The blues are most probable entries, reds most probable exits.
[B]I would strongly recommend that readers who take up my UM method of candlestick trading do [U]print [/U]both these diagrams so that they are on hand to refer to when trading.[/B]
It is an attempt to save time if i had to get back to something
page numbers arenât reliable because each of us can set it to what we want (mine is the biggest).
ok, sure. I just wanted the text to be short. Again, it was mostly for me
I was hopping that when you would have sent the GoldMaster post, you could add the link to your sig.
Thanks. Did you checked all of it ?
I add right away those 2 MAIN things to the current version.
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
Hmmm, the provided link show a resultant done on the 5mn chart from BB && DMACD. (it is [B]D[/B]MACD!).
Yes ! UMS stands for Ultimate Method for Candlestick Trading - SHORT
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
Doing the summary there is one thing i didnât get.
Do you advise, for each currency pair one choose to trade, to use all the timeframe from 20mn to 60mn, 5mn step to âhuntâ the Evening Star ?
If yes, then i canât find the post where you linked each timeframe to the related KC or STARC
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
[U]That is why [/U]we have all these charts - to maximize the probability of finding one in any given day.
The multiple charts are also in all the 4 major currency pairs so that there is now a great chance of finding a pattern.
I use 44 charts.
On a good day I can get 4 patterns in an 8 hour period.
Pips on all of them!!
Remember⌠no patterns - no trade - no pips - no money!!
The people doing long term trading with candlesticks can spend days and days before finding an evening star.
No money all that time!!
If yes, then i canât find the post where you linked each timeframe to the related KC or STARC
There isnât one.
A 5 minute KC or starc chart will do for each timeframe.
In addition, you can also change the 5 minute chart to a 10 minute chart when you look at 45-60 min timeframes.
But I have found that the 5 minute time frame is about the best.
It is different if you traded a daily chart.
Then I would recommend a 4 hour KC or starc chart.
[B]Finally I need to clear up a misunderstanding with you and VulcanClassic.[/B]
The [U]main chart [/U]has only the Bollinger bands on it - nothing else.
The 5 minute [U]KC chart [/U]has Bollinger bands, Keltner channels, and 2 MACDâs - the [U]normal [/U]and the [U]inverted[/U].
The MACDâs can be minimized by using the platform charting facilities.
The 5 minute [U]starc chart [/U]has Bollinger bands, starc bands and, later, we will be including a specially modified Stochastic.
It is an advantage to have 2 separate 5 minute charts - one for the Keltner entries and one for finding the retraces with the starc bands.
Hope this clears up some problems.
Sorry if I put a downer on your indexing work - it is great!!
Very smart also is your hyperlink âthisâ !!
Now every reader can link back to your indexing post.
Still, you will have to do more index work - because there is more to come.
I donât care. When i was a student i used to do my homework that way eg rewriting all my math lessons. It was a good way to make the thing enter the head. It oblige you to explain yourself (!!!).
But, tymen, I would really wanted you to send the MasterGold because all of this belong to you. You are THE owner. Then the link will have the owner headâŚ
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
It is the latest version of the said post with all the final correction.
Like for software you have alpha 1,2,âŚ, beta 1, 2 ,âŚ, RC 1 (Release canditate), 2, âŚthen GM = Gold Master which ends the list definetely
Anyway, I updated the #811 (Alpha 3) with all youâve just said.
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
Before this trade is started, one would see it coming.
Therefore, preparation is made.
Two 5 minute charts are prepared - one with the Keltner channels and the MACDâs.
The other chart is readied with the starc bands.
The ânew orderâ window is prepared to place stop loss orders and/or the market price window is prepared.
These things are done in advance to allow smooth, trouble free trading.
In this chart, we see a nice long engulfing pattern on the lower Bollinger band.
We waste no time in taking hold of this pattern to trade it.
I have placed the most important stuff on the chart.
As always, the Bollinger bands are in royal blue.
The Keltner bands are in orange.
The MACD we use is the [U]inverted [/U]Di Napoli MACD. It is in green.
The [U]standard [/U]Di Napoli MACD can be seen in [U]red [/U],sandwiched (minimized) between the chart and the Inverted MACD.
From now on the [U]short /U MACD will be in [U]red[/U].
And the [U]long [/U] (inverted) MACD will be in [U]green[/U].
This corresponds with the code for the candles - up = green, down = red.
The price opened at 97 (103.97) and started to go [U]down[/U].
Since we are trading [U]long /U, this is against us, but it will give us a better entry to go [U]long [/U]with.
With the [U]resultant [/U]of the MACD and BB vectors being level, we get that better entry.
A level resultant tells us to enter at the mid Keltner band and that is what we do.
And so we get an entry of 94 (103.94)
That is 3 pips better than the opening!
That pays for the spread and slippage.
The price action continues to go down but we now have our entry.
It is now time to toggle to our 2nd prepared 5 minute chart - the one with starc bands on it.
From here we can determine whether we have a [U]pips first [/U]or [U]retrace[/U] [U]first [/U]trade.
[B]So that will be the subject of our next post.[/B]
The fact that during the trading retrace (or walking) we can wait for 3 candles, is it linked to the timeframe the shape has been detected ? (either engulfing or Evening star) so just before the design of the next candle in that main timeframe ?
If yes, then would you say it is possible to wait (Main_time_frame - 5mn)/5mn ?
Thanks for the answer.
FXCaribbean
"Donât go where there is a path. Open a new one and leave a trail".
If you want to understand what weâre talking about here (UMS) then read this
We wait 3 candles in a retrace (pity you were not there when we did the exercises!), only when price action walks the starc band.
3 candles often exhaust the walking trend.
We do not offer any connection between this and the main chart.
Sometimes things link up with the 5 minute and main charts.
Sometimes they do not.
When we look for a retrace we [U]stay [/U]with the 5 minute chart.
The only time we toggle back to the main chart is if we see that the candle pattern is reaching expiry, that is, we are more than 7 candles away from the pattern.
Keep watching this present trade exampleâŚit may answer your questions.
At the moment we are looking at long engulfing patterns.
By definition, they are traded [U]long[/U], so to answer your question - we are [U]buying[/U] when we enter.
We then hope for the price action to go [U]up[/U].
[B]To Maverick731 :[/B]
[U]All [/U]the Bollinger bands have the same settings regardless of timeframe - the [U]standard [/U]settings.
They are period = 20, deviation = 2
