RESPECT FOR Mr.PHIL

Beginner Questions
1

I was going through your book,i find it very interesting.my question are

1.what time frame you prefer for using that analysis?.
2.what if the trend changes quickly and i don’t have enough time to define the r/s properly that will lead me in error?.
3.i have seen there is a jogi ,hammer,shooting star also before a reversal pattern occur?
4.can i make trades by just going short/long each time trendline come to the s/r if the reversal pattern never occur.

I will be very thankfull to you.i am always open to ideas and adv.:slight_smile: from others too.

2

Brrrrrrr. you really did NOT read his book. You may have “skimmed” over it. :slight_smile:

  1. 4HR
  2. On a 4HR chart you will have all the time in the world
  3. you don’t have to know all this big words and this would be more Tymen posts and trading system.
  4. you could but you also could wait and see till it is more defined.

All the above is in his book, so READ it again and again…
It takes a few times but he sums it up great. :slight_smile:

3

What is the book and where can I find it? I’m new and always looking to learn more !

4

here is the book PDF
http://forums.babypips.com/free-forex-trading-systems/25839-my-basic-chart-analysis-method.html

5

Here in Babypips you have a “Search” function next to “welcome” “Sign In/Out” and then “Search” type what you are looking for and it comes up. :slight_smile:

6

Oskar’s right, it is all in the ebook. But I don’t mind answering your questions anyway. :slight_smile:

1.what time frame you prefer for using that analysis?.

I use 4 hours charts, but you could use daily charts if you prefer. If you really, really want a lower timeframe you can use 1H charts, but I don’t recommend it.

2.what if the trend changes quickly and i don’t have enough time to define the r/s properly that will lead me in error?.

That’s one of the reasons I like 4H charts. The trend can’t change quickly! :slight_smile:

3.i have seen there is a jogi ,hammer,shooting star also before a reversal pattern occur?

Yes, but to keep things simple I don’t read too much into all the different candle patterns. They are all reversal signs, and they all have long wicks, so I just call them “long wicked candles.” It is true that they all mean slightly different things, but new traders shouldn’t be concerned with having to identify a million candle patterns with weird Japanese names (no offense to any Japanese people reading this. Sumimasen! :))

4.can i make trades by just going short/long each time trendline come to the s/r if the reversal pattern never occur.

I wouldn’t. Trendlines and S+R levels are broken all the time! You need additional confirmation that a reversal is happening.

7

Phil, I have one question about your pdf book. The very last picture. The geen line take profit. Did you choose that as your TP ahead of time and if so, why? or did you close the trade because it crossed the trend line and then placed the green line afterwards just to show where you closed the trade?

8

I placed the green line there afterwards to show where I closed the trade.

I would have closed it earlier than that if it had hit the lower trendline sooner or if it had showed strong reversal signs during the trade. I almost exited that trade when it showed the 3 IBs in a row, but I chose to just move my stoploss down a bit (don’t remember where, its been too long ago, probable near the upper trendline) and let it ride to the lower trendline.

9

thanks, thats what I thought just wanted to get it right. Didnt think you were putting a tp that far away without good reason