Yeah, now I just gotta keep from making all those pesky bad ones.
Hi,
Can anyone tell me what he thinks about that pattern ?
EDIT : I went shorrt on it. I entered at 82 and my S/L was set to 91 with a PNC order.
I have exit the trade automatically on the last candle you can see on the chart but its high was āonlyā 89ā¦ How is that possible ?
FxCarribean
I like the looks of the pattern of candlesā¦ however, because the Bollinger Bands are trumpeting a bit. I think the move will be short lived and the upward trend will resumeā¦
I have a feeling that this is a retrace developing and then there will be a higher low and the price will move higherā¦
If the pattern wa on the bands and they were flatter. much stronger pattern
IMHO
BTW thanks for all the work you have been doing to help us in our learning experience
dave
You are true. But it was yet the second reversal signal. So I thought this could be interesting to trade. It is still running at the time we are writingā¦
I have a feeling that this is a retrace developing and then there will be a higher low and the price will move higherā¦
hmmm, letās see that
If the pattern wa on the bands and they were flatter. much stronger pattern
True, there wasnāt that many today donāt you think ?
BTW thanks for all the work you have been doing to help us in our learning experience
You are welcome
An idea about the exit reason ?
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
I donāt like the looks of the chart at this time, that may be because of lack of volume in the afternoonā¦
I am recommending tight stops as I have a feeling re an up move about to commenceā¦
I wonāt trade this pattern as the evening star does not appear on the Bollinger bands. it is only somewhere near the upper Bollinger bands, not a nice setup from my own point of view. I can be wrong too but i wonāt risk my money on it. Just a novice point of view.
Well, the pattern did workā¦ it was profitable, but took quite a while to get thereā¦ and then, as I suspected, price started to climbā¦
There was perhaps , almost 100 pips in thereā¦
But to me, the bands did not look right and I would have stayed awayā¦
I remember Tymen mentioning that it can take sometimes take 2 reversal patterns to turn a pair.
It would have been correct to avoid this pattern.
It was not on the Bollinger bands.
A doubtful pattern - too risky!
The Bollinger bands are expanding - I knew the price action would go up again!!
100 pips eh?
But you could just as easilly lost a large amount of pips!! :eek:
Why gamble?
Wait for better situations to come along.
Remember, quality patterns only!
We are not that desperate!! :mad:
Not trading is a [U]position[/U].
What about that one guys ?
Check the timeframe !
I went in but AGAIN my T/P from the PNC order went me out too quick. I won only 10 pipsā¦but still won (demo trade).
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
I like how you picked one right on the BBā¦
Did you happen to look lower to see if there was an entry on 30 or 20 prior to your entry
I sorta am starting to favour looking at the higher time frames moreā¦ the more I get into recognizing the candle formations the more appealing the higher time frames seemā¦
I will be pleased to see how the main thread progresses with more setupsā¦ I find this fascinating
Hmm not sure I got what you mean. I went SHORT so the highest was the bestā¦
My problem was more my S/L setting and a bloody phone call that prevent me from watching carefully.
I sorta am starting to favour looking at the higher time frames moreā¦ the more I get into recognizing the candle formations the more appealing the higher time frames seemā¦
The higher timeframe you see the pattern, the more reliable it is.
See how it went 2 hours later. That could be more than 80 pips at the end of the tradeā¦and it is still going down during the writing of this postā¦
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
I like this pattern. It is a quality pattern on the Bollinger bands. The closing of the third candle is lower the first candle. Just my own point of view.
When we spend the time searching for the right pattern on the bands we are usually rewarded wellā¦
Seems we have to search quite a bit. and that tends to make me want to use the higher time framesā¦ I am not as patient as I should beā¦ lol
Excellent chart download and post.
Excellent magnification.
Excellent choice of evening star!!
But I think you are much better off getting rid of that PNC order window and just entering straight with the Direct Deal ticket.
I am looking just now at making some simplifications to the [B]UM[/B].
I feel it has become too complicated and, therefore, too cumbersome.
Fast response is what is needed and I am working on it.
I am working on the stop loss settings.
Do what I do.
Switch the phone off when trading.
You donāt need distractions when the action is on.
Such matters can cause you to lose whole trades.
Hmm, i would love to hear from you about that. What youāve started to write yet is interesting.
Thanks. Actually i understood the real reason why you said to magnify the chart before posting. It is a very good way to trade (not really related to the post). It prevent one to try to watch at other indicators or information. Just keep eyes on the current candle and the SB or KC nothing more !
So I strongly forward to everyone your advise about the magnifying process which help a lot for the trade.
But I think you are much better off getting rid of that PNC order window and just entering straight with the Direct Deal ticket.
ok with your way of setting the S/L before while the third candle is designed.
FXCaribbean
"Donāt go where there is a path. Open a new one and leave a trail".
If you want to understand what weāre talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live
Ok guys, I need your help.
Itās been 2 or 3 times something uncomprehensible, for me, happened to me.
I made a trade going short. I set my SL and TP with PNC (ā¦I know, tymen, but waiting for your improvement on that one). I made a snapshot of my screen.
You can see in the order window the entering price and the fact that the exit has been raised by S/L (81).
If you look now at the chart, you will see that the high of the current candle is 78ā¦far from 81 !
Iāve been chating with GFT last week and i beleive it is NOT spread dependant. Iām not sure but as far as i understood :
- the spread is taken at the entry of the trade whatever short or long. It is taken from the account balance.
- your S/L or T/P arenāt different of your settings (whatever the spread amount is).
- you exit at the [B]given [/B]S/L or T/P value.
- You know youāre in profit when the trade is over and it is up to you to make (entry_price-exit_price)-spread.
Where am i wrong ?..I still canāt understand why i have been out of the trade.
thanks for the help.
Hi,
Again ! Same question !
I went short a few minutes ago after the evening star at 3PM (GMT) on USD/CAD (20mn).
EDIT : Here is the picture as i have been askedā¦
Again i set my S/L and T/P. See the picture below.
Then i saw the price going slowly but surely down to my T/P (i can see it on the detailed info about the candle) and ā¦ANDā¦ my T/P wasnāt really raised at the end :mad:.
I should have went out or not ???
EDIT : WORSE !! SEE IT NOW !
SEE THE CIRCLE ??? The price went lower than my T/P and, as you can see, my T/P is still running ā¦
What the hell is happening ???
