Adventures in candlestick trading

Beginner Questions
61

Thanks mh for the link.
Is there a pdf?

62

Hi,

for the PDF u can go back to page 6 post #56 by Tymen on this thread, where he posted the most updated PDF.

regards
ilan

63

Thanks ilan… just confirming that that pdf is The Joy of Candlestick Trading - part 1?
Just that it says The Ultimate Trading method.
Thanks

64

Hi Tom
the pdf is the culmination of two years work. Part one is no longer relevant as many things have been updated. Everything you need for this method is in the pdf and any questions can be answered here
best regards

65

Thanks so much for your reply kockneerebel, I thought I might have to read part one before part 2, just wanted to make sure I started at the beginning.
Yes, I do need to catch up a little.
Thanks again.

66

Hi Tom
you are most welcome. I would suggest that you concentrate on the PDF first, everything you need is in it. Part 2 is interesting to read. Look especialally at murthu’s charts and Dodges you tube postings
best regards

67

Is the stoploss 3 pips above the highest wick a definite now? Not 3 pips above plus spread, and the highrisk one of 10 is no longer valid?:confused:

And i really like the new entry in the final version, using your eyes!:smiley: Very important, or else you will trade a ****ty pattern just becoz of excitment or boredom:o! And i strongly advice against trading ****ty patterns unless you use the advanced level, and even then you probably shouldnt, advice from newbie to newbie:D!

68

I’ve just started to look into this Ultimate Candlestick Trading Method this weekend.
I thought I’d look for Examples of trade set ups but not had much luck.
How often do these candle patterns appear? I’ve been looking for past examples but each time I find one:

  1. the middle BB is going in the wrong direction or

  2. The candle patten is on wrong side of the BB

Am I being too fussy or do I need to look harder?
How often on an average trading day would a pattern appear that met all requirements for this system?

Simon.

69

Hi Simon
with regard to pattern occurance, some days there will not be signal to trade and at other times there will be more than you can handel. Patience is a must for a proffessional trader, don’t trade nearly patterns, if a pattern is theretrade it but don’t try and see what is not there. How many TF’s and pairs are you watching?

best regards

70

Hi kockneerebel

Thanks for replying.

I use MT4 to find patterns and trade with Oanda. I use 15m, 30, 1hr and I have been looking on eur/usd and gbp/usd.

I did see lots of patterns that would have been good trades but on nearly all of them the mid BB line was going the wrong direction on the pattern was on wrong side of BB. I do have Patience but I thought I’d find more examples than I did. Is it different when the market is actually flowing or is this normal?

I have to say that I’m a complete novice at candlestick trading and have been swing trading using MAs up till now. On Monday I’ll be looking out for candle patterns on the right side of BB though:D

71

Hi simon
I also use mt4. it is really important to monitor more time frames to see more patterns. I use the period converter to watch 20.25.30,35,40,45 and 1 hr. I also watch 13 pairs but the six majors are really a must, and still there are days when no patterns for this system. hope this helps
best regards

72

Main Chart

859×479

I would have treated the 3 candle pattern that was shown above as Eve Star. However, the wick of the 3rd candle looks bigger. Hence I look at it more as a Bearish engulf*

73

5M Entry/Exit

The trade showed a retrace but hardly went against us before it took the plunge.

859×479

74

Main Chart - After Exit

Ok I am off to work now. Today looks to be throwing handful of patterns and i do hope the day remains like this for you guys to catch the pips. Happy trading :slight_smile:

Regards,
Muthu.
Chennai.
India.

859×479

75

Thanks kockneerebel

I’ve added the same timeframes too, and I’ve found some good patterns looking back in these new timeframes!

I’ll let you know how I get on once I find one in realtime to trade

Simon

76

Hi Simon
glad to help, I trade 6:00am to 6:00 pm gmt if I can help further

happy trading

77

unfortunately i had to be out today to look for a new flat, when i came back i saw that i missed this one.
hope the next one will come soon…

78

Hi kockneerebel,

I have all my new charts up but cant seem to get them to up date. They are all offline. I’ve used the " PL4 PeriodCon.mq4" file to make the different timeframes.
Did you you have any such problems or did you use a different file?

I’ve read all the instructions with this file and I’m sure I’ve done everything correctly.

Also, do you need a seperate window for each new time frame? With 13 pairs and 4 new timeframes does that mean you have 50 - 60 different window to go through?

Sorry for all the questions, I’m just interested to get this working properly

Best Regards,

Simon

79

Hi Simon
no probs. the way I set up is as follows
TF’s open 4 x one min chart apply the period converter changing the multiplier to 20, 25, 30 &35. then open 3x 5min charts hange period to 8,9 & 12. as i understad it the converter only supports 4 charts per tf. Then Open all tf’s for one currency plus 5 min for starc bands. Save each currency as a profile , then I can scroll through the profiles. hope that helps
best regards
Dave

80

Hi kockneerebel

I will have to try it later tonight Though as my trading day has now been interrupted for 8 hours due to a necessary but annoying job. I’ll let you know tomorrow how I got on

Thanks again,

Simon