it is advisable?
As you can see, there 0520hrs, 0540hrs, 0600hrs, … , till 1050hrs candlesticks are missing! 
Yes, I use Dealbook.
Yes, by all means, sign up and go for it.
I have never had a problem with live trading with GFT. 
Main chart
5 min chart
Total pips: +24
I need to know train more so that I can have an excellent exit. This was a premature exit 
Slowly, slowly…
You are doing well, asmi!!
Take your time to develop.
You are doing better than a lot of traders out there!!
Soldier on!!
Hey Tymen,
I have a question to ask. When you said that a pattern is applicable to the next 7 candlestick, do you mean on the main chart or 5 min chart?
For eg. a candlestick on an 1 hour chart, is equivalent to 12 candlestick on a 5 minute chart. So, once we spot a pattern on an hour chart, it is applicable to the next (12 x 7) = 84 candlestick on the 5 minute chart?
If this is so, does this mean that a pattern formed on an hour chart compare to a 20 min chart, is much more stronger/reliable?
This was referring to the [U]main chart.[/U]
But be careful, it is more like 3/4 candles rather than 7.
If this is so, does this mean that a pattern formed on an hour chart compare to a 20 min chart, is much more stronger/reliable?
Absolutely!!
The higher timeframe patterns are much more reliable than the lower timeframe patterns.
Hello Tymen and others,
I have been looking through your candlestick threads and see that they started somewhere in 2008 and developed quite some bit. This looks like the en of the string and I have found 2 ultimate candlestick pdf’s. Now I was wondering what would be a good strategy to get into this method. 
Should I follow the original advice of the first pdf (4 levels) and read the first thread from page 140, read the first pdf and start experimenting, then gradually go through the second thread and get to the second pdf and then follow this thread to here?
Or is it possible and adviseable to go straight for the second pdf and then enter somewhere in second thread (where?) or this thread? I say this because probably some of the earlier advice is already out of date.
Besides that, I see a thread of yours about trend trading, which is another one I am interested in and trying to follow. Is that one seperate and on it’s own? Or does it make this thread obsolete. I hope you have the time to answer my questions, so I don’t “waste” my time studying out of date material.
Go straight to the 2nd PDF.
This is the only one that is relevant.
That is all you really need too.
As for the trend trading thread, that is a separate matter altogether.
Ok, cool. Thanks. This will spare me a lot of time reading old material. 
So any posts in this thread or the second thread are not relevant OR already covered in the second pdf?
I am still finding out what kind of trading personality I have and what kind of trading will best fit my current schedule, so also watching the trend trading topic will be a good idea.
Thanks for all these threads as they seem to have a lot of valuable information.
Hi all,
I’m supposed to be on holiday from trading but I couldn’t resist downloading the PDF so excellently put together and giving it a go. I really liked the collaborative effort that went into producing this strategy, hat’s off to everyone involved.
I’d like to share two trades with you, one from yesterday eur/usd and a usd/chf trade today, btw I’m only looking at hourly and 20min patterns.
EUR/USD 20min chart:
I realise that the doji part is green but apart from that it looked pretty good.
…moving down to the 5min…
I had to be a little patient waiting for the mid BB level to come flat as per the Advanced rules,
• Both mid BB + Starc in your favour.
• Mid BB in your favour, Starc level.
• Mid BB level, Starc in your favour.
• Mid BB level, Starc bands level.
This is where I exited the trade
Price had a big push outside the bands and then formed this doji, I got out at the next candle open.
Here is todays Usd/chf trade off an Evening star pattern on the hourly chart:
This time I got the green doji but the red bear candle is longer than the first green bull candle, so not a perfect picture but as the hourly trend is down in this pair I took the trade.
…down to the 5min chart…
All the bands this time in agreement. As price pushed again to the extreme of the bands I closed the trade out.
With 1 week to go before the end of the month this Morning star on the Eur/usd monthly chart could be interesting to watch 
I am first reading into the basic level before diving into the advanced one.
But I’m still not sure of when to exit (final profit target) on the basic level. Should I aim for the mid BB? Or are there any other things to look for?
One more thing: should we really use all those timeframes? Can’t we pick like two of them that we like (fitting out schedule) and use them on a couple of pairs?
Example: use 30M en 1H on EURUSD, GBPUSD, EURCHF, USDJPY, EURGBP. That would make 10 charts to watch. It shouldn’t be a problem that they’re correlated in some way, as the 20, 25, …, 60 charts are correlated too.
Thanks.
Just started learning about candlestick trading. I managed to download the ebook which Mr. Tymen posted and all I can say is that it is a fantastic resource which no one should miss.
I am not sure I can say enough to thank you Tymen but your efforts with the community (long list of names) have made me love learning forex more and more :D.
I am about to finish the second thread for candlestick trading and then I’ll jump here and start from page 1 also 
Edit: I wanted to post a nice trade which I entered today so that someone could comment on it but I am still <50 posts :o
Thanks to Pipsygirl for informing me that I can attach images instead of linking.
Please find attached the trade I was talking about.
Yes, you should aim for the mid BB - that makes an excellent exit point for starters.
One more thing: should we really use all those timeframes?
No you don’t have to use all those timeframes at all.
But if you only use a few, you will find that good candlestick patterns may be rather rare.
[B]referring to your first image…[/B]
The candlestick pattern needs to be on one of the outer BB - this is not the case here.
Go to the PDF and read again Section 2 - How the Method Works, Principle of Operation.
In both images your Starc bands appear to be confused - they should be much narrower than the BB - in fact less than half the width.
Go to this hyperlink and check the settings for your Starc bands…
The “factor” in the Starc bands = 1
I see your point clearly. :o