[B]Chart 15[/B] >>>
By tymen3 at 2008-10-31
Yay!! 
Our first target has been hit.
There were 4 lines on the chart before, now only 3 - PCI, entry and T2.
We have 10 pips in the bag!!
We must now reset our PCI stop loss to [U]break even[/U], that is, lift it to the entry line.
[B]
We must also be careful to ajust the lots on the PCI to 1 amount only, otherwise we will enter a short trade we do not want.[/B]
[B]Chart 16 [/B] >>>
By tymen3 at 2008-10-31
Here we have reset the PCI to [U]break even[/U].
You can see [U]2 labels[/U], blue and red, on the [U]entry line[/U].
In the meantime, the price action really shot right up.
It was very exciting.
But now it has dropped again, as can be seen by the remaining upper candle wick.
[B]Chart 17 - FINAL [/B] >>>
By tymen3 at 2008-10-31
Ahhhh…ohhhhh …sigh 
The price action went rapidly down again and…yes, it hit our PCI at the break even point.
Sigh!!
Still, we look on the bright side - we have 10 pips profit!!
Important things to do now…
Remove the T2 profit target [U]immediately [/U]and demagnify the chart.
[B]END OF TRADE.[/B]
[B]STATISTICS[/B]
[U]
The Strategy[/U]
[B]Intermediate[/B] level
Starc band assisted multiple amount trade.
1st amount - 5 mini lots.
2nd amount - 5 mini lots.
[U]The trade[/U]
EUR/USD
45 minute candlestick main chart with Bollinger bands added.
5 minute Starc band chart with Bollinger bands added.
Long engulfing pattern.
Program used - GFT Dealbook.
Magnification - 72
Long trade.
[U]Times[/U]
London open.
New York closed.
Traded at…
Perth � 5.45 pm.
GMT � 9.45 am.
New York � 5.45 am.
Los Angeles � 2.45 am.
Sydney � 7.45 pm.
[U]
The Figures[/U]
Entry - 1.2729
Exit 1 - 1.2742
Exit 2 - 1.2775
PCI - 1.2686
1st profit 10 pips.
2nd profit 43 pips.
Total 53 pips.
Reward = 53 pips.
Maximum price action before reversing 1.2765
Maximum profit potential 2nd amount 43 pips.
Maximum profit obtainable 53 pips.
Distance from entry to PCI - 43 pips
Risk 43 pips
Risk/Reward = 43/53 = 1.23
Maximum Risk/Reward = 43/53 = 1.23
Average Risk/Reward expectancy = 1.0
Tymen,
I have to say a HUGE thank you for all the advice you are giving in this thread. Absolutely marvelous stuff. I’m about halfway through and I have actually held off from funding my account and continuing to trade demo until I’ve absorbed more of your wisdom.
Your dedication to learning is a fantastic thing.
Thank you!
Rich.
Tymen, could you please explain how you place take profit orders in dealbook?
The PCI stoploss is a Stop Buy/Sell order, right?
Yes, the PCI stoploss is a [U]Stop[/U] Buy/Sell order as opposed to a limit or market order.
On the upper left side of the screen you will see [B]New Order.[/B]
Click on this and you get a window with [B]buy [/B]and [B]sell [/B]plus all the settings.
The settings you need are [B]currency pair[/B], [B]number of lots[/B] and [B]menu of order types[/B]…parent/contingent, stop, market or limit order
[U]Do the settings first[/U], then attend to your buy or sell order.
The buy or sell gives scroll settings so that you can quickly set your preferred price.
You then click buy or sell and it gives you a [B]Yes [/B]or [B]NO [/B]choice.
[U]To set a take profit order[/U], you choose [B]limit [/B]from the [B]order types menu.[/B]
You are welcome Rich.
I trust you will gain useful information about candlestick trading from this thread.
The best part will be when you get to page 140, post #1393.
Thank you very much for your answer tymen.
I have now set up a demo account and am now demotrading the strategies of the levels you post your examples. This is very exciting for me and I can really see that it is much harder to live trade than to just look at some static screens and think about the situation with no time pressure.
Again, thank you for your hard work on this thread. I really appreciate it.
Just because I’m interested, what will you be concentrating on if you finished this thread?
A long holiday first!! 
Tentatively, I will be looking at doing a thread on constructing a quality trend indicator next year.
All the trend indicators I have seen so far in existance are practically useless.
They lag in time or they make you a loss.
[B]
It is time to get revolutionary!![/B]
thank you thymen for your selfless act of teaching us your knowledge of candlesticks trading… am a newbie and have been lurking through all the posts excitedly wanting to learn from you and all those in the know…now i’m a disciple …
but sadly, my demo account with gft expired today just when im getting the hang of it…
could you kindly provide(again) the emal addy of Jay Pace so i can plead with him to extend my account?
thanks again…and may your tribe increase
Yes - google Kinetic Securities.com.au
My next [B]Intermediate[/B] level trade is ready and it is a beauty!!
Notes have been added to the live charts and they have been loaded onto Image Shack.
However, it is 1.30 am here and I have to be up at 7.00 am again for our sharemarket.
So I will post the material tomorrow.
Right now, I am going to pump lots of zed’z…zzzzzzzzzzz.
[B]Intermediate trade 2[/B]
A trade of AUD/USD on a 25 minute chart.
Morning doji star pattern.
[B]Chart 1[/B] >>>
By tymen3 at 2008-11-03
The Bollinger bands are wide and starting to curve inwards.
The new candle has just started when I captured this screen print.
Note the time at the bottom right - 11.35 pm.
[B]Chart 2[/B] >>>
By tymen3 at 2008-11-03
The time is still 11.35 pm and I captured this screen print of the 5 minute chart with the pink Starc bands.
The blue bands are the Bollinger bands.
The price action is at the top of the Starc.
We are looking to go long (up) with a morning star pattern.
Therefore, we need to enter as low in the Starc bands as we can.
Not possible right now.
[B]So lets wait and see what happens.[/B]
[B]Chart 3[/B] >>>
By tymen3 at 2008-11-03
This is a nuisance!!
In a Basic level trade, we would have entered at the begin of this candle and we would now be making pips!!
Here we must wait for the price action to go to the bottom Starc band.
[B]Chart 4[/B] >>>
By tymen3 at 2008-11-03
Ahhh, thats better.
The price action is going down as it reaches near the upper Bollinger.
We will wait a little longer.
[B]Chart 5[/B] >>>
By tymen3 at 2008-11-03
On this chart I have set Fibonacci lines using the Dealbook Fibonacci tool.
You can see the lines.
The price action is also going down nicely.
We have a [U]retrace first [/U]trade.
Although the price action is now touching the lower starc, the bands themselves are going down, so I expect the price action to go lower still.
We are hoping that the price action will go down to the Fibonacci line marked with the [U]blue arrow[/U].
Why that one? - well its just a target point, and it seems reasonable.
[B]Chart 6 [/B] >>>
By tymen3 at 2008-11-03
Here we have the long entry as you can see on the chart.
The price action did not want to go down to my chosen Fibonacci, so I entered.
The entry line is a little above the lowest candle point [U]because of the spread of 4 pips. [/U]
The actual long entry was made exactly at the lowest point of the candle.
[B]Chart 7[/B] >>>
By tymen3 at 2008-11-03
[B]Back to the main chart.[/B] - as required by the rules of the Intermediate level.
There is a lot on this chart.
The “new order” window is shown on the left.
I had just used it to enter the PCI and the first take profit.
The PCI should have been entered much earlier before starting the trade, but I am constrained with the screen print work so I am doubling my work load.
The prices of each line can be seen on the chart.
The entry minus PCI = 47 pips.
The first target profit consists of 10 pips profit plus 4 pips spread.
Total = 14 pips.
I have not yet set the 2nd target, that is yet to come and I have not decided yet where it will go.