Unarguably selfless! I am not surprised, the quintessential teacher; seeking always to improve, impact and build. Thanks Tymen for sharing. Traded with discipline, it seems to me impossible not to be profitable. See you all in green pipsland:)
Thank you for all the compliments to [B]SimplexX[/B], [B]The-Mez[/B] (I like your avatar!), [B]Marcuse[/B], [B]Stargazer [/B]and [B]King[/B].
[B]I am very sick just now so I will do a couple of posts then call it quits until Monday.[/B]
[B][U]Advanced level[/U][/B] >>>
By tymen1 at 2008-09-23
As in the Intermediate level, there is no entry at the traditional entry point.
And again, we turn to the 5 minute Starc chart and look for the extreme Starc entry point.
[U]The notes below are copy/pasted from the Intermediate level since the procedure is exactly the same :[/U]
Once we have found that point we enter 1 amount only.
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, avoid hitting the PCI with 2 amounts which can do quite some damage!!
By entering at the Starc extreme point, we are also reducing 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.
[B][U]MORE ON THE ADVANCED LEVEL[/U][/B]
The green candle is a long trade, the red, a short.
As you can see, the trade is divided into steps.
[U]Steps 1-5 are exactly the same as in the Intermediatel level.[/U]
The WATCH procedure after (5) is a little different.
We keep our two entries and, should the price action retrace, we will exit both amounts if the floating profit/loss window = zero. (price back to entry point).
We now go to step (6) which is the opposite extreme Starc point, that is, the exit point.
Now I wish to make a modification here…
Because it can be a bit of a guessing game trying to pick the exact Starc extreme. we will change the procedure and allow the trader to pick what he thinks is the extreme point.
It may be touching the Starc band…or maybe thro it…or maybe none of these but rather about 0.65 of the factor (factor set at 1).
Once steps 1-6 are complete you get double pips (2 amounts).
- If possible (watch the main chart), steps 4,5 and 6 are repeated, that is, another trade and hence more pips.
This enables a sound risk/reward ratio.
[B][U]The Extreme_Starc_Band[/U][/B]
For Dealbook users, the following code can be programmed into the charting software in order to use the Extreme_Starc_Bands.
This will give a better performance.
[U]Here in simple steps, is how to do it[/U] :
-
Open a new file in My Documents and call it �Dealbook�.
-
Open the Chart Studio program.
-
Click�…File��new.
-
Copy/paste the following into the new blank page :
indicator Extreme_Starc_Bands;
input factor = 0.98;
draw line_mid(“Mid SB”), line_upper(“Upper SB”), line_lower(“Lower SB”);
vars tmp(series);
begin
line_mid := sma(close, 4);
tmp := factor * mma(truerange(), 15);
line_upper := line_mid + tmp;
line_lower := line_mid - tmp;
end.
Now click �.Build��Install module.
The save window appears�…call the document �Extreme_Starc_Bands� (exactly as written) and save the document in the new Dealbook folder.
The feedback at the bottom should tell you that the module was installed successfully.
It will now appear in the indicators window in Dealbook.
The indicators are all in alphabetical order.
[B]Here is the Extreme_Starc_Band chart and how to use it :[/B] >>>
By tymen1 at 2008-09-26
The starc bands tend to go only up or down.
Exits are the traders choice but the minimum should be the 0.65 factor.
This is shown by the dots on the white lines.
[B][U]With entries :[/U][/B]
[U]Starc up/going short[/U] - enter 1st amount on the [B]light blue[/B] dot. This must be either touching or passing tho the bands.
Improve on this entry with the 2nd entry on the [B]dark blue [/B]dot.
[U]Starc up/going long[/U] - enter both amounts at least on the 0.65 [B]lilac [/B]dot on the white line.
[U]Starc down/going short[/U] - enter both amounts at least on the 0.65 [B]light blue [/B]dot on the white line.
[U]Starc down/going long[/U] - enter 1st amount on the [B]light blue[/B] dot. This must be either touching or passing tho the bands.
Improve on this entry with the 2nd entry on the [B]dark lilac [/B]dot.
(checked - no errors).
At this stage I will invite all questions.
Note the complete absence of the Keltner channels and associated indicators.
The starc band extreme entry points more than make up for this.
As well as any questions, I will then attempt to put the entire revised candlestick trading system into a PDF file and post that on this thread.
Then anyone who wants it can just collect it.
Now, do I know how to convert things into a PDF file (complete with my avatar) ??
Maybe (if you asked nicely) TRO will help out and update the one he made earlier for you. :eek:
I’m on it.
No way!! :mad:
Forget it.
He has been banned.
The Babypips staff have put considerable trust in me in my time on this forum and I am not about to violate that!! 
Thanks, [B]SimplexX[/B]. 
But I will need to tell you which posts I want in the PDF. 
Just a quick question,
Should this 0.65 line be plotted on the the chart with the new code automatically?
If so i have done something wrong.
(hope this made sense as i have had a few beers :D)
Ok, no problem
I send you my email address.
Tymen, I am really not sure if I understand the concept of the entry. Could you please post some examples, where you show how your entrys work with the bands? That would be really nice
I have it and have replied back.
Tymen, I am really not sure if I understand the concept of the entry. Could you please post some examples, where you show how your entrys work with the bands? That would be really nice
I will do this tomorrow.
[B]To all - today is a holiday here in Australia (Queens birthday).[/B]
[B]So I work again tomorrow.[/B]
Australia is truely the land of the long weekend!! 
Easier than you thinik [B]Damo989[/B].
All you do is to put the indicator on your chart [U]twice[/U].
The 2nd time you click on the factor setting and change it to 0.65.
The 2 Starc indicators will now overlap each other, one showing its bands at 0.98 and the other with bands at 0.65.
Here is an example of entry with the Intermediate or Advanced level.
They both have the same entry procedure.
Below is a main chart of a candlestick pattern >>>
By tymen1 at 2008-09-30
The entry point at the 4th candle is 63
[U]We will follow this trade by going to the 5 minute Starc chart[/U] >>>
By tymen1 at 2008-09-30
The BB are shown in blue.
The Starc bands are in pink and shaded in grey for clarity.
In this chart I have shown this 4th candle entry point with the black vertical line to the small green candle where the open is 63, as before.
This is the traditional entry point, and, with the Basic level, you would enter here with 2 amounts and wait for 10 pips of profit. When that 10 pips arrive, you exit one amount, bring the stop loss to break even, and let the 2nd amount run for all it is worth.
Looking at the main chart, a Basic level trade would do you well indeed.
Now with the Intermediate/Advanced levels, we do [B]not enter[/B] at 63 as in the Basic level.
Instead we wait.
We wait for the price action to hit an extreme Starc point.
We watch the first candle (red-marked A) because it is going down (short).
Maybe we should enter immediately at the [U]next [/U]candle if the price is dropping this rapidly???.
So we watch the candle marked A and we notice that this candle does not touch the bottom Starc band.
Nor does the next green candle touch the top.
We are going [U]nowhere [/U]just yet.
We wait.
Then eventually the Starc bands go up and we find an extreme point where the wick touches the upper starc band, and this is our first entry point, (1 amount) where it touches the bands at 91.
This touching is the [U]minimum requirement [/U]for the bands going [U]up.[/U]
The 2nd entry is on the next green candle. Now this candle wick is higher but you would be very clever to get this highest point. More likely, your second entry would actually be a little lower.
The computer then averages the 2 entries.
The entries are excellent.
The first decent exit is shown at the very right hand of the chart, where there is a red candle with the lower wick passing thro the lower starc band.
Much better ones are yet to come.
If you did exit earlier than this, such as on any of those long red candles, you can then always re-enter at the 2nd high point seen in the chart.
By repeat entering and exiting you are adding to the pips profit and setting up a strong positive risk/reward ratio.
Sorry, i posted this somewhere but don’t know where it went. Anyway, would you be so kind as to tell me, in regards to forex, what exactly do they mean when they say the london fixing event. Does it happen every day at the same time and what time is it? And what is sovereign accounts? Thank you.