Does everyone switch to a five minute chart for entry points or can you simply enter a market order from whichever chart is showing the patterns?
I accidently deleted the 5m entry point chart. However, i do have the 5m exit chart on which i have also marked 5m entry. Looks like i need more practise to save post and trade simultaneously…
Now for the main chart after exit. As usual the pattern is in the oval, while the overall play is in the bigger box.
Regards,
Muthu,
Chennai,
India.
What made you get out so early? The mid BB was going down as were the Starc bands and the outer BB’s were ‘trumpeting’. You were on a roll.
Hi,
Once you spot the pattern on the main chart (20 to 60m). You switch over to 5m chart and look for entry based on the rules.
Regards,
Muthu.
Chennai, India.
My little 2 yr old naughty daughter !!! She grabbed the chordless mouse and started to play with it. I had to pay attention to her. So i closed the trade 
Muthu
Chennai
India.
You are being scared off by things that may be irrelevant, muthusai2000. :eek:
There is no need to be frightened off by news events.
They fit in nicely to our technical analysis.
By watching the 5 minute chart you have complete control.
Here is the 5 minute chart as it should have been traded.
You will notice 2 trades - the 2nd finished 3 candles out from the pattern on the main chart.
Considering that you entered at 1.6507, the total pips here is…
Entry 1 is 1.6507
Exit 1 is 1.6466
Difference = 41
2 amounts = 82 - 3 (spread)
= 79 pips.
Entry 2 is 78
Exit 2 is 41
Difference = 37
2 amounts = 74 - 3 (spread)
=71 pips.
TOTAL = 150 pips.
Time taken = 2 hours.
This is what I mean by a sniper trade.
Set up your trade carefully and you can make heaps of pips in a very short time.
Other methods on this forum will take much longer to make the same amount of pips!! 
This is correct when you trade the [B]Advanced level[/B].
Spot the pattern on the main chart.
Trade the pattern on the 5 minute chart.
However, in the [B]Basic level[/B], you stay with the main chart, where you not only spot the pattern, but trade it there as well.
Tymen:
Thank you for your insights on the trader. Wish I can become a Sniper trader.
Muthu.
You may have to organise for yourself a separate private room for trading, [B]muthusai2000[/B].
This is fine for now while you are doing demo, but not what you want when you are trading live!!
Your “2 yr old naughty daughter” may grab that mouse or do something else to interfere with your trading and cause you to make a terrible loss with real money!! :eek: :eek:
Also try to complete your trade first, then go about screen printing the charts afterwards.
This will take the pressure off you.
We can still see what you are doing!!
Finally, if you transfer your screen print into Microsoft Paint, there is a letter [B]A [/B]in the “toolbox”.
Click this and you can type whole messages onto your screen print in a professional manner. That looks better than scribbled “E” or “entry” on the chart.
Hope this helps.
Tymen:
Thank you for all your advise. I will pay attention to all your tips. Yes I need to go to handwriting classes first
Muthu.
Hello,
This is a new UJ Short that i took off an evening star pattern @ 15:56 GMT. It was a pretty good ride…
Now for the look at the main chart after the trade was exited. The oval is the pattern while the bigger box shows the over all play. This one was quick and it gave better pips.
Welcome comments/criticisms
Regards,
Muthu.
Chennai
India.
I was in that usd/jpy trade too. Since the starcs went down sharply I didn’t exit. Ended up with 10 pips instead of the 20 I would have gotten. Considering the Risk:Reward ratio, with continuing to put 20 pip stops for 10 pip gains, I’m comfortable giving my trades the chance to give me a little more.
With the Starcs down and the BB down, more often than not this would have continued downward. I believe Tymen1 says to only exit on such a large breakout from the Starc bands if they aren’t sharply pointed in your favor.
Better to get 10 pips instead of 20 every once in a while, if it means grabbing the 50-100 pips drops.
Edited for further clarification
I also took this trade. Entered at a similar place to you Muthusai but my nerves got the better of me and I exited with a 1 pip (woo hoo) gain. I am not sure this was such a good trade to take as I entered when the mid BB was rising on the 5 min chart. Not good. Another thing that made me nervous about this trade was that although a nice red candle formed afterwards giving a profit you can see that the upper BB is beginning to trumpet.
Instead of posting a picture of a trade I know didn’t follow the rules, I will just reaffirm that trading short an evening star pattern on an upper BB with the middle candle red…is dangerous.
Dodge:
Good to know about your trade. Looking forward to your charts and videos.
Muthu.
May I know which trade you are referring to ?
Muthu