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

  • #241
  • Jun 22, 2018 7:02am Jun 22, 2018 7:02am
Used time go your lastmanstanding indicator that really helped me with the understanding of markets moves. Just subscribed to your thread and I hope will learn something more. Good luck and let's make some pips!
  • #242
  • Jun 22, 2018 9:02am Jun 22, 2018 9:02am
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. 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...

Hi Jay,

Thank you for introducing a system that does not use a "hard stop loss". It enables one to avoid "stop loss hunting". It has opened up a whole new way of trading. My only query is "how do you set your take profit targets?"

Have a great weekend
  • #243
  • Jun 22, 2018 9:37am Jun 22, 2018 9:37am
Quoting rajandaas
{quote} Hi Jay, Thank you for introducing a system that does not use a "hard stop loss". It enables one to avoid "stop loss hunting". It has opened up a whole new way of trading. My only query is "how do you set your take profit targets?" Have a great weekend
According to my most recent update version #3.
https://www.forexfactory.com/showthr...7#post11169897

I currently use 1 ATR(14) as my first take profit, 2 * ATR(14) as my second and I leave one trade open to being closed by opposite candlestick pattern confirmation or stop-loss.

Explaining further if I have a buy trade I would take the value of Average True Range (ATR) for 14 periods and add it to my opening price to obtain my first take-profit. Next, I double the value of the ATR obtained earlier and add it to my opening price to get my second take-profit. Finally, I don't set a take-profit on my last order leaving it open to be closed by a confirmed bearish candlestick pattern or stop-loss.

In the case of a short trade, I would subtract the ATR values from my opening price to obtain the take-profit values. The final position would be left open to be closed by a confirmed bullish candlestick pattern or stop-loss.

The first iteration of my system only used confirmed candlestick patterns for take-profits, however now I've decided to lock in some profits as the markets move.
Buy, Sell, plus this other thing equals Profit!
  • #244
  • Jun 22, 2018 12:04pm Jun 22, 2018 12:04pm
Sir Can you clarify how to calculate ATR (14) profit? I am confused.
  • #245
  • Edited 12:31pm Jun 22, 2018 12:16pm | Edited 12:31pm
Quoting mpradeep
Sir Can you clarify how to calculate ATR (14) profit? I am confused.
I simply take the ATR(14) value and add or subtract it to my opening price and use it as a take profit.

For example.

For the buy on GBPCHF yesterday the ATR(14) was 0.0082 and my opening price was 1.31255 so my first take profit was 1.32075 (1.31255+0.0082) and my second take profit was 1.32895 (1.31255+0.0082+0.0082) while the last order was left without a take profit.

https://en.wikipedia.org/wiki/Average_true_range
It is an indicator in your MT4 installation.

Attached Image (click to enlarge)
Click to Enlarge Name: SpreadPic.png Size: 97 KB


Once you attach the ATR(14) indicator to your chart, you should see the value.
Attached Image (click to enlarge)
Click to Enlarge Name: ATRValue.png Size: 36 KB

For those with the quick eye, yes this ATR value is different from the spreadsheet, and that is simply because this screenshot is from a different day, the next day in this case.
Buy, Sell, plus this other thing equals Profit!
  • #246
  • Jun 22, 2018 1:32pm Jun 22, 2018 1:32pm
Thanks sir. Now I am very clear. Nice strategy. God bless you.
  • #247
  • Jun 22, 2018 2:12pm Jun 22, 2018 2:12pm
TRADE REPORT - WEEK 1
(Week ending 23rd June)

Attached Image (click to enlarge)
Click to Enlarge Name: Weekly_Report_1.png Size: 12 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Trade_Results_1.png Size: 28 KB


Trade well.
  • #248
  • Jun 22, 2018 2:18pm Jun 22, 2018 2:18pm
Quoting JayDavis
{quote} I simply take the ATR(14) value and add or subtract it to my opening price and use it as a take profit. For example. For the buy on GBPCHF yesterday the ATR(14) was 0.0082 and my opening price was 1.31255 so my first take profit was 1.32075 (1.31255+0.0082) and my second take profit was 1.32895 (1.31255+0.0082+0.0082) while the last order was left without a take profit. https://en.wikipedia.org/wiki/Average_true_range It is an indicator in your MT4 installation. {image} Once you attach the ATR(14) indicator to your chart, you...

Good Thinking Jay! Does it now mean you enter 3 positions at the beginning of a signal so you can close the 1st at the ATR X1, the second at ATR X2 and the third trade is left to run. If this is the case, do you use same lot size in the different trades? I ask cos this is a modification of what we were doing before now.
i have tried to start trades with a trend, now i prefer to follow the trend
  • #249
  • Jun 22, 2018 2:22pm Jun 22, 2018 2:22pm
Quoting jereajali
{quote} Good Thinking Jay! Does it now mean you enter 3 positions at the beginning of a signal so you can close the 1st at the ATR X1, the second at ATR X2 and the third trade is left to run. If this is the case, do you use same lot size in the different trades? I ask cos this is a modification of what we were doing before now.
Yeah, I updated the system on June 15th, post 185
https://www.forexfactory.com/showthr...7#post11169897

Lot sizes are currently 0.5, 0.25, and 0.25, so as to equal 1 lot. However, I don't use the trailing stop loss or the 100 and 200 pip take profit targets anymore so I guess a version #4 is due at some point.
Buy, Sell, plus this other thing equals Profit!
  • #250
  • Jun 22, 2018 4:02pm Jun 22, 2018 4:02pm
Quoting JayDavis
{quote} Yeah, I updated the system on June 15th, post 185 https://www.forexfactory.com/showthr...7#post11169897 Lot sizes are currently 0.5, 0.25, and 0.25, so as to equal 1 lot. However, I don't use the trailing stop loss or the 100 and 200 pip take profit targets anymore so I guess a version #4 is due at some point.
Thanks Jay, i missed that post/point. Clear now.
i have tried to start trades with a trend, now i prefer to follow the trend
  • #251
  • Jun 22, 2018 5:17pm Jun 22, 2018 5:17pm
Quoting JayDavis
{quote} According to my most recent update version #3. https://www.forexfactory.com/showthr...7#post11169897 I currently use 1 ATR(14) as my first take profit, 2 * ATR(14) as my second and I leave one trade open to being closed by opposite candlestick pattern confirmation or stop-loss. Explaining further if I have a buy trade I would take the value of Average True Range (ATR) for 14 periods and add it to my opening price to obtain my first take-profit. Next, I double the value of the ATR obtained earlier and add it to my...

Hi Jay,

Thank you. Have a great weekend
  • #252
  • Jun 23, 2018 2:41am Jun 23, 2018 2:41am
Hello Jay, i want to drop my weekend gift here. AUDUSD AND AUDJPY gave buy signals on Friday. Meaning we need to use it at market open on Sunday right? I can see the signal but don't know the candle pattern formed, i think you can help with that.
Attached Image (click to enlarge)
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i have tried to start trades with a trend, now i prefer to follow the trend
  • #253
  • Jun 23, 2018 4:59am Jun 23, 2018 4:59am
Quoting jereajali
Hello Jay, i want to drop my weekend gift here. AUDUSD AND AUDJPY gave buy signals on Friday. Meaning we need to use it at market open on Sunday right? I can see the signal but don't know the candle pattern formed, i think you can help with that. {image}
AUDUSD; Bullish Inverted Hammer

AUDJPY; Bullish Harami

Trade well.
  • #254
  • Jun 23, 2018 5:35am Jun 23, 2018 5:35am
Quoting jereajali
Hello Jay, i want to drop my weekend gift here. AUDUSD AND AUDJPY gave buy signals on Friday. Meaning we need to use it at market open on Sunday right? I can see the signal but don't know the candle pattern formed, i think you can help with that. {image}
Just click on the link for the currency pair you want information on. You were literally one click away from getting the candlestick pattern.
Buy, Sell, plus this other thing equals Profit!
  • #255
  • Jun 23, 2018 10:00am Jun 23, 2018 10:00am
Thanks Jay and Kris, got that now.
i have tried to start trades with a trend, now i prefer to follow the trend
  • #256
  • Jun 23, 2018 8:48pm Jun 23, 2018 8:48pm
Bitcoin Signal
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i have tried to start trades with a trend, now i prefer to follow the trend
  • #257
  • Jun 24, 2018 2:03am Jun 24, 2018 2:03am
Quoting JayDavis
{quote} Yeah, I updated the system on June 15th, post 185 https://www.forexfactory.com/showthr...7#post11169897 Lot sizes are currently 0.5, 0.25, and 0.25, so as to equal 1 lot. However, I don't use the trailing stop loss or the 100 and 200 pip take profit targets anymore so I guess a version #4 is due at some point.
Hi Jay, great system, I've started following this one back end of last week.

I notice how you've changed the rules a few times, what are your TP levels now, since you still open 3 positions I assume you have some rather than waiting for opposing signals?

Also, do you not use a stop loss at all anymore? Just wait until opposing signals at the end of the day like you used to? If so, can you explain why? Don't you get scared that the market could move massively against you and potentially empty your account?
  • #258
  • Edited 8:06am Jun 24, 2018 7:33am | Edited 8:06am
Quoting uksoundz
{quote} Hi Jay, great system, I've started following this one back end of last week. I notice how you've changed the rules a few times, what are your TP levels now, since you still open 3 positions I assume you have some rather than waiting for opposing signals? Also, do you not use a stop loss at all anymore? Just wait until opposing signals at the end of the day like you used to? If so, can you explain why? Don't you get scared that the market could move massively against you and potentially empty your account?
Please review from post #243 till now, I just explained this again...

The market could move against my positions true, if it does not wipe me out in one day I'll simply close my positions as per the plan. I have stop-losses they are just not automatically placed on the chart.

This is an evolving system of course and there probably will be changes in the future, there should be a link to the most recent iteration on post #1.
Buy, Sell, plus this other thing equals Profit!
  • #259
  • Jun 24, 2018 1:16pm Jun 24, 2018 1:16pm
BUY on BUY, close on SELL and SELL on SHORT - this is clear, OK
Sorry for misunderstanding, but probably somebody can make it clear - we open sell order at SHORT, and then, do we have the same word BUY for both cases if we just close our previously opened at SHORT sell order and if we also have to open new buy (long) order...How can we understand the difference? I was looking at americanbulls and could not find the answer in their orders history. It looks like that every time we see word BUY following SHORT, we have to close sell order and open buy order immediately. But what about cases when we just close previous sell order without opening new order?
Sorry again if my question was answered before...
  • #260
  • Jun 24, 2018 2:06pm Jun 24, 2018 2:06pm
Quoting Loqito
BUY on BUY, close on SELL and SELL on SHORT - this is clear, OK
But what about cases when we just close previous sell order without opening new order? Sorry again if my question was answered before...
Hold on to your profits (or loss) until the next signal (stay in cash).

Trade well.
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