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Attachments: Jay's Candle Sticker System
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Jay's Candle Sticker System

  • Post #1
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  • First Post: Edited Jun 21, 2018 5:55pm Jun 6, 2018 1:23pm | Edited Jun 21, 2018 5:55pm
I must confess. I have been making bank with a discretionary trading system. It may not work for you but here it goes.

I buy on confirmed bullish candlestick patterns, and I sell on confirmed bearish candlestick formations. Currently, when a trade reaches 100 pips of profit, I add another position in the same direction with half the initial lot size. If the position garners another 100 pips of profit, I add another lot which is a quarter the size of the initial lot size. I close a position when and if it closes beyond a stop-loss or a confirmed candlestick pattern in the opposite direction appears. Stop losses are not placed with the broker since with my system the position must close at the end of the day beyond the stop-loss, not merely hit it. All decisions about buying and selling are made once a day sometime after the formation of new candles usually sometime between 5 pm - 6 pm eastern.

Stop losses are generated naturally from the candlestick position traded. See https://www.candlesticker.com .

I also have an account with AmericanBulls.com which informs me at to which candlestick formations have been confirmed, an account is not needed to get this information.

A confirmed candlestick pattern is a pattern in which the close is above the signal line on a bullish pattern or below the signal line on a bearish pattern. Currently, I only deal with daily candles. After being a losing trading for over ten years my epiphany occurred in late January 2018 after I read "The Consistent Trader" by Sam Eder. I don't get any referral fees from the links, I put them there because they are what works for me.

It is my goal to create a system that just takes 15 minutes a day away from living life. Then create an expert advisor that automates it. So that I can play video games all day long and be a philanthropist.

p.s. Due to conversations with my girlfriend if the account ever doubles again in a 24hour period I am to close all positions.
I quit using the girlfriend rule. It sounds cute but when enacted it destroys your momentum, why sell everything when you are winning this rule is too arbitrary.
Updated 6/6/18 so trades opened before this date utilize my old system of 0.25-0.5-1 lotsizes where now I use 1-0.5-0.25.

Lot sizes are your choice of course and you are welcome to use any money management scheme you like.
I use a 0.5 lot order with take-profit at 1ATR(14), along with a 0.25 lot size with take-profit at 2*ATR(14), and also a final 0.25 lot order with no set take profit the exit is by opposite pattern confirmation or stop-loss.

skip Important new updates to the system in post #114 https://www.forexfactory.com/showthread.php?p=11150945#post11150945

The most recent update to the system. https://www.forexfactory.com/showthread.php?p=11169897#post11169897

TLDR;
I update a spreadsheet every day with the free signals from American Bulls forex "A. POPULAR" sheet.
I place buy orders for all BUY signals,
I close all SELL signals and
I open a sell order for all SHORT signals.
Buy, Sell, plus this other thing equals Profit!
Can you elaborate more how you take trade with some examples. Looks interesting. please tellme how to use candlesticker?
Thanks.
Sure, I'll post some examples after 5 pm eastern if I get any valid trades today. Essentially http://www.candlesticker.com teaches you how to recognize 84 different candlestick patterns. Once you see one of the patterns on your chart you can then initiate your trades. That's the free way to use the system, however for a fee you could join http://americanbulls.com and be informed of candlestick patterns that they automatically detect. In the long term, I plan to create an expert advisor that detects all 84 patterns and trades appropriately.
Buy, Sell, plus this other thing equals Profit!
Well, I just checked the candlesticks on the forex pairs that I trade and unfortunately, no new candle formations were confirmed so my system simply states to hold all current positions until 5 pm tomorrow, hopefully, I'll get an example for you tomorrow. On the bright side, I don't have to worry about doing anything so I'm going to go to a concert with my gf. Cheers.
Buy, Sell, plus this other thing equals Profit!
Subscribed. Thanks for the book and the link!
FOR THE HORDE
Quoting JayDavis
I must confess. I have been making bank with a discretionary trading system. It may not work for you but here it goes. Here is how I trade. I buy on confirmed bullish candlestick patterns, and I sell on confirmed bearish candlestick formations. Currently, when a trade reaches 100 pips of profit, I add another position in the same direction with half the initial lot size. If the position garners another 100 pips of profit, I add another lot which is a quarter the size of the initial lot size. I close a position when and if it closes below a stop-loss...
Hi Jay, i subscribed already, i do like to ask though, u trade you trade on the daily time frame, and you still close your trades at the end of day.
Technically I process my trades after the end of the day when the new candlesticks appear and I have new information to base my trading decisions on. This happens for me just after 5 pm eastern. I typically don't shut down my trade unless it closes beyond a stop loss or I detect a confirmed candlestick pattern going in the opposite direction of the current open position.

I don't close my trades every day like a day trader, I could hold a position for days, or weeks, I don't have any self-prescribed limit on how long I hold a position.
Buy, Sell, plus this other thing equals Profit!
Quoting JayDavis
After being a losing trading for over ten years my epiphany occurred in late January 2018 after I read "The Consistent Trader" by Sam Eder. I don't get any referral fees from the links, I put them there because they are what works for me.
yea
keep dreaming

cheers
What the book really showed me is that every person needs to develop their own system for themselves, something with which they are personally confident. That is one of the reasons why I have no qualms showing my system. Unless your trading psychology is like mine, then it probably will not work for you, and that's ok. The dream is alive! https://www.amazon.com/gp/review/RZC...at_pdctrvw_srp
Buy, Sell, plus this other thing equals Profit!
What timeframe you use usually to find candlestick pattern?
Hi Jay! Your are so great when sharing these ideas with us. I also losing till now and finally see some light when view your style of trading! I really hope to get your own advise in trades and money management. Could I have your email in my inbox just to get some specific advise? Thanks in advance!
Quoting jhonayahya
What timeframe you use usually to find candlestick pattern?
I exclusivly use daily candlesticks at the moment.
Buy, Sell, plus this other thing equals Profit!
not much to say except Well Done.
The Best Loser Wins
Quoting PowerH
Hi Jay! Your are so great when sharing these ideas with us. I also losing till now and finally see some light when view your style of trading! I really hope to get your own advise in trades and money management. Could I have your email in my inbox just to get some specific advise? Thanks in advance!
Well, it looks like you may be too new for me to be able to send a private message to or there is some other reason why I cannot figure out how to message you directly. Why don't you go ahead and post your question for the world to see, I don't believe in scarcity and there really is no point to secrecy. Alternatively, you could send me a message directly from my profile, that goes to my email. I would post my email, but I don't want spam from forum email scraper bots.
Buy, Sell, plus this other thing equals Profit!
Very, very nice Jay! You Da Man!

Just always remember... Bulls make money... Bears make money & pigs get slaughtered.

G
Find The Pain Points On Your Chart & Trade Off Those Levels
Subscribed
Been waiting for this and thanks for the links it's definitely a great asset in trading candle stick patterns
Quoting JayDavis
Technically I process my trades after the end of the day when the new candlesticks appear and I have new information to base my trading decisions on. This happens for me just after 5 pm eastern. I typically don't shut down my trade unless it closes beyond a stop loss or I detect a confirmed candlestick pattern going in the opposite direction of the current open position. I don't close my trades every day like a day trader, I could hold a position for days, or weeks, I don't have any self-prescribed limit on how long I hold a position.
okay, nice,however.it seems you take a lot of trades despite being on the daily time frame,hope to see you post some trades in here...
  • Post #18
  • Quote
  • Edited at 7:39am Jun 7, 2018 2:45am | Edited at 7:39am
Quoting carbonado
{quote} okay, nice,however.it seems you take a lot of trades despite being on the daily time frame,hope to see you post some trades in here...
I do plan on posting some trades, each signal is essentially three trades, one is immediate and then I place two corresponding pending orders. It should become more clear when I actually place some live trades later. Pending orders can activate anytime and I don't need to be on my computer for them to work. Specifically, if I place a buy order then I will place two buy stops one 100 pips away from the initial position and another 200 pips, for sell orders, I place sell stops. This can show up as intraday activity, but it is set up just after the formation of the new candles and is activated without my involvement.
Buy, Sell, plus this other thing equals Profit!
Quoting JayDavis
{quote} I do plan on posting some trades, each signal is essentially three trades, one is immediate and then I place two corresponding pending orders. It should become more clear when I actually place some live trades later.
Nice, will be expecting, however, i am still wondering how you are able to be on 91% up this week, using daily time frame, please can you throw more light n this, what size, e.t.c do you use per trade,and do you, and what broker do you use, the reason for asking is because of swaps, i am wondering what swaps will turn into holding a trade for a week...
Quoting carbonado
{quote} Nice, will be expecting, however, i am still wondering how you are able to be on 91% up this week, using daily time frame, please can you throw more light n this, what size, e.t.c do you use per trade,and do you, and what broker do you use, the reason for asking is because of swaps, i am wondering what swaps will turn into holding a trade for a week...
Ok so now I am wondering, can you see my trade explorer most of the information you asked for is right there ready for you to take a look. So are you asking me to repeat the information that is there into a forum post? Or maybe you asked this question before you realized that you already have access to the information? I have everything set to public so all the info should be there.

As far as swaps go, with my broker the fees are nominal and I generally just ignore their effects.
Buy, Sell, plus this other thing equals Profit!
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