For the sake of clarity, schematic diagrams are used.
The steps in the trade are shown by numbers.
The �W� sign indicates a point where a Break Even watch is needed.
Double lines indicate 2 amounts traded and single lines mean one amount.
Pink lines show a trade in negative while blue lines show the trade in positive.
By tymen1 at 2008-08-30
[U]
Knowledge Assumed : [/U]
Having read much of the Candlestick thread and being able to find quality patterns on the Bollinger bands.
[U]Charts required [/U]:
Only the main chart with timeframe ranging from 20 minutes to 1 hour.
[U]Restriction :[/U]
Only the 4 major currency pairs should be traded.
[U]Method :[/U]
Set a PCI stop loss 3 pips higher/lower than the extreme wick of the pattern.
No rush here � as long as it is done before you enter the trade.
Enter [U]2 amounts[/U] on the open of the entry candle by clicking the Direct Deal ticket. (DDT).
(DDT [U]preset [/U]to [U]2 amounts[/U].)
Close [U]one amount[/U] with DDT when price action hits 10/12 pips away from your entry.
(DDT [U]preset [/U]to only [U]1 amount[/U].)
[U]WATCH [/U]- Watch the Floating Profit/Loss in case of [U]break even[/U] for the 2nd amount.
(Explanation is in Common Procedures above � methods 1 or 2).
Close the 2nd amount when it has reached a much larger amount or your target profit is reached.
[U]Knowledge Assumed : [/U]
Having read much of the Candlestick thread and being able to find quality patterns on the Bollinger bands.
Familiarity with the Starc bands.
[U]Charts required :[/U]
The main chart with timeframe ranging from 20 minutes to 1 hour.
A 5 minute chart with the Starc bands on it.
The Starc retrace chart may be needed for reference.
[U]
Method :[/U]
Same as Basic Level.
Do [U]not enter[/U] when the entry candle starts. Go to the 5 minute Starc chart and watch instead.
3A) [U]Pips first.[/U]
Let the first 5 minute candle expire.
[B]OR [/B]
3B) [U]Retrace first.[/U]
Wait till the price action reaches the relevant Starc retrace point, then enter 1 amount.
Improve on this estimate and enter the 2nd amount.
(the computer will average the entries).
6 + 7) [B]Now proceed as per [U]Basic [/U]level steps 2 to 4 (with [U]Watch [/U]included) to the end of the trade.[/B]
[U]Knowledge Assumed : [/U]
Having read much of the Candlestick thread and being able to find quality patterns on the Bollinger bands.
Familiarity with the Starc bands.
[U]Charts required :[/U]
The main chart with timeframe ranging from 20 minutes to 1 hour.
A 5 minute chart with the Starc bands on it.
The Starc retrace chart may be needed for reference.
[U]Method :[/U]
Same as Basic Level.
Same as Intermediate Level.
3A) Same as Intermediate Level.
[B]OR [/B]
3B) Same as Intermediate Level.
Same as Intermediate Level.
Same as Intermediate Level.
[U]WATCH[/U] - Watch the Floating Profit/Loss in case of [U]break even[/U] for both amounts.
(Explanation is in Common Procedures above � methods 1 or 2).
Exit the 2 amounts when the price action hits the relevant Starc exit point.
[B]Repeat steps 4 to 6 until the price action on the main chart starts to reverse or the candles are too far away from the pattern.[/B]
[B]in Microsoft Word form in 10 complete posts.[/B]
A PDF version is still to come.
[U]This now completes my new material presentation for the year 2008[/U]
After this I will spend the posts giving examples of trades in the different levels to show how we actually do it.
I will be finishing my posting halfway thro November for our summer vacation to return in mid February next year.
If there is no new interest in this thread then I will close it completely and finally in November, this year.
No tymen1, please do not close down the thread. It is a very useful thread. I learnt a lot of candlestick stuffs from this thread. It is a useful thread for newbies who want to learn more about candlestick patterns. Pls continue your good work here.
Thank you for your unfailing desire to help others. I have learned a tremendous amount from you concerning candlesticks and trading. I can’t wait for the pdf file to be posted!
Your teaching styles is wonderful, I don’t think anyone can hold a candle to you on this forum
I hope you are feeling better soon and want to wish you well on your vacation time.
I will be checking your name for recent post in the coming months (don’t want to miss any of your expert advice).
THE ULTIMATE CANDLESTICK TRADING METHOD - 4 Levels
It is in the attachments.
Although the contents is my work, I give full credit and acknowledgement to SimplexX for taking the candlestick material and putting it into PDF format.
So thank you indeed SimplexX, you are not only an excellent programmer, but clearly also a man of your word and of high integrity.
Your presence on this thread has been a real pleasure.
Sorry XtRaVaGaNt, I have a policy of not contacting anyone off this forum (email) unless I have known them for 6 months or more.
I get a little suspicious when a brand new poster comes out of nowhere and suddenly wants to talk to me outside of this forum, without first having made a number of useful posts on this thread.
).