And you would have to watch it like a hawk, and you would have to have your finger on the (Submit) clicker.
Now that would have been too much to ask for.
My opinion, hmmmmmmmmm why the H@#$L I am so negative today, after all I made some pips in my sleep last night.
I think I should stay away for the rest of the day. (It rimes :D)
That’s OK Oskar!! 
You are quite correct - it would be hair trigger stuff. :eek:
When we have everything going properly our way with these trades, the pace becomes a lot more relaxed, and also a lot more confident!!
Great that you made some pips in your sleep!!
Tymen,
Thanks for the trade example. Very much appreciated. I have some basic doubts. The second candle in the pattern has long upper wick and almost negligible lower body. Say suppose on a live trade, if i am looking at this candle formation (the third green candle has not formed yet) do i still see it as a pattern formation and wait for the third candle ? I understand if i have the pattern on the upper bb (the second one with long upper wick,) i would have confidently waited for the 3rd candle formation and go short. However, for going long on the lower bb, ideally i would be looking for the second candle to have a long lower wick NOT long upper wick. Am i missing something here ? Since there were not much long trade examples that i came across as compared to short ones, i request you to enlighten me.
Thanks,
Muthu
Chennai
India.
Nice work Tymen1.
I am using the BB bands in my trades, but i am not giving priority to candles signals (not the first priority).
On my demo account after some practice i have noticed that i may have a morning star, hammer and other signals and i lost some of my demo money.
Now i am using my candle stick and BB, but even when i have hammer and morning star i am not going short or long, as long as my ADX telling me that the trend is over and is going in opposite direction.
If any one can look at the AU/NZ dollar, i can assure that would give you a nightmare, as the candle sticks going all over the place.
It is also nice to use RSI to confirm trend direction on top of the ADX, BB and candle sticks.
Since i change to ADX for trend confirmation i start making some pips - at last, in my favour
First of all, the candle wicks are really not very important.
It is the candle bodies and their relationship to one another that is important.
The morning/evening star patterns are 3 candle patterns and we must wait for all 3 candles to finish before attempting a trade.
In fact we must [U]always wait[/U] untill all the candles are finished before we consider the pattern tradeable.
In this method we look at morning/evening stars, engulfing patterns both long and short, dark cloud covers and piercing patterns.
The first ones a 3 candle patterns and the rest are 2 candle patterns.
[U]Never enter a trade untill the pattern is complete.[/U]
You are trading an entirely different method then.
On my demo account after some practice i have noticed that i may have a morning star, hammer and other signals and i lost some of my demo money.
Without seeing the chart, I am not really in a position to comment.
The hammer is a one candle pattern and they appear everywhere.
I would never trade a hammer.
Now i am using my candle stick and BB, but even when i have hammer and morning star i am not going short or long, as long as my ADX telling me that the trend is over and is going in opposite direction.
The ADX can take a long time to respond.
The method I use here is aimed at doing away with indicators and relying soley on candlestick patterns.
The BB and starc bands are probability channels rather than standard indicators - they are simply used to assist in assessing the trade.
The mid BB serves the same principle as the ADX.
If any one can look at the AU/NZ dollar, i can assure that would give you a nightmare, as the candle sticks going all over the place.
Candlesticks work on any timeframe (the higher the better) and with any currency pair or in any market for that matter.
It is a matter of selecting the correct candlestick since many of the lesser ones have very little reliability.
It is also nice to use RSI to confirm trend direction on top of the ADX, BB and candle sticks.
Since i change to ADX for trend confirmation i start making some pips - at last, in my favour
This is your choice but I feel it is a mistake to mix indicators with candlesticks.
They are completely different and basically incompatable animals.
Candlesticks have zero lag and have short term relevance - max about 3-7 candles, depending on the strength of the move.
Candlesticks are great for sniper trading - and that is what this thread is about.
Waiting for the setup - the quick entry and exit to get maximum pips in the shortest possible time.
Indicators suffer badly from lag, and they compute only the closes of every candle.
If you are going to trade ADX, RSI etc, then you are better off trading a general trend and forgetting about candlesticks!!
Now I am going to show you and Advanced level trade that has everything - an emotional roller coaster ride.
The trade is of EUR/USD taken on a 35 minute main chart.
The candlestick pattern is a marginal dark cloud cover telling us to go short.
The mid Bollinger band on this chart is going up slowly but shows the potential to go level and down.
The upper BB is level.
This is a very risky trade.
I take it on my demo account for teaching purposes!! 
:o
[B][U]CHART 1[/U][/B]
Here is the first chart - the main chart >>>
By tymen1 at 2009-07-30
I have highlighted the dark cloud cover.
Inspect for yourself and consider this trade!!
[B][U]CHART 2[/U][/B]
The first of the 5 minute starc band charts >>>
By tymen1 at 2009-07-30
The black line shows the entry candle already underway and nowhere near a good entry position.
The mid BB is level, the upper BB level, starc bands going down steeply.
Tymen:
Thank you for your valuable tip. Very much appreciated and looking forward to more examples.
Best Regards,
Muthu.
[B][U]CHART 3[/U][/B]
>>>
By tymen1 at 2009-07-30
Here we see a green candle.
The price action is reversing to a more suitable entry point.
With the starc bands going down as steep as they are, we can forget about an 0.7 entry, even a mid starc band entry is unlikely.
[B][U]CHART 4[/U][/B]
>>>
By tymen1 at 2009-07-30
On this chart we see my 1st amount entry.
The green candle showed a retrace to a suitable entry point.
The starc bands are going down steeply so an entry at the upper 0.7 line is impossible.
What about the mid starc band?
No - the bands are going down even too steep for that.
I took what I could get.
[B][U]CHART 5[/U][/B]
>>>
By tymen1 at 2009-07-30
Here the price action is going the wrong way, which is annoying!! 
It also send the mid BB up instead of down.
Something to worry about.
However the upper BB remains level.
[B][U]CHART 6[/U][/B]
>>>
By tymen1 at 2009-07-30
Here I took advantage of the price retrace to get a better 2nd amount entry.
This 2nd entry (short!!) was taken at the tip of the upper wick of that last red candle.
The compute averaged the 2 entries to give the entry line that you can see.
[B]CHART 7[/B]
>>>
By tymen1 at 2009-07-30
The price action is going against us again settting the mid BB to go up instead of down.
Tymen:
This is the first time i am looking at your post as it happens and i must say it is thrilling to find out the outcome of the trade.
Keep going.
Thanks,
Muthu.
[B][U]CHART 8[/U][/B]
>>>
By tymen1 at 2009-07-30
Ahhh!!
Thats better!!
But the mid BB is still going up.
And the upper BB is level.
[B][U]CHART 10[/U][/B]
>>>
By tymen1 at 2009-07-30
Oh no!!! :mad:
The price action has gone way against us!!
It is out of control.
YAAAAAAAAHHHHHH!!
I told you that this was a risky trade.
Regrets. :o
We should not have entered. (sigh).
[B][U]CHART 11[/U][/B]
>>>
By tymen1 at 2009-07-30
We look for help from the main chart again.
The mid BB is still going up.
But the upper BB has done something that it has not done in the last 19 candles - it has gone down!!