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A,B,C,D - 1,2,3,4 System

  • #281
  • Sep 2, 2008 11:57pm Sep 2, 2008 11:57pm
Thanks, I think I better look up the evening star again....
"Even if you fall down face first, you still went forward."
  • #282
  • Edited 12:55am Sep 3, 2008 12:09am | Edited 12:55am
So was this an alright setup? Price broke that TL then returned to re-test and then that setup is what I thought an evening start was. Oops, star!

Thanks Guys
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.jpg Size: 147 KB
"Even if you fall down face first, you still went forward."
  • #283
  • Sep 3, 2008 2:07am Sep 3, 2008 2:07am
Hi,

My first reply to this thread here. possible short in u/j ?

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: uj ABCD.jpg Size: 292 KB
  • #284
  • Sep 3, 2008 2:13am Sep 3, 2008 2:13am
Quoting robincys
Hi,

My first reply to this thread here. possible short in u/j ?

Cheers

Yep...I have been short since 108.65 though the candle formation was not the ideal...
I have it in my previous post earlier today here
  • #285
  • Sep 3, 2008 2:20am Sep 3, 2008 2:20am
Yeah I was hoping it would form a tweezer top or a clearer entry so I've been watching but have not entered it as of yet. I do like pinbars but I'm going to stick to the rules.
I hope it does setup because it should give a goor risk/reward trade.

Still got some of that usdchf trade open from yesterday, I hope it moves a good few hundred pips for me..
"Even if you fall down face first, you still went forward."
  • #286
  • Sep 3, 2008 3:22am Sep 3, 2008 3:22am
Quoting juicyt
Forget that I'm in this trade on this demo account, what formation is that on my screen? I thought it was an evening star. Am I wrong?
I think its called an IB-inside bar. In fact thats what it is.
  • #287
  • Sep 3, 2008 3:42am Sep 3, 2008 3:42am
u/j heading now...need to break the inner TL around 42 area.

Good trading
  • #288
  • Sep 3, 2008 3:48am Sep 3, 2008 3:48am
My trade is on fire!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! lol

I have been in it for like 10 hours lol...but winning...yes!!!!!!lol
Thanks Dra


Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 31 KB
  • #289
  • Sep 3, 2008 4:10am Sep 3, 2008 4:10am
Quoting Shermenator
My trade is on fire!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! lol

I have been in it for like 10 hours lol...but winning...yes!!!!!!lol
Thanks Dra


Attachment

Candle pattern is still not clear now. 4hr inner trendline still holding. 1hr TL broken, so we expecting a small retracement.

Correct me if im wrong.

Cheer
  • #290
  • Sep 3, 2008 4:25am Sep 3, 2008 4:25am
Quoting robincys
Candle pattern is still not clear now. 4hr inner trendline still holding. 1hr TL broken, so we expecting a small retracement.

Correct me if im wrong.

Cheer

I completly agree you...But I got in this trade when I though we had a evenning start like 10 hors ago lol...I am improving in my candle formation recognition...so I have been in this trade for like 10 hours...lol
  • #291
  • Sep 3, 2008 6:27am Sep 3, 2008 6:27am
Quoting Shermenator
I completly agree you...But I got in this trade when I though we had a evenning start like 10 hors ago lol...I am improving in my candle formation recognition...so I have been in this trade for like 10 hours...lol
Alright, as we talked before,after breaking trendline, we expecting a retracement up to the line been broken.

Have a look of the following ! HOUR chart, we can see how perfect the retracement in Dra's eye.

Thanks Dra, thanks guys, looking forward to see more chart from u

Cheers,

Robin
Attached Image
  • #292
  • Sep 3, 2008 6:33am Sep 3, 2008 6:33am
Quoting robincys
Alright, as we talked before,after breaking trendline, we expecting a retracement up to the line been broken.

Have a look of the following ! HOUR chart, we can see how perfect the retracement in Dra's eye.

Thanks Dra, thanks guys, looking forward to see more chart from u

Cheers,

Robin

You did not place that trendline right bud...price has to make a higher high before placing that one....
  • #293
  • Sep 3, 2008 6:39am Sep 3, 2008 6:39am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Dra - this is classic MTI stuff right here . (In fact, is this Chief himself?) lol. How many pairs are you watching? Thanks for reminding me about the simple stuff that works!
"Wishful thinking dies hard." Igor T.
  • #294
  • Edited 7:39am Sep 3, 2008 7:07am | Edited 7:39am
Referring back to jucyt's post about the evening star .. if we are going to only be trading 4 candle patterns, we had better become experts on recognizing them Two are easy: the engulfing and tweezer tops... but what constitutes a valid evening or morning star?

My definition says the 'star' candle needs to occur at the end of an obvious uptrend (or downtrend for morning) and needs to show 'indecision'. Dra says the 3rd candle must be 60% or more in length of the 2nd or 'star' candle.

So on the UJ 4h, this should be one in the chart below. Or if not, why not? I think what was wrong with your star formation, juicyt, is because the star candle did not show 'indecision' and there was not much of an uptrend preceeding it. If I'm wrong, let me know please!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy1.gif Size: 21 KB
  • #295
  • Sep 3, 2008 7:11am Sep 3, 2008 7:11am
Quoting FxChi
Dra - this is classic MTI stuff right here . (In fact, is this Chief himself?) lol. How many pairs are you watching? Thanks for reminding me about the simple stuff that works!
Lol. Kool. It's not the chief, add "ef" to your name and you would be the "chief".(lol) I'm watching 22 pairs.
  • #296
  • Sep 3, 2008 7:12am Sep 3, 2008 7:12am
Quoting TraderStar
Referring back to jucyt's post about the evening star .. if we are going to only be trading 4 candle patterns, we had better become experts on recognizing them Two are easy: the engulfing and tweezer tops... but what constitutes a valid evening or morning star?

My definition says the 'star' candle needs to occur at the end of an obvious uptrend (or downtrend for morning) and needs to show 'indecision'. Dra says the 3rd candle must be 60% or more in length of the 2nd or 'star' candle.

So on the UF 4h, this should be one in the chart below. Or if not, why not? I think what was wrong with your star formation, juicyt, is because the star candle did not show 'indecision' and there was not much of an uptrend preceeding it. If I'm wrong, let me know please!
Amazing evening star...I am short since yesterday when I took a bad evening start....this one is the ideal though

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 31 KB
  • #297
  • Sep 3, 2008 7:15am Sep 3, 2008 7:15am
Quoting TraderStar
Referring back to jucyt's post about the evening star .. if we are going to only be trading 4 candle patterns, we had better become experts on recognizing them Two are easy: the engulfing and tweezer tops... but what constitutes a valid evening or morning star?

My definition says the 'star' candle needs to occur at the end of an obvious uptrend (or downtrend for morning) and needs to show 'indecision'. Dra says the 3rd candle must be 60% or more in length of the 2nd or 'star' candle.

So on the UF 4h, this should be one in the chart below. Or if not, why not? I think what was wrong with your star formation, juicyt, is because the star candle did not show 'indecision' and there was not much of an uptrend preceeding it. If I'm wrong, let me know please!
Thats an evening star on your chart.
An evening/morning star can have more than 3 candles, the two at the ends are the deciding bars. The candle to the right must be 60% or more of the length of the candle to the left.
  • #298
  • Sep 3, 2008 7:22am Sep 3, 2008 7:22am
Quoting Shermenator
You did not place that trendline right bud...price has to make a higher high before placing that one....

U r right, mate . cheers for that.

But what I was looking was, hope I was right

Correct me please . cheers
Attached Image (click to enlarge)
Click to Enlarge Name: uj.jpg Size: 162 KB
  • #299
  • Sep 3, 2008 7:22am Sep 3, 2008 7:22am
Quote
So on the UF 4h, this should be one in the chart below. Or if not, why not? I think what was wrong with your star formation, juicyt, is because the star candle did not show 'indecision' and there was not much of an uptrend preceeding it. If I'm wrong, let me know please!

A+, price gapped up and formed the star and the third candle dipped well inside the first candle.

A+
  • #300
  • Sep 3, 2008 7:32am Sep 3, 2008 7:32am
The usdjpy is a good example of why I dont use a "set" SL. All those who entered this trade yesterday, I know you were a bit worried seeing the market retracing above your entry. What it was doing is testing the previous high, thats why your SL must clear the last high or low.
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