Mickey:
I know trading live is a different ball game altogether. I was trading live and came back to demo after blowing out my account.
Muthu.
I saw the same pattern on all time frames besides the 20. Last time I saw an Evening Star (though last time it was a correct one) across all time frames was last night’s USD/JPY 50 pip drop! I excitedly entered and didn’t exit when I should have.
Dodge:
The pattern on M25 looks good to enter. Which time frame pattern did you enter ? I understand it hit the stops. Looks like sometimes even though we have an excellent pattern, we cannot avoid losses. As they say we can’t win all trades. These days i feel it is ok to lose a trade as long as the entry is based on a valid pattern. Today morning i had a loss entering a no pattern trade. Lessons learnt.
Regards,
Muthu.
Chennai,
India.
I entered on the first opportunity, meaning both BB and starcs were down, after the M25 pattern. I usually don’t take this specific evening pattern (as we talked about earlier) as I don’t find it as reliable. Seeing it across all patterns got the better of me.
Of course I entered larger than I should have in my excitement…sigh
I’m 100% with this strategy on Demo. It took real money for me to start losing!
If I may suggest. After going live, start trading with small lots so it will take the pressure off you. Once we get more and more confident we can trade lots that will bring more money. Just my opinion.
Muthu.
One more thing that was bothering me in such patterns is the long lower wick of the third candle, which tells us about some good buying pressure. I will have to look in to other charts to see how patterns with long 3rd candle lower wicks worked while Shorting.
Muthu.
Here is a trade that i took off EJ chart. Entered two lots. The trade was just after 0700 hours GMT.
Now for the entry and exit on the 5 min charts. I was initially targetting ten pips for the first lot and and i had a improved entry on the second lot so the second lot gave me more pips. The stocs and bb were going down. As i was trying to change my targets, the move was fast and tp was hit.
Ok…this is how the main chart looked after exit. The oval box shows the pattern and the big box shows the overall play. The trade had more potential pips. Since i had a fixed target for two lots, i got out of the trade sooner than i would have liked. Terminal screen at the bottom of chart shows the two lots entry time, price and # of pips earned for each lots.
Welcome your comments/criticisms.
Regards,
Muthu.
Chennai,
India.
Well Muthu apart from exiting the trade too early (but then hindsight is a wonderful thing) I think you played this trade perfectly. You are certainly spotting quality candlestick patterns and that is half the battle.
In the words of our mentor, soldier on!
Mickey:
Thank you for your thoughts ! I really wish we all can spot the trades and get the pips when it is on the table. Yes we need more practise of this system and one thing i am fully convinced is the system is wonderful, simple and very productive. Once we get more confidence and learn to spot the patterns as it happens, i think things will fall in place for us. Thanks to Tymen for his efforts.
Regards,
Muthu.
Chennai,
India.
Hi,
This is a UJ long trade that i took. It looked more like a scalp as i took only about 9 pips. I exited once the trade hit the middle bb on the main chart. Long trades look rare to come by atleast for me. I don’t know whether my eyes are trained only to look for the Shorties…
Took the same one myself for 10 pips. Didn’t manage to get a second entry in. Just after I exited the price shot up another 10 pips. But hey I’m still 10 pips better off.
Finally a look at the main chart after exit. The oval has the pattern while the bigger box shows the overall play.
Welcome your comments/criticisms.
Regards,
Muthu.
Chennai,
India.
Mickey:
Excellent ! Yes this market hmm what to say… price always shoots up after we exit as though like teasing us. But once we get in again with no plans but just plain greed and hope, i got myself butchered many times. Now that I am not in the trade, look how UJ shoots up…
Regards,
Muthu.
Ok now for the last trade for the day. This one played on for quite some time until it broke down. It was EJ Bearish Engulf pattern. I entered two lots, second one on a better entry.
This chart shows the point of entry. I entered two lots, second at a better price on a small retrace. As you can see according to one of the rules, the middle bb is flat and starcs are going down.
This chart shows the place where i exited the trade. Again in this trade i had a set target of ten pips, with the second lot getting about 15 pips due to better entry. In future i am planning to set ten pips for the first lot and see if i can make the most of the run down/up in the second lot, as you can see the trade was heavily loaded in our favor after the exit point with both mid bb and stocs going down.
