It is with great sadness I make my first contribution to this wonderful thread. From as far back as December 2007 I await this thread with great anticipation, because candlestick trading is my prefered method of trading. I did not make a contribution to this forum before because it is not all times I am around to fully monitored the thread. I must say though that I know far more now, than when the thread was started.
I call upon the power that be to consider lifting the ban on one of the most unselfish person I every come across in my life.
To Tymen, taking a line out of one of Sister Therisa quote:
āPeople will accussed you of ulterior motives, Do good anyway.ā
This quote is not word for word, but you know what I mean.
Why always when I place an order I start losing? When I just have placed my order appears in the right down corner of the screen: profit -55.00. Why is that? Is there a commission?
I have much material to post regarding the upgrades of the Intermediate and Advanced levels.
It should be a major improvement - the diagrams are so much easier to understand.
We really have major improvements here.
And some of them are real surprises!!
The first thing you see is that there is [U]no entry[/U] at the completion of the candle pattern!!
I have studied all this and found that the pips gained or lost straight after the entry are really a waste of time.
The real pips are made later.
So here we do not enter straight away but instead go to the 5 min chart with the Starc bands on it.
We now wait until the price action goes to the relevant Starc extreme point. This is found by watching the Starc bands.
Once we have found that point we enter [U]1 amount only.[/U]
We think we have found the extreme point but we could be wrong.
We watch the price action and see if we can improve with the 2nd amount.
By watching after entering the 1st amount we are also taking a precaution.
We may not have the extreme point after all, and the price action may continue right on to our PCI stop loss.
If that is the case, we have protected ourselves by entering 1 amount only and it is this 1 amount that will hit the PCI stop loss.
We will, therefore, [U]avoid [/U]hitting the PCI with 2 amounts which can do quite some damage!!
By entering at the Starc extreme point, we are also [U]reducing [/U]the pip distance from the entry to the PCI.
With the traditional entry, as in the Basic level, this distance is much larger with greater potential attendant losses.
The green candle is a long trade, the red, a short.
As you can see, the trade is divided into steps.
Set the PCI.
This is done before entering the trade ļæ½ 3 pips above the extreme point.
This step is simply saying ļæ½ do not enter here at the traditional candle open entry point. Wait instead.
3A) A [U]retrace first[/U] trade.
We simply do not enter and wait until we think we have the Starc extreme point.
We then enter 1 amount as described in the previous post.
We then try to improve on this with the 2nd amount entry.
3b) A [U]pips first[/U] trade.
We wait for the first candle to expire on the 5 min chart.
We then look for an extreme Starc entry point on the next candles to follow.
So the procedure becomes the same as for 3A.
4 + 5) These are the 2 entries at what we think is the extreme Starc entry point.
The reason for the 2 separate entries has already been stated ļæ½ to get a better 2nd entry or allow for the possibility that the price action hits the stop loss.
From this point on we proceed as per the Basic level.
That is, we use the multiple amount (2) strategy and exit the first after gaining 10 pips.
We then WATCH for the 2nd amount using the [U]floating profit/loss window.[/U]
If this window goes to zero, we immediately exit, that is, the price action has retraced back to the entry.
At this point we exit the 2nd amount.
Good points for this exit are the middle or extreme Bollinger bands on the [U]main chart.[/U]
He is coming back soon & with a lot of new information. In the end, justice prevails.
