UMS Live

Beginner Questions
122

Alright, back from the 1st round with cold and flu season and hoping for some help here. I thought I had good pattern here but this is the 2nd time I’ve been slaughtered :frowning: with a similar situation so if anyone could tell me what I’m missing, I’d be most grateful. Good thing for virtual money!!

The date on this was Oct 20th, if anyone wants to look this up and it is 4 hours behind GMT (due to daylight savings time).

The yellow circle is the Evening Star…the rest is self-explanatory. Hopefully the pic will be attached properly.

Thanks in advance.

123

Hmmmmm … pic obviously isn’t right. Can someone please tell me how to insert a full sized chart into my post? I’ve seen instructions somewhere but can’t find them now for the life of me! Please and thanks.

124

Looks to me that the BB were opening which could have been a warning.

Not sure if it went 10 pips but if so, you could have locked in 10 pips using intermediate or advanced method with 0 loss on your second amount.

Even if it didn’t go 10 pips, the most you should have lost was your PCI, which is going to happen from time to time, so there should not have been any real big loss there.

125

Brilliant answer VulcanClassic!! :slight_smile: :slight_smile: :slight_smile:

Exactly correct.

The Basic level would also have brought in 10 pips, then stop loss at break even.

But it looks to me like a 5 pip increase so the 10 pips would not have been realized at the Basic level- hence a PCI loss here.

Indeed it is not clear but I think you could have saved the day with the Advanced level.

126

Print screen for your picture, then transfer to Microsoft Paint.

Add what you wish there, then click Image - stretch/skew to ~ 54%
This resized picture make up about 1.47Mb.

From here you upload the resized picture to [U]Image Shack[/U] (google it).

Log in a user name, etc.

The max picture size upload allowed is 1.5 Mb - hence the resizing to 1.47

When you have done that, you can copy/paste the code that goes with the image into your post.

[U]Note [/U]- it will take you a little while to familiarise yourself with Image Shack.

[B]The image code results in a full size picture on your post.[/B]

127

Hello All,

Just a few tips for people copying and uploading their screen images for this thread:

  1. If you use Alt-Print Screen when taking the screen shot, then only the ‘active’ window will be captured in the clipboard. This saves having other things on your screen displyed when you post.
  2. Windows have a great image resizer that will reduce 1 or 2Mb pictures down to a tiny fraction of that size with no noticeable loss of image quality. It’s available at: http://download.microsoft.com/download/whistler/Install/2/WXP/EN-US/ImageResizerPowertoySetup.exe This will hopefully make uplaoding to Image Shack, or to this forum much quicker.

Before this turns into an IT lesson, I’d like to thank FXCaribbean for the thread, and as ever, Tymen for his wonderful advice.

I’m searching for suitable patterns to trade on, and as soon as I see one I’ll be sure to post it here to check with you all!

Rich.

128

Thanks for the replies.

As for the pattern/set-up thanks VulcanClassic for the response - stupidest thing - as I was reading again some pieces of the original thread, (I’ve copied everything into Word, so I can add notes, highlights, etc) - I found the post from Tymen back in July that discussed this very thing in good detail and I’d even highlighted it! Certainly a lot of intracacies to learn! New baby and sleep diprivation doesn’t help much with the retention though!

And for the instructions re posting pix, thanks!

Great having this kind of help without paying thousands of dollars with dubious benefits!

Thanks again all!

129

You are welcome!! :slight_smile: :slight_smile: :slight_smile:

130

Hey Tymen,

Appreciate the reply and your willingness to assist. First things first. Was this a valid reversal pattern?

131

Not really. :frowning:

Firstly, you are looking at a morning star pattern.

These tend to be unreliable as compared with a morning [U]doji [/U]star pattern.
That is the one you should choose.

More importantly, however, is the state of the Bollinger bands.
They are all going down - steeply so.

[U]This is a no no for trading a long position.[/U]

The Bollinger bands are not just on the chart to look pretty!! :o
They serve a [U]real purpose[/U]!!

  1. To indicate if we have an extreme price - pattern on the upper/lower bands.
  2. To show the general trend of the trade - a breakout or expanding or “trumpeting” (same meaning each word) set of bands should [U]never [/U]be traded in the opposite direction.

I spent a fair few posts earlier in the thread explaining this.

In such a case, the price action tends to walk the bands and hence, follow them.
In your case, the price action was on the lower band, and continued to follow the band downwards.
To trade long here is but a pious hope!! :smiley:

The pattern did have some strength, however, and the next 2 candles were higher in price.
But that is about all you could expect.

[B]Have a look at the following drawing [/B] >>>


By tymen4 at 2008-11-05

This image explains the matter more clearly.

When a candlestick pattern appears on the BB, that tells you to go the [U]opposite way of the obvious trend[/U], then the best you can expect is a [U]temporary [/U]change in price action.

After that you can expect the price action to resume its original trend.

To [U]break [/U]the trend you need a [U]second trend-opposing pattern[/U] to appear soon after the first one.

132

Good day All,

I realize the main thread is closed and did not chime in, in time to give my thanks to Tymen. Thank you Sir for your dedication, willingness to share, and openness of your faith in Christ Jesus! It has been a breath of fresh air in this business of “Trading”. It has certainly helped me, an aspiring trader, to develop a solid trading methodology.

Now I have to practice,practice, practice.

FXCaribbean, thank you for starting this thread to continue the work of “The Joy of Candlestick Trading”.

That said I have a question on pattern recognition. Is the attached snaphot a valid Rosellas on the U/J ?

Thanks All,
FX


133

Hi Fx,

I don’t see a valid pattern there. For it to be a 3 rosellas pattern you need 3 red candles. I don’t think a doji counts. Also the doji is well inside the BB. I would wait for that last green candle to finish to see what it might do, but probably would not trade it.

We’ll see what others have to say.

134

Good evening,

Does anyone have a template or the settings for the Extreme Starc Bands for the MT4 platform; for .98 and .65 levels. I am having some serious issues with Dealbook.

Thanks, FX

135

Hello Tymen and everybody. I read your system today and being a complete newbie ( 2 weeks into forex) I felt very enlightened. I feels like just everything has started make sense suddenly.:smiley:

I want to share my enthsiasm of the first post and at the same time ask question from the pros. I am attaching 1h and 5 min charts of USD/JPY from today. It was within last few hours of market closing. An evening star formed on upper Bollinger band. I have marked my entry and exit points on 5 min chart. I went in as per KC and use retracement as per starc bands.

My first exit was when the candle touched the lower starc band. But it went going down for few more candles and then had a retracement, touched the upper band and I entered my second order there. I exited just before the market close.

Question is did I do it right with exiting at first time? Would there have been any clues from the chart that price will go further down (possible better exit.)

Thanks a lot tymen for taking enormous time to explain this to everybody. you should have abook by name of candlesticks for dummies…:stuck_out_tongue:

136

I have installed the Extreme Strac Bands but I can’t seem to make my Strac band look like tymens on his last examples I think he has 2 starc’s could someone tell me how to set that up thanks

137

Haven’t been surfing the site much (or trading) lately due to multiple interruptions (moving, travelling, etc.) but I’m back at it now, so I’ll help where I can.

All I have is one set of starcs, that should be fine. The difference will be minimal I think.

What kind of issues are you having? Sorry, I have nothing for MT4 as I gave that one up months ago.

Pips to you all (but not mine:D)

138

swaraj,

Welcome to the site and the system,

As I said before I have been away, so I will need to review the system before making any real comments on your trade. I’ve attached a pdf that simplexX created, summarizing the system.

It looks like a nice evening star pattern.

Not sure how far you are into the thread or which method you are using.
One thing I noticed is the indicators are a little off. The main chart only has BB, no MACD or Starcs. The MACD is completely gone in fact.

Hope it helps

THE ULTIMATE CANDLESTICK TRADING METHOD - 4 levels.pdf (565 KB)

139

I can see now that I was following the obsolete method. I went and read all the new pages and the pdf file you attached. I think i get the concept well in my mind well. The only issue I have is --how to get extreme starc bands for MT4. my starc bands appear to be even broader than BB in 5 min charts. IS there a way to do this in MT4.

Your reply would be highly appreciated.

Thanks

Swaraj

140

Anyone else noticing theres not alot of quality patterns that seem to play out latley ? US dollar seems to be in a major downtrend for the last few weeks and all the charts seem to just go way up or down , and patterns i do see dont play out .

Anyone else notice this latley ?

141

Hi! I’ve seen zero activity on this thread. Is somebody in the forum still trading this method???