I just finished that book. Vary good, the test at the end are helpful. But I needed a little more that is why I started this post.
To Jlmac27 :
Sorry about the delayed post - I have posts everywhere and I don’t always see a reply. I have recently had a little time to look at all the posts.
The patterns can be on [U]either [/U]of the bb. Note that this is in the larger time frames - I use 20 mins thro to 1 hour.
On the 1/5 mins timeframes the candles could be anywhere. I use the middle band (the average ) to estimate a trend.
Now say the candles are on the bottom bb of the 1 min. They can only go up at this point and waiting will give you a much better entry. Check with the 5 min.
Judicious checking of the 1/5 min timeframes will allow you to decide whether to enter immediately or to wait for an improvement.
For complete saftey I take no more than 10 pips total from the bottom of a morning star pattern. This may happen within say 4 candles of your timeframe. If your entry is higher then you can take more pips. With good leverage you can make your money extremely rapidly this way. Once the trade is closed you move on to the next pattern.
The money adds up.
Thank you for the reply,
I am currently reading nisons candle book,I just started it today...good book so far.I am trying to get these candles down.I can see where they will be very helpful in my future trading if I ever make it there!!LOL.I am messing with your system right now as I type this. I am waiting for a pattern.I am using a 30min. to trade off of, with a 5 min. to enter/exit.I really like the sound of this system I have played with several on this web site I just got to find one I am comfortable with.I like the part of get in get out and heavy leverage. I am anxious to see if I can get the hang of it!!! Can you post a couple charts maybe of a trade? Just wondering if not no big deal...thanks again tymen...good trading!!!