Master Tang and hellogoodbye4201,
I am back to school of pipsology inregards to Fibo. 
Welcome back, start with candlestick is very good, I am trying to learn the candlestick at the moment,which candlestick are most important when you do day trading. Happy and profitable trading.
pay attention to doji, hammer, hanging man, inverted hammer, shooting star, engulfing candles and tweezers.
This are the very basic types. Different source of reference might have a slightly different name for them but it does not matter.
What is important is you try to visualize what the price did for the candle to end up that way. Visualize that and try to picture what the price will do next. There is your entry.
One rule that has stood me well is never enter in between moves. You are either in early as the move starts, or you skip that entry. Entering in the middle is gambling. With a larger stop loss now.
hope that helps.
Happy Pipping.
Thank you, as you said don’t enter in the middle, when you want me to enter after close the candle. If I want to enter a trade I am looking daily chart and what time frame I will follow to enter the trade.I am absorbing the candle information at the moment with my demo account.happy and profitable trading.
Image 1
Image 2
how do you guys share photos without the pain of going through something like photobucket?
Ok this is a image of EU chart H1 TF for today.
The vertical grey dotted lines are D period seperators, so we get 24 candles in between marking 1 H each for one whole day or 24 hours.
First thin red line is the start of my Daily candle
Second thick red line is where I decide its good to sell.
Follow basic idea that if yesterday was sell then today is a sell also…but dont take it too literally,.
Then U can see initial SL marked as Stop Loss 1. That is where I would put my SL as I entered. if it went against me it would have hit 30 pips including spread. Painful? yes. But any less than this and it will most probably hit your SL. Dont get me wrong. The SL is based on Previous high area and not Pip count.
I dont put SL but watch the market because I know which direction its most probably going to end today. If I dont know that I dont take a trade. I let the market do whatever it wants. I get 3 to 4 good trades like this. Im very cautious on Mondays and dont take a trade unless everything shows 100% confirmation of direction because Mondays can be weird days.
When it crossed 40 pips, I put in SL at 5 pips + BE, or around the second dotted blue line marked as SL 2. This is something I do often, my tutor use to call it a free trade. If it goes against you after this you are safe. Matter of fact you had a free shot at the market today morning.
Sometimes I just cut it off with 30 or 40 pips. One extra pip in your account is one less pip out there. But I had a EJ trade going also, So I decided to cut my risk by half and move this into a BE trade since EJ pays higher per pip.
So I keep moving my SL per wave as best I can locking in profits as the market fell. The last SL move before it hit my TP was not a wave based move but more of a greedy move.
Market shot down in one big push and I am not going to give back that much for wanting an extra 50 pips.
So what I do? I look at smaller TF then H1. I saw a wave sort of candle on min 30 so I moved my SL to the peak of that bull candles wick. That locked in about 100 pips and then the following hour got me the remaining 50 pips.
Now remind you this is a very very rare good day. Most of the time hitting 50 pips per trade would really make me a satisfied idiot.
EJ gave me a good run today also.
Now for the part where I said I didnt use SL because I knew its going to fall today is based on my readings of the D TF chart as posted below.
I get up for the asian market and have a look at how yesterday candle closed before making up my mind on what is most probably the direction for today.
Then I wait for a possible entry on H1.
I use both MT4 and Trade station charts.
I hope that helps you a little bit.
Happy Pipping
Dont enter in the middle means dont enter in the middle of a drop or upward move.
Example in the chart I posted alot of new traders will get emotional and greedy and hit a sell at the SL 3 area in the chart hoping for a few pips. That is what I mean by entering in the middle of a move.
Most often a retracement of 20 or 30 pips might happen in the middle. They then get emotional that the trade is going against and they cut it off and try to hit a buy.
It will then finish its retracement and follow bias. So they keep holding hoping it will go back up and end up loosing even more then they did on the first two trades.
Trust me on this. I use to do that. Kept doing it again and again until I thought that its impossible to make money on forex because you have to predict which way the market is going and that is equal to taking a chance or gambling. You will never make your money gambling or by taking chances.
This is where practice comes in. Be calm in your entries. The market will always move. If you missed your chance today, you will get another better one tomorrow. Dont chase the pips.
Be calm and focus on your chart reading. Then you think about pulling the trigger to buy or sell.
The trick is to have patience. Be very patient.
I don’t know if i will be in trouble for telling this. Hopefully not.
Google “Jet screenshot”. Very helpful for me to take screenshots and use them on forums. 
Thank you very much Nikitafx, I am concentrating on the candlestick and the day chart, I was trying to enter a trade but I am really confused what exactly to see on the chart, looking for trend in the daily chart and looking 1h chart for trade opportunity.what extra need to look at.
Happy and profitable trading
try these two first. We will go further when U come back with problems encountered as u enter trades.
Then we know what to start looking at instead of grouping in the dark in regards to problems that are bothering u.
Happy Pipping
Thank you, I an checking the candle stick, but it is very difficult to know which way Market will move. At least I am trying everyday watching the daily chart and see the different candlestick for the Market movement.
You should also consider looking at H4 chart. H4 chart gives detailed view of traders sentiment. Also it helps you to understand whether a market is flat or trending.
If you can identify them, then there is a big chance you can see the probable market movement and that means green pips.
Many thanks, I am almost finish my candle stick lesson from babypips, now I am trying to apply my knowledge in the daily chart and 4h chart and 1hr chart.I think doji is very important candlestick to look for.
D TF.
Not Ideal sell scenario. I am very uncomfortable with the long tail on the previous day candle. Also looks like its bouncing off the same area. So entered a sell earlier with reduced lot size then what is called for in the current trade projection chart.
H1 Chart. This is as early as an entry I could get. Blue dotted line is my imaginary SL. Goes above and I dont see any other reason to hold I will cut the trade and accept the loss.
Dont think I need to post charts on how the trade went. 4 PM local time was Euro news. It pushed the market up but still came back to TP level.
News trading, especially news that goes against market move is another interesting and profitable way to trade. I call it rubber band trading. My teacher use to call it dejavu or something.
Either way have fun
Happy Pipping.
Hi sorry to ask you, what the main reason you went for this trade.
Because as I said earlier, I take trades on a daily basis. ( that means I hold a trade for a maximum of 100 plus pips. Most cases I take 60 to 80 pips. ) I rarely hold trades over night.
So I look at Daily chart to see direction of price movement. I only take trades that I can see which way it is going. So on the second trade, I didnt see a chance for a good drop because of the long tail on the previous Days candle. Still it was a sell because of my rule that if yesterday was a sell, then today will be a sell.
I trade on a daily basis, but that doesnt mean I take trades every day. Today I did not trade as I was not sure where the price was going to go. So sit and watch the charts every hour once. I thought AU would follow EU up but I still didnt take it. Turned out to be not such a bad call after all.
Hi Nikitafx, so you always look for previous day candlestick for entry, but when you enter the trade, and where you place the SL and TP.
Good advice here have not finished reaing this thread yet but cudos on this