Hi tymen1,
This thread is really useful to novice traders like us. I have benefited from this thread. I have wrote out a demo trading plan using 15 mins chart for spotting the evening star pattern and look for entry points using the 5 mins chart. However, my demo trading plan uses stochastic and moving averages, can you advise how can i apply these tools to trading the evening star pattern, instead of using BB? 
I donļæ½t want to speak for Tymen but I think heļæ½ll agree. Why would you want to use stochastics and moving averages instead of Bollinger Bands? 
Theyļæ½re both lagging indicators and Iļæ½ve found no use for them. They will get you into a trade too late. BBļæ½s are an excellent tool to go along with the candlestick patterns.
I have been watching and practicing this thread for a while now. I too want to thank Tymen for his unselfish sharing of knowledge. Itās not very often that some one will offer information for others to earn Money with out a benefit to themselves. I would also like to add that it has been very obvious that you are a true teacher/Instructor. I have studied other threads that are near impossible to understand or comprehend. Again Thank You.
That being said the piece that I am struggling with in my trading is the exit point. I have read that Tymen gets his 10 Pips and gets out. Is there a good visual clue in our arsenal that would tell us when to get out. Trust me I donāt want to be greedy. I am happy that I have found a system that allows me to get profiteable at all. Just thought with all the knowledge here we could come up with a good tool. The MACD doesnāt do it for me at all! Thank you to every one here that is willing to help out their fellow man.
i have been also thinking about the exit strategy. hope tymen will give us the proper answer to that.
thanks for your efforts tymen. keep up the goood work, teacher.
Hi Max99,
So you mean BB is a leading indicator compared to stochastic and moving averages? In addition, what are the settings for BB? 20 or 10? Pls advise.
i really need your help guys.iām new in forex trading and also just finished babypips school.but i need little help.i want to make money.my objective for now is just to making to $500 daily.right now iām using pivot point but its trickish.i need a trading system that is simple for a new student like me.please guys help me out.and i will ever be greatful.
thanks all
i really need your help guys.iām new in forex trading and also just finished babypips school.but i need little help.i want to make money.my objective for now is just to making to $500 daily.right now iām using pivot point but its trickish.i need a trading system that is simple for a new student like me.please guys help me out.and i will ever be greatful.
thanks all
Codename,
Have you read this thread from the beginning? Itās a good system. There are also many others on this forum.
Nobody is going to tell you how to trade, only what works for them, that is for you to decide. Itās going to take many hours of research and trial and error on your part.
Happy hunting
hi guys,
i just had two trades(usd/jpy & eur/chf) both successfull using this system.i had to wait for it alot though but worth the wait. it was just right. +20 pips each. good start for me.
keep up the goood work tymen and thanks for your thread.
[B]Ok, time to answer questions :[/B]
[B]To VulcanClassic ;[/B]
You are doing really well - I admire your sheer perserverance! Starting at 4.30am - wow!
With this attitude, you will soon reach the ranks of Dale Paterson, Tonymand, Rhodytrader and Daydreamer65. They are much more knowledgeable than I am and could easily pick holes in my work!
Yes it is a fight doing those trades. Remember the comment by Tonymand. He said ātrading forex is like wrestling crocodiles for a livingā.
Do you take countertrend trades?
Not sure what you mean here. I trade the candlestick patterns in an orthodox way.
It seems the entries are still valid but they turn around at or near the middle BB.
Yes they can and do! Remember that the middle BB is the average line, the line where all the trades gravitate to from the upper and lower bands. It is, therefore, a point where you can exit the trade.
Also, whatās the longest youāve had to wait for an entry?
This depends on the time frame (20mins-1hour). I have had some good entries and some lousy ones where the price really went against me. For a 20 minute time frame you have 20 minutes to fiddle with on the 5 min chart. After that the first candle is complete.
Likewise, you have 60 mins to enter on a 1 hour chart using the 5min chart.
I usually enter fairly promptly because the price meets the KC requirements. It is not a matter of how long you wait, but rather to get the correct price entry using the KC channel. But the longest I have done is, I think, the one posted very early on this thread where the entry on the evening star was particularly high.
I suggest that for 45min-1hour charts, a 10min KC chart may be more useful. This is because a 5min chart chops up a 20min chart into 4 pieces. A 1 hour chart makes 12 pieces - too many really. A more holistic approach would be to use 10 mins instead of 5. That gives 6 pieces.
hi tymen. great thread
i just wanted to know that how important it is to have ur main charts period set to 25 minutes. coz i m using mt4 and it only allows 30m. does it really matter or it doesnt make a big differnce. if it does, are we looking for a slightly different strategy on best entry on 5 minutes.
oh bytheway, does anyone here know how to get 20 minute and 25 minutes period on meta trader. thanks
goood luck trading.
Thanks for the encouragement Tymen,
I really needed it because Iāve been getting slaughtered. I tend to enter too early and exit too late. Gotta get a grip on those emotions. Greed and Fear the evil siblings.
What I meant by counter trend is; if the overall trend is long on a larger timeframe (1hr, 4hr), would you take a reversal signal short on the shorter timeframe (5m-30m)?
Curious how many trades can you average in one session?
I seem to wait and watch, and nothing for a long time, so I take a bad one out of boredom.
Thanks again Tymen
[B]To Ray_1 :[/B]
Take note of what Max99 says. He is quite correct in saying that stochastics and moving averages are irrelevant.
Candlestick trading and indicator trading are very different. The first is a chart of emotions while the second is a chart of computer calculations. As such you cannot really mix the two - there is little common ground between them.
The Bolinger bands are a probability envelope that tells us when price action goes to an extreme. The BB are a lagging indicator like all other indicators. The lag in the Keltner channel is reduced because of the way in which it is mathematically constructed.
The 15 min chart is really too short - 20mins is about as short as you want to be above the ānoiseā.
As a new poster, I feel that I need to take you in hand and contribute some useful tips.
Firstly, I would ask that you remain a person who can be moulded ie open to advice. People who are hardheads on this forum (there are some - I know who they are) pay for this by losing all or most of their money. Do not be in that group!
Now a list of suggestions in logical order :
Read again my post explaining candlesticks with reference to the magnetic field from physics.
Read also my earlier post explaining the advantages of candlestick trading.
Decide whether you want to be a candlestick or indicator trader. If indicator - then proceed to the many threads on this forum. They all use indicators.
If candlestick - then read this thread, starting from the beginning and read all the hyperlinks posted as well. This will take time but you will learn.
I traded the "cable " the other day with an engulfing pattern. The pattern looked highly dubious on the 20 min chart but was very clear on the 30 min chart.
More charts mean more patterns available but I am also finding that I do not make much use of the 35,40 and higher time frames. The 20,25,30 are important them maybe the 45, after that the 1 hour.
The 5 minute chart is always a 5 minute chart - it is constant.
I am sure there is somebody with the answer to your last question - because I saw someone specifically post on that matter - only I cannot remember where! :o
Congratulations on a good trade here Yuv ! Excellent start indeed. Waiting proves its worth every time!!
:) :) :) :)
[B]Now to those exits.[/B]
[B]To BossHoss and Yuv :[/B]
There are 3 ways to exit :
Grab 10 pips only (or less if it retraces).
Use your main chart and exit at the middle BB maximum.
Use your 5 min chart and exit when the MACD look like it has run out of steam eg trading short, MACD going down and then the MACD starts to curl back up.
I use (1) but any of these are good.
Actually, I do not use (1) so much as I watch the profit being made. My charting program (GFT) shows your floating profit/loss instantaneously. I have a set figure in mind. When it reaches or gets near that I close. (and watch ruefully as the profit continues to soar! :o :o )
But then I am safe! 
in my last two trades i used exit no.1. because the price was falling faster than i thought thats y i took +20 instead of +10. have i broken any rules here.
[B]To Vulcan Classic :[/B]
Do not dispair !!
Firstly, thank you for answering the question posted by Codename - saves me the trouble. Your answer was excellent.
What I meant by counter trend is; if the overall trend is long on a larger timeframe (1hr, 4hr), would you take a reversal signal short on the shorter timeframe (5m-30m)?
Definitely not. I do not trade the 4 hour but anyway :
I trade the candle pattern. If it is an evening star, I trade it short as required by the pattern. The time frame is irrelevant.
If I see a good (must be good) piercing pattern, I trade it long as required by the pattern. Again the time frame is irrelevant. I do an exit soon after (~10 pips).
Curious how many trades can you average in one session?
I seem to wait and watch, and nothing for a long time, so I take a bad one out of boredom.
Patience there, Vulcan Classic! :eek:
It pays off. Read Yuvās encouraging post!
Go for only quality patterns. It is better to leave the doubtful ones alone rather than make a loss.
If no good ones - [U]do not trade[/U]! Keep your money!!
Looked at my records - a sample from last week :
In one 6 hour period :
2 trades USD/JPY - one evening star and one dark cloud. (both quality)
1 trade GBP/USD (cable) - an engulfing pattern (very good).
2 trades USD/CHF (swissy) - an evening star [U]not traded [/U](overlapped above evening star trade at 11.00am)ā¦andā¦another dark cloud (good).
10 pips on all but one - this one only 5pips after spread. Nearly lost this one!
I cannot trade every day because my main income is from the Australian share market (which is not doing so well just now).
I wanted to post on stop losses but it is late now so I must go to bed. The share market tomorrow beckons.
So I will post tomorrow in between.
No rules broken !
Just means that I need to revise my poor exit strategy! :eek: :o