THE JOY OF CANDLESTICK TRADING - Part 2

Use the template file posted in the .zip from my posting where I have the youtube video with the walkthrough showing how to set it up :wink:

Dodge:

Thank you one more time for the indicator. Since i already had the 5 min template on my main charts, I just removed the starc band indicators on them as against loading the “tymen not 5 min” indicator. Hope it will not make any difference. Thanks for all your help and lets try our best to get some good trades using this method.

Regards,
Muthu
Chennai, India.

Hello,
This is my first post of the trade that i took yesterday and although it is not a text book trade, it was a success and I want to dedicate the knowledge earned to our Guru Tymen. Thank you Tymen.
Ok, here is the main chart of USD/CAD. The candle stick pattern is encircled on the upper bb. (I still had starcs on the main chart which is not required and i have removed it after i took two trades so kindly ignore them)


This is the entry marked E on 5m chart…


Here is the exit of the trade that is marked as well.


Ok now time to post last chart of the trade, this is how the main chart looked after i exited. Looks like i could have got more had i hung on, but who knows ? better not be greedy…

Now i request comments to improve on the trades and on the size of charts as well. I used Imageshack to upload pics and after an hour they disappeared mysteriously and now I had to use the attachment option to upload directly from my pc to babypips forum. Any clue about whats going on ? Thanks.

Regards,
Muthu
Chennai, India.


Not so much the trades but your images seem to be forbidden (for me at least), I’ve never used imageshack but is there a setting somewhere that dictates who can view your pictures?

Mike:

I just noticed that all the images that i posted is not there any more !!! Just the messages are there…I am confused. I saw the images for about an hour or so and now i just see the messages alone. Can someone pls help me out.

Thanks,
Muthu.

Alright…Now I tried the attachment option and uploaded the images directly from my pc. Hope these images stay atleast. Mike are you able to see the attachments ? Can someone help me to find why the images disappeared ? I used image shack.

Regards,
Muthu.

Looks like a good trade to my ‘baby’ eyes, I think this highlights what Tymen often says about improving your entry points with 2 amounts as I would have entered at the mid STARC band, then would have improved my entry with the higher price.
What made you decide to exit there? Because it hit the bottom band? Don’t know for sure but might have been worth waiting as the mid BB was still heading down and so were the STARC bands but profit is profit!

Hi,
Yes I should have entered two lots. May be next time lets see. Yes i came out as it hit the bottom band, I saw it heading down but just was eager to get out with a plus. Looking at the main chart after exit, it did go down…

Muthu.

Hello,

This is a new trade that happened just after us open today and it played well to give few pips. I entered two lots this time, second one on a retrace to get better pips. Since during last post, my charts got disappeared, i am continuing to post using the attachment option until someone can help me how to paste it here.


Entry in 5m chart. I entered two lots.


This is where the trade was exited


Finally, a look at main chart after exit. The Rectangular box shows the pattern based on which the trade was taken. The big oval shows the overall play till profit was reached. One thing about this trade is, when the pattern formed on the main chart, the 3rd candle was already hitting middle bb (Should I have taken this trade in the first place ???) I need some clarification on this. Another question that came to me is, say when the pattern is formed on the main chart and when i switch to 5min and find candles already breaching or very close to lower starc/lower bb (in case of SHORT patterns), can i still take the trade hoping price to still go down if the middle bb on 5 min is bent deep down ? Hope Tymen can clarify. I also welcome comments from other members to improve our trades.
Regards,
Muthu,
Chennai India.


Hi,
I took eu short (17:41 & 17:48 GMT) just after midnight my time. The 3rd candle in the pattern was all red and just in the closing moments of the candle its body shrunk. Nevertheless, i took the trade.


Entered two lots, second on a retrace.


This trade played for about 1 hour and 20 minutes and finally came good.


Ok, now for the final post of the trade. A look at how the main chart came up. The smaller box is the pattern on which the trade was based. The bigger box shows the over all play of the trade. I hope my attachments are visible to people. Comments, criticisms and suggestions are most welcome.

Regards,
Muthu,
Chennai India.


I muthusai2000,

I think your second trade (EUR/USD) is a risky one. I think this is not a really good evening star pattern, the body of the 3rd candle is not long enough, it should close at least halfway the first candle, and the bottom wick is longer than the body (meaning that there is some buying pressure). Plus, when you enter, the mid BB is going up.

However, well done :wink:

(I may be wrong, this is just my thought ;))