Good job, Dodge!! When you install the program to modify time choices on mt4 do you have to go through all of that everytime you log in??
Brian asked same question I was gonna ask—is it me or lack of patterns today>
Potaire
Nope, you don’t need to change it everytime. Follow the video below, it’s not difficult. If the video is choppy, or if your internet connection is too slow for HD mode, uncheck the “HD” in the video menu bar.
YouTube - Setting up Tymen Starc Bands with MetaTrader 4
I posted the .zip file again for convenience (still can’t find who originally posted this), credit goes to VulcanClassic for the Period Converter link though.
MT4-for-TymenMethod.zip (11.4 KB)
Got it set up—many thanx, Dodge
Potaire (I have a Dodge Ram-does that have anything to do with your name?)
Close!
Dodge Viper
and 83 for 1983 
OK, now that I have tried to use this thing I am lost again.
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How do I get the new time frames for pairs other than USD/JPY?? I didn’t follow his explanation of that at all.
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How do you get your chart to go live (online)???
Potaire
At 9:40pm EST on the 20m AUD/USD chart I saw a beautiful Evening Star with flat Bollinger bands. Right after I short I get a news alert about disappointing Australian housing loans numbers. Proof candle sticks represent the news.
I notice again, no 2nd amount.
Although you are doing well here, you will encounter future trades where your 1st entry is not so good and the 2nd entry will improve on that entry.
Also, you make double the pips!!
Hey Tymen,
Thanks for the answers. I havent been using a 2nd amount recently.
I had a really bad August trading and have been “trigger shy”. I got away from the candle stick method for awhile and as soon as I went back to it was sucessful again.
I really like the charting in Dealbook 360, one day I hope I can be a Chart Wizard like Clint in the Trev Win Ratio - London Breakout thread.
Thanks
Jack
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To get the new time frames for other pairs, open a chart for the other pair and apply the “tymen_5_minutes” template to it. You will then be able to “Open Offline” charts for the new time frames on that pair.
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The charts are “live”. They are updated from the live chart 100 times a second (something like that). Compare an “offline” chart to a normal chart and you will see the current price is the same.
Just entered into a short trade.
Here are my charts. Tymen, does it matter that the bottom wick of the middle candle is long?
Thanks
Jack
Here is a lesson I just learned. Make sure to keep your emotions separate from your trading strategy!
Perfect formation on all 5 time frames…
I’ll keep this updated to see where the exit should have been. Let’s all count the missed pips together 
Conclusion:
My scared exit netted me about 2 or 3 pips. The real exit would have netted me about 15 pips.
Hi,
I had a doubt that needs clarification, kindly enlighten me. You entered long at the 0.7 lower starc on 5m which is fine. However, after entry, price went up and reached the upper starc band after three candles. May I know what made you to stay in the trade when you could have exited (If i am right it is one of the rules of exiting the trade on reaching the upper starc in opposite direction). In fact, price did reach the upper starc several times later on as well. You stayed on and made that scary exit. If the rule was followed you could have exited the trade in about 15 min after entry on the upper outer starc with better profit. May i ask what made you stay on ?
Thanks,
Muthu.
Chennai, India.
Ah, good catch, seems I uploaded the wrong chart. I forgot to include on this chart that I did not exit when price hit the top Starc band because profit would have been very small. I did not show on this chart that I had 2 entries, one on the 0.7 which was marked, and one on the preceding candle when price hit the mid starc band. Had I exited after hitting the top band I would have had a very small gain, under 5 pips, so I decided not to.
Considering the strong candlestick formations on all 5 timeframes, I felt under 5 pips profit was too low.
Question for Tymen; Should I have exited here?
[B]There have been many high quality posts since I posted last night.[/B]
At the moment I am trading myself so I will not be posting new material for tonight and possibly tomorrow night as well.
I will post new material after that.
For now I will answer all the matters posted herein.
I am very pleased to see all the charts being posted!!
Good to see readers knowing how to do this.
For those new to this thread, or those wanting to know how to post charts on any thread, here is the hyperlink…
http://forums.babypips.com/newbie-island/25217-how-post-charts-forum.html
Thank you for the kind compliment, [B]Potaire[/B]!!
To my problem–I am struggling to find the patterns required…
This candlestick method uses many charts for each currency pair that you trade…20, 25, 30 mins…1 hour.
That is 9 time frames for each currency pair.
Then you have a 5 minute chart for each currency pair = 10 charts for each.
I trade 6 pairs = 60 charts in all.
Even with the fastest broadband and tunnelling, this puts a strain on your computer, and chart freezing is possible.
In my case, I have cut out a few of the timeframes, but I still trade many.
Using so many charts is like fishing with a net.
You will catch fish!!
In like manner, with so many charts you will catch candlestick patterns!!
[B]It is no good trading with only one chart - you will wait 2 weeks before a pattern appears!! [/B] :eek:
[U]Now MT4 is totally inadequate for this task[/U] - a good general trading program, but to trade candlesticks you need a high calibre program such a Dealbook or Interbank or similar.
[B]As you progress thro the 1st candlesticks thread, note especially the following posts…[/B]
#253 page 26
#261 page 27
#277 page 28
#307, #308, #309 page 31.
Thank you for the PDF.
I am a computer ignoramus!! :o :o
I have not the faintest idea on how to produce a PDF.
And yet, I have to produce the final PDF for this thread. :o
Last year, a brilliant computer programmer and poster, [B]SimplexX[/B], did it for me.
The only way you are going to know, is to post the trade in the first place!!
Errors are fine - they can be corrected on this thread.
I’ve circled the reversal pattern on the charts. The 30 minute and 20 minute charts don’t clearly show the pattern, but the 25 minute chart does.
Yes, the 20 min is doubtful, the 30 min shows a doubtful dark cloud but the 25 min is very clear.
Almost there!
The mid BB of all the main charts is going up strongly against the intended downward trade.
Need to be very cautious here!! :eek:
I’m in
I would not have entered this trade - too dangerous. :eek:
At your entry point, the mid BB was still rising and not yet flattened out.
The starc bands were showing signs of turning upwards.
[B]The direction of the mid BB takes precedence over the 0.7 line entry.[/B]
Remember that the mid BB is a 20 period sma - it turns slowly.
The starc bands are generated from a 6 period sma - [U]they turn fast and an 0.7 line entry can be got frequently. [/U]
And I’m out about 5 seconds after this picture it hits the bottom Starc line.
Probably just as well for safety.
The risk here is just not worth the few pips.
[B]I encourage traders to take more time in the entry set up - like a sniper, take time to aim at your target.
If this is done, the pips come quickly with many of them - just like the sniper getting his result easily.[/B]
[B]The idea is to get high probability setups only!![/B]
This trade and the one before it (the evening star pattern) is a classic case of one pattern only with the price action walking the upper BB.
[B]In such a case, 2 patterns are really needed.[/B]
However, given the risk, [U]there is a very small window of opportunity[/U] to make limited pips trading against [U]what is an obvious upward trend[/U].
You found this opportunity in this trade when the mid BB on the 5 min chart started to go level.
The 2 amount entry was textbook in that the 1st was at the 0.7 line (correct for level starc bands).
How it looked when it was over.
The exit, however, should have been delayed because the mid BB started to go down strongly.
I am sure that you saw this yourself - the correct exit would have been somewhere along that long lower wick of that last candle.
The mid BB then went level again, which was to be expected since the price action is walking the upper BB on the main charts.
Further, there is a squeeze in the 5 min BB, indicating a change.
When you do these in live trading, make sure that you have set up a PCI stop loss for protection.
I should have drawn them up in last year’s thread!! :o
Excellent point!!