Tymen and other forum partipants - This is my first post in this forum. I started reading about 2 weeks ago and this has been a great education for me. Very easy to follow and I like the “teaching” style used. I was sad to see that this might be your last training thread. If so Good luck with what ever you do in the future. In the mean time I look forward to your finished product. Question - I have only used pratice accts so far and just over the past 2 months. Currently I am trying out FOREX.COM.'s Forextrader program They do not have STARC band indicators on thier platform. (or I can not find them) Does the Keltner channels accomplish the same thing or is there another indicator that can be used the same way? If not, what broker platforms have the indicators you recommend? Thanks
Welcome to this thread.
Thank you for making your first post on this thread.
I was sad to see that this might be your last training thread.
I shall soldier on for as long as I can.
In the mean time I look forward to your finished product.
You will have to wait a little.
There is more material I wish to cover first.
Currently I am trying out FOREX.COM.'s Forextrader program They do not have STARC band indicators on thier platform.
Does the Keltner channels accomplish the same thing or is there another indicator that can be used the same way?
The Keltner channels can be similar but the settings will have to be altered.
The factor will have to be reduced to 4/5 to be comparable.
If not, what broker platforms have the indicators you recommend?
I use GFT Dealbook because I believe it is simply the best charting platform out there.
Vulcan Classic tested it out to a maximum of about 80 charts before the program gave up!!
I use a very high speed broadband and can use 50 charts without difficulty.
FX Solutions is another good charting program, I hear.
MT4 is very popular, and I have tried it myself but found it to be too limited
for my work.
Other posters on here can suggest other great broker platforms that suit intense candlestick trading.
I have followed both of tymens threads and traded this method alot and still trade this way. To get the most out of this method Dealbook 360 is a must.
Its a world above Metatrader for candlestick trading, once you try it you wont go back!
Thanks Tymen and everyone for the suggestions. I signed up for demo acct on forex.com metatrader and GFT dealbook. I’ll try them both out. For Dealbook my STARC lines are not as “smooth” looking as what you post here. And there are only 3 of them vs. 4 from your examples. What are the settings these should be at?
I’ve been using the BB’s and STARC Lines to trade AUD/JPY tonight (6pm EST to 10pm EST) I havent figured out how to attach the charts yet. (dealbook)
That way I could get better feedback. I do not think I am quite recogizing the candlestick patterns yet. And I do not think I have the STARC Bands set right.
Used 25 min main chart & 5 min to get in and out.
1st trade short @71.85 w/stoploss at 72.10 TP at 71.64 (19 pips - spread :))
2nd trade short @ 71.70 w/stop at 71.95 TP at 71.10 (60 pips - spread :D)
It dropped to 70.70 (I missed about 40 pips )
The pair just traced back up to 71.00 and hit the top starc band and is dropping now - but I missed this one too.
Too bad it is a demo acct. Even with good results I feel was more luck then know how.
Hello Tymen and everyone! I have a request for you. It’d be interesting if you post something about risk reward ratio, since I think it’s not that “irrelevant” because it’s a fact that sometimes we’ll have trades we won’t win. It’s an aspect we can’t ignore.
It is time now that I start again posting some charts.
Let me see what comes to hand.
I want to show you that sometimes the Advanced level will produce no profits but the Basic level will.
The only way then to get the Advanced level to get pips is to enter at the mid starc band.
This will give substancially less profits but more trades.
What you lose on the swings you win on the roundabouts.
However, by doing more trades for the same amount of profit, you are making work for yourself.
This is my first post in this forum.
First of all thank you, Tymen, for all this fantastic teaching work you are doing here.
I’ve been studying the forex for the last two months, but your thread has completely changed my point of view about it!
I spent the last ten days studying all the past matter and testing it on my demo account… With amazing results!
Off course now I’ve a few questions…
First one:
I simulated 50 basic level trades sliding one by one the candles of the last months on a 30 min EUR/USD chart. At the end I got 42 positive trades (22 for both the amounts) and 8 negative ones.
I noticed that most of the bad trades involved the 3 green soldiers or the 3 red rosellas patterns; so I think that maybe I’ve missed something about them… Here it is an example from April 15th, 30 min. EUR/USD (I can find more examples, but this was the one that most surprised me):
Everything looks correct to me: the pattern occurred on the BB bands, BB bands are opening, two candles in up-trend immediately before the 3 rosellas… But then:
:eek: Where did I made a mistake?
Or it is just the limit of the basic level (at the intermediate I would have got the first amount, at least).
I must say that I haven’t read the book by Nison yet, but I will this week…
Second question in the next post…
Thank you again Tymen, for sharing here your fantastic method.
Ciao
Now to the second question:
For what I can see, all the patterns we are considering occur when something changes in the trend. But what do we do when we get in the middle of a strong and long tendency?
Here it is an example from yesterday on the cable 30 min.
What to do if we switch on the pc at the time of the yellow arrow?
(It is exactly what happened to me, actually)
Shall we just ride the down-trend considering it like a strong pattern?
Or shall we change the period of the chart to see if, with longer period, it forms a pattern? (it didn’t on 1H, or maybe I didn’t get it, because of my problem with rosellas seen in question one :rolleyes: ).
Welcome to the forum Maravizzo.
And a special warm welcome to this thread.
Thank you for your presentation of those very high quality charts.
Off course now I’ve a few questions…
First one:
…
I noticed that most of the bad trades involved the 3 green soldiers or the 3 red rosellas patterns; so I think that maybe I’ve missed something about them…
…
Where did I made a mistake?
No mistakes.
I have noticed too that the 3 green soldiers/3 red rosellas makes for a difficult trade pattern.
Unless we are extremely sure, these patterns may be best avoided for now.
I take it that this trend is started by the 3 red rosellas pattern.
I have a standard rule here.
[B]Never enter in a trend halfway.!! [/B]
In the Basic level you must always enter immediately after a pattern and in the Advanced level you turn to the 5 minute chart and wait for the correct entry point.
So if your example above is a Basic level trade with the pattern complete and you see the trend going in the correct direction and well underway then…
…you do not enter the trade.
…You dismiss the trade and look for another.
[U]Reason[/U]…99% of the time (and I have tested this many times), you will enter, and just as you enter [U]the trade will turn around and go in the opposite direction.[/U]
As a result you will make a big loss.
It is amazing how this happens.
It is all to do with trading psychology.
The big players set up a very attractive pattern and set up the bait for you to take.
When you enter the big players have you on their hook and they immediately reverse the price action and take out your stop losses and more.
That is how they make their money - they take yours!! :eek:
[B]So tempting though it is - never enter a trend halfway!!
Always start with a completely new pattern.[/B]
)
