THE JOY OF CANDLESTICK TRADING - a Learning Experience

Beginner Questions
631

[B]Stage 5[/B]


By tymen1 at 2008-06-15

Now we are really getting into the action!!

The question is on the chart.

The exact values of that green candle are :

top…108.03
close … 108.01

Cupofjoe (Newbie - congratulations for participating) had his stop loss set at 108.04 - he has had a narrow escape so far!! :eek:

[U]Stop losses [/U] :

Kenneth Lee - 108.12
Vulcan Classic - 108.12
Keitsuke - 108.10
Trav72 - 108.11
Sinn1 - agreed with answers - will give you 108.11.
Sinn1 has bailed out after 10 pips, that is 108.02. Stop loss cancelled. Credit to Sinn1 = -10 pips.
Tymen - 108.11

Everyone except Sinn1 is still in the trade so far.

632

price is still going up. We wait for it to maybe walk the upper starc band and pierce or touch the upper bolinger band and then enter a second amount. The bolinger band is travelling horizontal and it hasnt trumpeted so we look for price to go to upper bolinger band as we are in middle of band and starc is going up

633

I agree with Trav72.

Starc bands are going up still.
Bollinger upper band starting to go up which will give Starc band more room to go up also.
I would look for a retrace-top to be near the cross of the upper Starc and upper bollinger band.

634

Just use default settings.

635

[B]Please note slight editing of post #621 under “[U]stop losses[/U]”[/B]

636

After reviewing the thread again, I would say to wait until price pierces both the upper BB and the upper Starc band and closes below them, then add.

637

I would wait for the next candle…

639

Tyrian,

Welcome to Babypips. You’ll find a wealth of good info here.

May I suggest that you re-post this question by starting a new thread under Newbie Island or Rate my Software. You should get some good responses.

641

I am still here Tymen. Just have had serious work and client issues to deal with. Several deadlines needed to be met. I am way behind so I am going to have to catch up, but still loving your system and APPRECIATING your school teaching style. REALLY! I cannot thank you enough! I may be silent but I am here. lol

642

I read the WHOOOOOLE Thing…:smiley: Wow …Tymen you are the the Big Dog in the candle stick factory…I have learned more from this thread than all the other wannabe training sites combined…I’ve been trading fx for 6 months and my biggest weakness was staying to long in bad trades and getting out to soon in the good trades… took me a long time to understand the volatility of fx and was constantly Spooked out of good trades …as a result …lots of losses and small wins…I never could answer the Questions of Why is the trade valid or what is a good pattern when price is moving the wrong or right way. Your Training gives rock solid reasons to enter, hold and exit… I have used the Gtf trade platform and have spent months in their Demo (new account set up is $250 USD and you get a live and Demo chart platform)…but nothing really teaches better than working with real money… I have a mini lot account and don’t risk much but I suppose the pain of even small loss and the excitement of the win make one focus harder. I believe it forces one to seek all the right questions …thanks for teaching us the right questions and showing us how to answer them profitably. As a result , I placed two trades With your guidance last week + 15 pip and +35 pip.
Most Importantly , I knew the Why! From The entry to the exit…Thank’ya…thank’ya…thank’ya:p

643

BB starting to flare a little but flat

sarc up
center bb up

price could touch top sarc and walk up to BB
at this point from the low , retrace is 60% of sl target of 108.06
why 108.06? …strong star pattern and and entry vector was flat to slightly up
will consider moving sl to max star +3
would like to see the 25m chart to keep prespective
need to wait to see how next candle develops and closes

SO-HAW! :cool: (sit on hands and wait)

We are waiting for a retrace B4 next entry

644

Quick question to all following this thread -

I was using GFT/DealBook 360. I really liked it but they only give you 30 days then it expires, too much trouble. Also, everyone is doing EAs and indicators for MT4.

I have an MT4 demo with StrategyBuilder FX that does not expire but I can only get 1,5,15,30 minute and 1 hour charts. I cannot seem to find a file for MT4 that allows you to change the time frames.

Does anyone have a solution for that? I read this entire thread and have not had success but maybe I missed something.

Also, if MT4 is not a solution, is there any other recommended that cooperates with Tymen’s system? How is Oanda? It does not expire, so that would be nice.

Please help me here. I want to be IN TUNE with what is going on here.

Thanks so much. The people in this thread are wonderful.

Brian

645

Brian,

Somewhere in this thread I did a post with instructions on how to change MT4 timeframes.

I was using MT4 as well but decided to go with GFT (had to deposit money to keep the charts, but worth it), Dealbook is just more versatile.

Oandas charts suck.

Good luck

646

From earlier on in the thread.

647

OK…now I see how to get a 20min chart…but how do I get a 25, 35, 40, 45, 50 and 55 minute chart?

If I change the multiplier again, the 20 minute chart dies.

PS - Thanks to Vulcan and Day for guiding me.

648

Brian,

You could start with a 1 minute chart and multiply it by those timeframes. I think you would have to open a new 1 min chart for each timeframe you want to create.

Thanks Daydreamer for finding that post.

649

Thats fine BrianSNJ! :slight_smile:

There is a way you can still keep your GFT demo program.

Call Kinetic Securities in Sydney and ask Jay to open a forex account with them. Ask for the demo to be indefinite and he will give it to you.

You can elect to keep your money in the American Morgan Chase bank or the Australian branch.

Kinetic Securities is and introducing broker for GFT ie they are a stock and forex broker. They use the GFT platform.

Tell him that I sent you because I am trying to promote his site.

If you type “Kinetic Securities” into Google you should get it immediately.

It is one of the cleanest websites I have ever seen. Their telephone number is listed, of course.

Hope this helps.

650

Thank you Vulcan Classic and Daydreamer65 for your very helpful posts. :slight_smile: :slight_smile:
It saves me a lot of trouble sorting these things out.

To Daydreamer65 ;

Great to see you on this thread! :slight_smile:

Good to know there are two veterans, Daydreamer65 and Tonymand, on this thread to keep me on the straight and narrow!! :smiley:

651

Firstly, welcome to this thread…and pleased to know that you are getting much out of it.

As a result , I placed two trades With your guidance last week + 15 pip and +35 pip.
Most Importantly , I knew the Why! From The entry to the exit…Thank’ya…thank’ya…thank’ya

You are welcome!! :slight_smile: :slight_smile:

I hope that your trading will prosper and that your understanding will grow.

There are many more good things to come on this thread. :slight_smile: :slight_smile:

…and thank you for participating in the current trading exercise!!

652

[B]Answer to Stage 5[/B]

We note that the Starc is going up.

This means that a retrace is almost always a penetration of the Starc also.

That is what we see now.

You could add your 2nd amount here but it may well be wiser to wait 3 candles because the price action may walk the upper Starc band.

So every one at this time is correct.

Sinn1 has the opportunity of re-entering 2 amounts from scratch!

Everyone else will have their 2nd entries averaged with their 1st entries.

If you are now careful, this will turn out to be a good trade.