As per Tymen, it is the candle pattern that we pay attention to and not the news, which means we can trade any time as long as the pattern is valid. So, if you recognize the pattern and switch to 5 m and find that you already missed a good entry and the candle has already started to tumble down or zoom up depending whether you trade short or long, so be it. The train has already left the station, lets wait for the next one.
Regards,
Muthu.
Chennai.
India.
Dodge,
eurusd 5 min Candle 19.10 of GFT and MT4 differs in shape. MT4 has a wick down…how is this possble?
This can happen sometimes due to time differences between the brokers, or differences in their underlying price feed.
i agree with you. but there would be some cases like. i would have made some entry using 5m and if the up’ and down’s happen after my entry or whenever i am in trade. before we recognize the BB and starc band changing we would be losing it right. yes i do remember we have PCI set too far from our entry. no there is no other way than hitting our PCI …am i right?
As the feeds are from different brokers, we see a small difference in price between them. Looking at the charts, all i could see is this minor DIFFERENCE in starc bands, arising out of the small price variation. I wonder how this difference can be interpreted as one is better than the other ? In other words what makes GFT 5m better than MT4’s ?
Regards,
Muthu.
Chennai.
India.
Another reason to use Starc bands which update on every tick 
Hi,
We can always exit when the starc bands turns sharply against us during a trade. Its your call. Ofcourse, sometimes during high volatility the price movement will be too fast. Its part of the game and if candles turn too fast against you during a trade, we have no other option but to accept it. Lets look at it the other way too. Tymen has posted few trades that showed huge candlesticks in our favor after entry and these are supposed to be news trades which were taken unknowingly purely based on quality candle stick patterns seated on favourable bollinger bands. You can have a look at them if you can scroll few pages back.
Regards,
Muthu.
Chennai.
India.
In an evening star, the middle wick should go up the highest, here the leftmost wick is highest. I call these an [B]almost[/B] pattern. If you do enter, do with extreme caution, as Tymen’s PDF would consider this a notrade.
Look closely at these charts and note where the entries and exits are based on the Starcs changing direction and you will see the effects of “shift=0”. This is more than the minor difference in price.
I will trade it with caution
Middle and upper bb are still pointing upwards, besides the second candle of the pattern is not a shooting star (missing long upper wick). However, upper time frames shows a shorting pattern is soon to come on this pair. Lets see how it goes.
Regards,
Muthu.
Chennai,
India.
Dodge,
You are correct on the wick. I did not see that at first. I have not traded this yet, but am watching this pair for a down turn soon. Waiting to pounce at the right moment!!!
What do you guys say ? is it good enough to trade ?
The bands are already almost flat on a few time frames. This is why I never discount a main chart pattern based on the mid band. Only when you are ready to enter should you look at the mid band. In my experience, usually by the time the 5 minute mid band is ready, the main chart mid band has changed enough to make it a good entry.
However, I never like to enter on a bad candlestick pattern, so personally I wouldn’t enter.
Dodge:
Sorry, i am unable to make out what you are saying. On GFT the curves are smoother than the ones in MT4. This is all i can see.
Pls enlighten.
Muthu.
Thanks guys for all the replies on the STARC band settings for MT4; I did indeed switch to Shift 0. I’d thought there was some drawback to that setting from previous discussions, but can’t recall what they might have been… oh well.
I am up for any kind of chat/notification service we’d like to set up, from a dedicated thread w/subscriptions via instant notifcation, chat programs (I pretty much have all of them on my computer – and Muthusai and I are already chatting on Skype) or Twitter.
Though I’ve never used Twitter I know enough about it to say it could indeed be just what you guys want: instant notification of any tweets in our trading group outgoing to anyone’s PC or mobile device, irrespective of time zones.
The wick of the 2nd candle is not as long as it should be to make this a trade.
but, we are near the high of the day for this pair. The 4 hour trend is steeply down. Tymen says to stick to the 20m - 1h chart though. To me this is looking like a trade to enter with caution
Thanks DodgeV83 for the advice about practice recognizing trade opportunity’s.
You can do group chat in gmail. Would that work for a Candlestick trading?
I am going to wait for another short pattern to form before entering
As long as we have audible option, any chat is fine with me, although i prefer yahoo messenger.
Muthu.
