Hey Tymen, I just got a question when it comes to using multiple lots on Dealbook.
I am trading 2 standard lots for my first entry using UML/UMS and then I will enter another 2 standard lots to improve on my 1st if it is possible.
My question is, how do I close out of one my amounts to let the other run to see if i can make some extra profit. I cannot seem to close them out individually.
The way i do it is, right click on the chart your using and click sell at xxx.xx (the price it currently is) and just sell 1 amount. Hope that helps.
If there is an easier way to do it Tymen please let us know.
[B]A warm welcome [/B]to Gasanvill, Wrtm 19, O99016mh, Husky 1, Carraroe , my good local fellow from Perth (just up the road), namely Damo 989, and Concept.
A bakery!! 
No, it came from a website (I cannot remember exactly) I think to do with Fibonnaci ratios.
They had obviously done a fairly comprehensive survey of customer statistics by noting who was trading, who was no longer trading and who was really making it in forex.
The statistics line up exactly with everything else I have read about forex drop out rates.
This website had no particular agenda and I believe the pie diagram to be totally accurate.
Absolutely excellent work [B]Husky_1[/B] !! 
You are a lifesaver for those people working with MT4.
The Starc bands are essential for the Advanced level.
It is now [U]very important[/U] that I give you a few changes for the parameters…
extern int MA_Period=13; [B]change to =6[/B]
extern int ATR_Period=21; [B]change to =15[/B]
extern double KATR=1.5; [B]NOT SURE ABOUT THIS ONE[/B] 
If you are working with MT4 and understand some programming then here is the GFT Dealbook script :
You can compare it and set your parameters correctly.
indicator STARC_Bands;
input factor = 1;
draw line_mid(“Mid SB”), line_upper(“Upper SB”), line_lower(“Lower SB”);
vars tmp(series);
begin
line_mid := sma(close, 6);
tmp := factor * mma(truerange(), 15);
line_upper := line_mid + tmp;
line_lower := line_mid - tmp;
end.
As you can see, the script is a lot simpler than MT4.
That would be nice.
I try to do my best to make complicated things simple.
You should get a lot out of this thread [B]Damo989[/B].
The Starc bands were only just touched on in the first thread.
Here they will be dealt with in detail and a much greater understanding will be given.
Hopefully this will improve every Advanced level user’s trading greatly.
[B]Damo 989 [/B]has made a good atempt at answering your question.
I will just add a little.
When closing (exiting), you [U]must [/U]click on the Direct Deal ticket.
For all other program users, this is an [U]at market[/U] order.
If you have entered 2 standard lots, then simply enter 1 standard lot in the lots window provided.
Then when the price hits xxx.xx as Damo 989 said, go click!
Let me add a picture to make things clear…
By tymen1 at 2009-02-24
This is a 5 minute starc band chart showing the Bolllinger bands and Starc bands.
[B]Please note that my Direct Deal Ticket (DDT) is set up in mini lots (10,000)whereas yours is probably set up in standard lots (100,000).[/B]
[B]And now to look at the strategy B for the Intermediate level.[/B]
The only difference between this level and the Basic level is that here you get a better entry than just the open of the candle after the pattern.
This better entry is got using the Starc bands.
We do not enter at the open of the candle but wait instead and watch the starc bands to see if we can get a better entry.
In most cases this is successful even if only by a few pips.
But even 1 pip better is good.
You may not get the best entry with the Starc bands, but this does not matter.
[U]The aim is to get a better entry than the Basic level.[/U]
[B]Now here is strategy B for the Intermediate level.[/B]
It is identical to the Basic level stategy B.
The only difference is the better entry.
By tymen1 at 2009-02-24
Lets go thro the numbers…
[U]Description:[/U]
PCI set.
Traditional Basic entry point - no action taken ([B]look only[/B]).
3A + 3B) Waiting - at this point we see if price action is going in out favour. ([B]look only[/B]).
A [B]good entry[/B] on the Starc bands - better than Basic (use 5 min chart).
10 pips into profit - [B]enter 2nd amount[/B].
PCI [U]immediately [/U]moved to 1st entry point for [B]break even.[/B]
[U]Results[/U]
If the profit target is reached it will be reached with 2 amounts, that is, maximum profit.
If it backfires, you will lose 1 amount of 10 pips.
[U]
The Advantage[/U]
The stop loss at the very beginning is for 1 amount only.
The take profit is for 2 amounts.
In that way you have firmly increased the risk/reward ratio.
[U]Final Conclusion[/U]
Strategy A is designed to increase the win/loss ratio.
Strategy B is designed to increase the risk/reward ratio.
[B]At this point it is important that I do some trading and administration of my own.[/B]
I will return tomorrow to start dealing with the [B]Advanced level [/B]and correct usage of the Starc bands in depth.
This is going to take a lot of postings and I suspect that this is where the majority of interest lies.
Right now I would like to add that it is a very good idea for readers and posters here to try to [B]answer another’s questions[/B] if you think you are sure of the answer.
This will have the following effect…
Answering other’s questions will make you learn better.
You feel that you are actually participating and not just a spectator.
It may lead you to important questions of your own.
It will take the load off me and allow me to do all the charting work (which is very labour intensive!!).
I have a question for the group…
I have read through the first 30 and the last 30 pages of the original thread and something seems to be different as far as entrance strategy.
If memory serves me correctly there was an entrance strategy that used the MACD and BB mid band to figure out price direction. This then correlated to a target kelter line on the 5 minute chart. I did not see much mention of this at the end of the original thread, nor have I seen it used in this thread.
The past few trades now seem to point to utilizing the Starc band for entrance guidance, utilizing the lower starc if you are going long, and the upper starc if you are going short.
Did the entrance method get changed?
Herein lies your problem.
If you had read the rest of the pages you would have clearly seen the [U]changes[/U] made to the trading method.
[B]That is why I said as a prerequisite in my opening posts on this thread…[/B]
Thanks Tymen, I will read through it again. I think I gathered all of the new data, I just wanted to make sure that what I was seeing was correct, the use of MACD and Keltner have been dropped.
i am inviting you all to my blog where i will be giving daily forex analysis and strategies on how to make almost risk free money. i will be utilizing 4H chart, RSI, Bollinger bands, MACD and ADX. My pairs will be on only the MAJORS-EUR/USD,GBP/USD,USD/JPY & USD/CHF. i will also be making use of daily 20 pip signals, forex factory and daily fx. just keep a date and follow me as i take you a a sweet forex trade ride. your comments will be highly welcomed.
i use these strategies and they work for me well. i am starting the analysis in about 3 hours time.
Thank you!
I am glad you are covering the starc bands with entrys, they seem to be quite sneaky to figure out sometimes. Getting the best possible entry is easier said than done I have found. Especially when Starc Up/Long and Starc Down/Short.
Any advice on how I can make this work better? I usually have had to settle for a entry between the .65 line and middle. Unless I can see the future then I can see where the better entry would of been.
This post is completely irrelevant to this thread. :mad: :mad:
Stay away charlesmentor!! :mad:
Coming right up [B]Concept[/B]!!
In order to start this section on the proper use of the Starc bands in the Advanced level, I wish to open with a [B]motivational exercise [/B]to show you the sheer power of the system…
Have a look at the following main chart of GBP/JPY below (25 minute) >>>
By tymen1 at 2009-02-25
You can easily see the trend - it is roaring upwards.
You would be a fool to trade this one short, right?
Now look at the highlighted evening star.
No short trade here is there?
Only a loss if you do trade this one short.
[B]
Well, lets have a better look…[/B]
I have labelled the relevant prices are on the chart.
At the [B]Basic level[/B], strategy A…
Would not even collect the first 10 pips since the trade fails to go that far and then fails to reach the profit target and instead proceed to the stop loss at 35 - [U]loss[/U] of 2 amount of 22 pips each
[B] = [B]44 pips lost total…[/B]
At the [B]Basic level[/B], strategy B…
Would enter the 1st amount but would fail to enter the 2nd amount 10 pips later and fail to reach the profit target and instead proceed to the stop loss at 35 - [U]loss[/U] of 1 amount of 22 pips.
[B]= 22 pips lost total[/B]
At the [B]Intermediate level[/B], strategy A…
with a very good entry (22) using the Starc bands…
would collect the first 10 pips on the 1st amount but the trade fails to reach the profit target and instead proceed to the new [U]break even[/U] stop loss set at entry - [U]win[/U] of 1 amount of 10 pips.
[B]= 10 pips win total.[/B]
At the [B]Intermediate level[/B], strategy B…
with a very good entry (22) using the Starc bands…
Would enter the 1st amount then enter the 2nd amount 10 pips later but the trade fails to reach the profit target and instead proceed to the new [U]break even[/U] stop loss set at 1st amount entry - [U]loss[/U] of 10 pips.
[B]= 10 pips lost total.[/B]
[CHECKED = CORRECT]
[B]Take time to analyse this and understand.[/B]
[B]Now lets look at the Advanced level…[/B]
Hey Tymen,
Been reading your original candlestick thread for the past few weeks. I wasn’t around yet when you were posting the original materials. Am keen in reading your new one, and hopefully I can actively participate this time. Thanks for everything.
trem