Hi everyone,
I am a newbie in this forum but been trading forex for more than a year. I had read through tymen1 thread before joining this forum. He is really a good teacher and make me understand a lot on candlestick trading. Hope to learn more from this thread.
[QUOTE=FXCaribbean;62435]You forgot about the most beautiful ladies in the world ā¦
civilized ?
I am just starting my google map program so I can find your house. see if you can have some entertainment arranged.!
On the weekend I will post a couple setups that I found, I guess they are to go on the other thread.
Youāre on !
Where are you coming from ?
On the weekend I will post a couple setups that I found, I guess they are to go on the other thread.
Yes that would be nice of you.
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
Hi
Members and friends of forex community,
I am Muraleedharan from Bangalore,India. I am new to this forum.I started trading demo in 2003 .Now I trade demo and real account.My passion is currency trading.My favourite currency pairs are EUR/USD and GBP/USD.My other passions are reading and writing about trading.
I am happy to be a member of this forum for I can interact and communicate with forex community.
Good trading and good day for one and all.
Muraleedharan,Bangalore,India
muraleedharan,
Duly noted - and reported! Spammers!
Here is a User guide for anyone who is trying to learn Dealbook 360.
Hope it helps.
DB360_user_guide.pdf (1.55 MB)
Hi
Candle stick patterns are very simple and powerful.Set-up. Inside Candle at critical Resistance and Support level is a very good set-up to me.By writing critical support level I mean that the support zone has been tested several times and could not break.
Entry trigger. The Inside Candle is formed in the support zone.Inside candles signify the consolidation period. The price broke out the High Price of Inside candle. You enter the position 20 pips from the breakout level ie HP of the inside candle.
Stop loss .You can place the stop loss 20 pips below the Open Price Or Pivot Point which ever is low.
Target. You can keep the target at R3 (Pivot level R3).You can use any of the pivot calculators to calculate pivot levels. This has a very good risk reward ratio.However there is no holy grail in trading. Muraleedharan:):)
What do you mean by reported spammers.? You mean to say you have noted my writing as a Spammer? I donāt understand.I am asking this with all respect and reverence to you as a senior member.
Good health and good trading to you
Muraleedharan:):):)
Thank you for posting on my thread.
Good that you have a passion for reading and writing about trading.
Yes, we sure know that candlesticks are powerful - that is why I opened this thread in the first place.
Your inside candle is more correctly called a [U]Harami[/U].
I do not trade it myself but you are welcome to post charts of your trading on the UMS and UML live threads.
It is on these threads that we discuss all our trades.
This thread is left for me to teach on.
I have just stopped for a short time while I am revising and simplifying my Ultimate Candlestick Trading Method, which I feel,has become too complex.
It does not appear to be consistantly capable of handling the very fast pip movements of short term timeframes.
It is the hyperlink we are referring to Muraleedharan.
Because you are new here, you are obviously not aware that there is a policy on this forum of no direct advertising or referring to other forums or personal interests.
It is OK to post educational material or refer to forex trading encyclopedia material.
Unfortunaltely, you may find that the moderators, Pipcrawler or Pipdiddy, who go thro the posts every day, will probably remove your hyperlink from your posts.
Thank you for this.
Readers and users will find it very useful.
Ok muraleedharan,
If your intention was not spam, I apologize.
Usually when you see a first post with a link to a commercial site, thatās what it is. And then followed by a post that describes a new system (on a system thread).
May I suggest you start a new thread.
It is important that at this time I am anouncing a review and revision of the [B]UM[/B].
Not that there is anything wrong with it.
It works well and brings in as many pips as a long term trade.
It complies accurately with a correct risk/reward ratio.
It has a high win/loss ratio.
However, it is too complicated.
As such, it does not appear to be able to handle adequately the high speed trading and thinking that is required on these short term time frames.
Lightning fast orders and stop losses are required and here improvement is needed.
So I am going to simplify matters and do my best not to lose any pips in the process.
I think everyone will be pleased with the results.
A simpler approach is a better one.
At this stage, I note that my Dealbook platform (lilac version) is a little different from the latest green version.
But the difference is very small and will not affect my tuition.
As part of the review process, I stress to all traders using candlesticks - [U]do not use a trailing stop loss.[/U]
Such a stop loss creeps up on you very quickly and stifles your tradeās ābreathing roomā.
You are almost guaranteed to make a loss by using them.
Forex brokers love trailing stop losses - that is why the latest Dealbook has it specially included for very rapid entry.
Trailing stop losses will shut your trade off with a loss very quickly.
Setting a [U]break even stop loss [/U]is a very different procedure and must be done [U]manually[/U].
Tymen,
By all means take your time in developing this system. Iām looking forward to whatās coming.
Ahhhā¦a great reason for living in the Caribbean.
I should go there too.
Sounds like a timeless place.
Being a Dutch citizen, I could also live in Aruba or Curacao (Netherlands Antilles).
I wonder how many people live out there?
Nice and warm but is there more to do than just sit in grass huts or on the beach?
What about accomodation?
Hmmmmmm.
Maybe you buy straw from the hardware and build your own grass hut!!
A few problems with earthquakes and hurricanes though!
I gave up on the UM because I found it too complicated and got stopped out quickly. Iāve just been trading off the main chart after entry, and having some success with it. I look forward to your revised UM.
Thank you for your feedback Condor.
The 2nd edition of the [B]UM [/B]will be very user friendly.
I am sure everyone looking at it will be pleased with it.
The strain will go right off it.
I have already made some terrific breakthoughs with the revision.
It is looking wonderfully simple indeed.
And also very fast to apply - much needed in a fast moving market.
Please keep in contact with this thread.
I think everyone will stay there anyway.
The most valuable from you is the way of thinking. It is a [B]real [/B]open mind. Even if important, the method comes after IMO.
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
Really looking forwards to the new version of the UM. I believe it will be much better than the first version.
Just a quick question Tymen,
Is the any useful books and online articles you used to learn candlestick trading. I have orded the Steve Nison book but it wont be here for nearly a month.
I have been reading the link you gave us on FXWords and its been quite useful.
Cheers,
Damo