Hi there Guy’s:)
Today at morning i entered for short on Euro/Usd after the formation of this candle shape in 4-Hour chart… I call this candle as PipHacker’s favourate reversal candle… I enter for short onthe next candle after the formation of this reversal candle now see how much strong it’s impact was on higher timeframe like 4-Hour as E/U After that dropp’s for almost +65 Pip’s!!!
PipHacker!!!
Here�s a trade I made following Tymens method. An evening star formed on the M30 chart G/U.
Switched over to the M5 chart, to look for an entry, MACD going down BB basically level, Resultant slightly down, which is were the price was currently at. Got in at market price of 1.9828.
The first candle after the evening star pattern is green and hopefully the end of the retrace. I got in at the 2nd candle after the pattern.
I did not set a SL or TP, this is just a demo account and I�m watching this trade closely
Got out at 9806 with 22 pips.
Nice one Piphacker, thanks for sharing. 
Looks like a 3 black crow pattern.
Thanks greywolf, I will post my questions in here.
Yesterday night I was trading the EUR/USD and found the evening star pattern tymen talked about in the first half of this thread. You can see it in the first thumbnail circled in yellow. I saw the pattern when it was already complete, so I had little time to adjust everything. The second thumbnail is the 5 min chart of that same trade, in both I have a black vertical line indicating the moment in which I entered the trade, the 20 min chart has three horizontal lines, the dotted one is the stop-loss, the other two are the entry and the exit of the trade. In the 5 min chart I didn’t draw the dotted line because it was too high to be clearly seen.
The thumbnails doesn’t look so good, so I uploaded them to another server.
Here are the links:
20 minutes
5 minutes
Ok, now the questions 
I had a profit of 12 pips (which was my target, 2 pips for the comission and 10 for me) but the doubt arises at if that was a valid exit, I did it because it was piercing the low bolean line and thought it might arise again, to my surprise it kept going down and further down. I guess that my question is:
�Do you have a suggestion you could give for this kind of exits?
The second quesiton is about the 20 min chart, as you can see overnight (or my night at least 
) it went up again and a pattern formed, which I circled it in yellow, the question is:
�Is that really a bearish engulfing pattern? I’m a little confused, because the tip of the red candle is lower than the tip of the blue candle.
That’s really about it, thanks!
I’ll try an answer your questions, i’m still learning all this stuff also.
First question about exits, i don’t think there’s any definitive answer when to exit, you can exit if you have a target number of pips or if you see a bullish reversal pattern… etc… I believe you get better with experience.
In my opinion, yes thats a bearish engulfing pattern, as long as the red candle is longer and engulfs the green candle, doesn’t have to engulf the wicks/shadows.
Thank’s Yea You can Say this… But whenever in a higher timeframe like 4-Hour or more if u find after a great bullish move a candle like this(Reversal hammer like in E/U Screenshot) than it’s also a sign of reversal…or any candle with a long wick after a great bullish mood is also a sign of reversal candle & vice-versa … In my journal’s page No#30 I have posted an example with screenshot about some reversal candles !!!
http://forums.babypips.com/forextown/11844-piphackers-trading-jounral-30.html
See them they are intresting one and are another favourate PipHacker’s candlestick oattren’s trading style:)
PipHacker!!!
Thank you!! I certainly hope to get better with time. Advancing in the thread I found out what an evening star should really look like (page 19) guess mine is not exactly an evening star jajaja.
Daydreamer65
Thanks so much-I’ll give that a try
Hi tymen
Once again thank you for a wonderful thread and best wishes for you and your indigenous friend with this unpleasant court case.
good luck summerpip
@Tymen,
I wanted to wish you the best with your legal case. I am late catching the news because I have been reading this thread from page 1 on up. I am at about page 20 (half way roughly).
Since you are going to be away, I figured this was a great time to just say thanks. Truly amazing stuff going on in this thread.
Still no questions for me. I want to read all the material, read about candlesticks at the site you linked and just absorb it. No reason to rush to ask questions when with patience, the answers will come. Besides, I am not trading live so if I screw up, my imaginary money is affected only.
I cannot begin to express how much fun this thread has been and how wonderful your contribution is. You are very kind.
PS - for the record, I never thought you came across as arrogant or rude at all. I felt you were very direct and clear. I am like that as well and it does get me in trouble even though I meant well, so I know how you feel. lol
I look forward to your return!
Hey PH,
Just wanted to drop a hello and say that I discovered your thread last night by accident. I saw that it related to candles and started reading it. It is a little hard to follow for me because I am learning candlesticks and patterns. Many of your statements are not clear or obvious to me but I am learning.
Take care
Brian,
If you are serious about candlesticks, I recommend one of Steve Nison’s candlestick books, i’am currently reading Japanese Candlestick Charting Techniques, Second Edition from him and im learning alot from it, i hope to finish reading it over this weekend.
You can get it at a decent price from Amazon.
LOL You must have read my mind. I actually was going to buy some of his books…about 2 or 3 weeks before I even stumbled upon this thread. I have the 1st edition of the book you have. I am not going to bother with it. I am going to buy the 2nd edition.
I remember trading Currency Futures (on the Tradestation platform and broker) back in 2001 and stumbling across an article in Active Trader or some such magazine …and the light bulb went off! I had been using regular OHLC bar charts but when I saw candles…I could see the advantages immediately.
Unfortunately, we got slaughtered in the futures market. Essentially, there really was no such thing as free demo accounts and charting! No resources like babyPips either. Also, the best we could get at the time was AOL dialup! UGGGGGGGHHHHHHH!!
So by the time we got wiped out is when I discovered candles. It was too late and the money was gone and I was frustrated. FORTUNATELY, most of the money lost was not mine but my friend and his brother’s funds. I knew we were doing things wrong but they would not listen to me and we kept repeating the same mistakes. I was actually trading the EUR/USD when 9/11 happened! What a spike! I was freaking out and trying to get out. TOO LATE. A friend called me, told me to put the news on and then I found out what had happened! WOW.
I just kind of put trading on a shelf. For some reason, about 3 or 4 months ago the interest rekindled. Probably because I went from being a top performing real estate agent to barely surviving in this current east coast market.
I scoured the internet, read book reviews at Amazon, etc and got completely overwhelmed. One thing I knew for sure though…I WAS NOT GOING NEAR THOSE @#$%! CURRENCIES again!!! LOL
However, once I did my research, I could see clearly that Forex had soooooooooooooooooooo many advantages, it fit my personality and trading style, and I had received a hard learned and very expensive education in it years before so I was very familiar.
Honestly, the nail in the coffin was BABYPIPS. YES! This site calmed me down, cleared my head and pulled me together. The BP school really put it all into perspective. Exactly what the doctor ordered.
When I go live and make some actual money, I am going to buy the school PDF. Not that I need it, I just want to give back to this site.
Looks like someone did not read the rules about posting personal links. :eek:
Again. Amazing stuff. I have it down pretty solid so far.
To all the knowledgeable and experienced traders following and helping this forum -
I think one thing we need to discuss, incorporate, make rules for or consider is what to do at or around news times.
I know Tymen said it has not been an issue for him. Is that just luck or maybe his time zone? Will someone like myself on the East Coast USA get butchered?
My thoughts right now say avoid news times. News times throw out all the rules. It is all based on the impact of the specific report. Candlesticks, BBs, MACDs, Keltners or not. lol
Anyone have any thoughts based on wisdom and experience?
tymen1,
I just finished reading the entire thread and wanted to say thank you for all the great information and hard work.
Looking forward to future posts!!!
Hello I am back. My court case is ongoing and I have further matters on Thursday June 5.
So I will have limited postings until then.
Thank you to the compliments from [B]Keitsuke, 4xStar, Truzpip, Summerpip[/B], [B]BrianSNJ, Chewbacca [/B]and, of course,[B] Greywolf238[/B], who is doing a lot of hard work answering the questions in my absence and contributing a great deal to this thread.
[B]Hey WellCome Back Tymen:) Seems you are forgetting about PipHacker lol:D I may not be the one who is perfectly answering the questions here but love your thread
PipHacker!!! [/B]
As a tribute to the good work of Greywolf238, I wish to look at a post he made regarding the trading of an evening star.
Post number #482, page 49.
This trade was made on a 30 minute chart. A 5 minute KC chart was used. You could also have used a 10 minute chart.
I will go thro this trade in detail firstly for the benefit of Greywolf238 and secondly all readers so that we may see any corrections needed and learn how to fully handle this trade.
Greywolf238 did not put down a stop loss so firstly I will set that in for you.
We will look at the “take profits” (TP), as we go along.
Here is the main chart >>>
By tymen1 at 2008-05-29
This chart shows the BB expanding rapidly. Remember this set up?
Stars here are fraught with danger, the price action usually goes level, and then if a second pattern appears, it will go down.
The candle is a good candle but with the BB as it is, we set the stop loss as shown at high risk. (red dashed line).