Sorry, no main chart at this time to get perspective. We must work from the 5minute chart.
[U]Now a very important note here.
Forget about the Bollinger bands just now! The price action may or may not cross them but we cannot depend on it.
What is important is the crossing of the upper Starc band.[/U]
We are now starting to walk the upper Starc and [U]maybe [/U]it is getting to be time to consider entering that 2nd amount. That is for you to consider.
The ānew candleā stands at 108.04 at present. This is one pip higher than the green candle of the previous chart.
As I am not sure about this candle, is it just opening or almost closed.
If it is almost closing I would enter now as the last 3 candles have just equaled the highest point from the first green candleā¦ ( which did hit the upper Starc band and may be the highest retrace point)
If it is just opening I would hold off a bit to see which way it heads then decide.
I would probably enter now because the candles arenāt really agressively walking the starc. They are showing signs of slowing, so second amount now.
Tymen,
What was the significance of the coloring exercise? Iāve done a couple but Iām not sure how to use it. Does the yellow show the validity of the direction?
I unfortunately have already signed up with MB Trading. So, there goes that. lol
I have found a nice platform that is based on MT4 but also not the same. The demo does not expire and the charts allow anything you want. So, I am going to use that for now and MB to place my trades.
I will see how it works out but now I have to set up all my charts all over again!
Looks like I will be able to get back in the game by Friday. Ughh!
The colouring exercise is designed to increase your visual acuity and increase your ability to detect small differences in the candlesticks as well as the bands. The colours do not show anything, just to separate the bands.
The benefits work on your subconscious and you do not notice it immediately.
I notice that by your above entry decision, that you are already starting to reap the benefits of this exercise.
I would probably enter now because the candles arenāt really agressively walking the starc. They are showing signs of slowing, so second amount now.
That is a [U]very astute[/U] observation you have made!
The candles look to be slowing ā¦ if this is a retracement ā¦this is about where it should reverse ā¦if the candle opens red , i would put 1 unit onā¦price is pulling away from sarc ā¦so it looks to be out of momentum.
Ahhhh! Did you get caught out? Or is this candle going to go up again and maybe even higher?
It is for you to choose.
The price right now with that red candle is [B]108.03.[/B]
Where did I enter? - that I will tell you at the end of this sequence.
[U]2nd entries so far [/U]:
Trav72 - 108.04
Vulcan Classic - 108.04
Both averaged ā¦(107.92+108.04)/2 = [B]107.98[/B]. A profit will start to be made when the price action goes below [B]107.98[/B].
Kenneth Lee - still deciding on 2nd entry.
Neboxian - still deciding on 2nd entry.
Sinn1 - still deciding on 2nd entry. 1st entry closed. Credit = -10 pips.
Keitsuke - still deciding on 2nd entry.
Ray 1 - still deciding on 2nd entry.
Ericoco - still deciding on 2nd entry.
BrianSNJ - temporary delay due to broker changeover.
So nowā¦the question is on the chart!!
[B]Answer to Stage 6A tomorrow.
Stage 7 tomorrow.[/B]
I would enter now. The last candles were looking weak and this red candle confirms, That it is slowing and possible turn downā¦
enter at (108.03 + 107.92)/2 = 107.975
So use to seeing everything this is hard for meā¦ But might be the right aproach. Forget the big picture concentrate on the NOWā¦ We are scalping not looking for position trades.
since price action has tagged the upper starc bands and it is not walking the upper SB it tells me price is weakening therefore i would enter 2 amounts now.
