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NEW Candles Formation Trading -Petar Formation

  • #141
  • Aug 18, 2010 4:21am Aug 18, 2010 4:21am
Quoting ducke
When you talk about your PIN, you mean the PIN BAR (Price Action)?



Ducke
I said i dont work with that rule of pin,for me every Candle with weaknes is pin that is i marked almost every candle on my picture i posted yesterday

Just fully bar strong bar is for pi non pin candle...


Cheers


Petar
"Buy on fear, sell on greed !!!
  • #142
  • Aug 18, 2010 4:26am Aug 18, 2010 4:26am
Quoting c2v4l
1. I can't comment on this one since I'm not very sure as well.

2. I think you got it absolutely wrong here. Leading candle should have lower HIGH compare to candle1 n candle2

3. I interpreted petar rules about this as it's enough if leading bar range (HIGH - LOW) is at least 50% from candle 1 range. If candle1 = 50p, leading bar atleast 26p.

4. I think this is the opposite of 2. Lower LOW for leading candle compare to candle1 and candle2.

5. I'm confuse about this as well.
C2v4 you is correct

I posted picture there you can see all rules in one picture i wil upload again


Cheers
"Buy on fear, sell on greed !!!
  • #143
  • Aug 18, 2010 4:36am Aug 18, 2010 4:36am
Hello guys,

THis is updates from yeseterday trades >
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"Buy on fear, sell on greed !!!
  • #144
  • Aug 18, 2010 4:40am Aug 18, 2010 4:40am
Also look at 5 min EURUSD,incredible 2 trades and both very good >
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"Buy on fear, sell on greed !!!
  • #145
  • Aug 18, 2010 4:57am Aug 18, 2010 4:57am
Quoting Petar_Serbia
Also look at 5 min EURUSD,incredible 2 trades and both very good >
Cant see leading candle high is 50% of candle 1 or candle 2.
why did you take this buy setup?
  • #146
  • Aug 18, 2010 4:59am Aug 18, 2010 4:59am
Quoting Dezil
Cant see leading candle high is 50% of candle 1 or candle 2.
why did you take this buy setup?
Oh sorry wrong shape >


Look now
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"Buy on fear, sell on greed !!!
  • #147
  • Aug 18, 2010 5:03am Aug 18, 2010 5:03am
Eurjpy Looks better and better now we have confirmation on H4 also

Daily + H4 hmm


What you think guys ?
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"Buy on fear, sell on greed !!!
  • #148
  • Aug 18, 2010 5:14am Aug 18, 2010 5:14am
I am still surprise at people still saying they still dont understand a very simple three candle formation, pls people if you want to learn you will have to make the efforts yourself, you only need to read the first post once and get the feel, then test yourself so you can contribute the discussions and trade enhancements using the formation.

Instead of trying to scrutinize what Petar has said and looking for ways to say oh he is wrong here and there, why dont open your chart and analyse, remember there is no holy grail..

 

  1. The formation requires any three candles with the middle candle being the lowest in a buy setup and vice versa for sell setup.
  2. The first candle in formation is Candle 1, the middle candle which is the second candle is the Leading Candle and the third candle is Candle 2.
  3. The Leading(middle)candle must have the lowest Low or highest High among the three candles and the range must cover at least 50% of either Candle 1 and /or Candle 2 range to qualify as Leading candle.

It dont matter wether Leading candle is either a Pin bar or not, but in most candle cases the Leading candle will show some form of weakness, it could be hammer, doji etc and may not necessary qualify as a "Pin bar" but most remain the low/high of the formation and the range must cover minimum of 50% of either or both Candle 1 and Candle 2.

  • #149
  • Aug 18, 2010 5:19am Aug 18, 2010 5:19am
Quoting pet
I am still surprise at people still saying they still dont understand a very simple three candle formation, pls people if you want to learn you will have to make the efforts yourself, you only need to read the first post once and get the feel, then test yourself so you can contribute the discussions and trade enhancements using the formation.

Instead of trying to scrutinize what Petar has said and looking for ways to say oh he is wrong here and there, why dont open your chart and analyse, remember there is no holy grail..

[list=1][*]The...
Very good post

Thanks for this i talked all day yesterday

EDIT : I will put your post on first for people who cant undestand


Thanks Pet we are here to trade and earn pips,we will do that
"Buy on fear, sell on greed !!!
  • #150
  • Aug 18, 2010 5:27am Aug 18, 2010 5:27am
Quoting Petar_Serbia
for me every Candle with weaknes is pin that is i marked almost every candle on my picture i posted yesterday
Just fully bar strong bar is for pi non pin candle...
Quoting Pet
It dont matter wether Leading candle is either a Pin bar or not, but in most candle cases the Leading candle will show some form of weakness, it could be hammer, doji etc

Excuse me, Friends, I have questions in the Chart.

Ducke
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  • #151
  • Aug 18, 2010 5:30am Aug 18, 2010 5:30am
Quoting Petar_Serbia
Very good post

Thanks for this i talked all day yesterday


Thanks Pet we are here to trade and earn pips,we will do that

nice one, keep rolling-in the pips, at the end of the day thats what its all about. Its not for amusement or playtime and trading is most definitely NOT child's play and is especially not a matter of who is right or wrong, or who know more than who, the point is we may be able to learn a thing or two from each other from forum in order to keep banking the PIPS.
  • #152
  • Aug 18, 2010 5:37am Aug 18, 2010 5:37am
Quoting ducke
Excuse me, Friends, I have questions in the Chart.

Ducke
Ducke just fully candle >




Look >
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"Buy on fear, sell on greed !!!
  • #153
  • Aug 18, 2010 5:39am Aug 18, 2010 5:39am
Quoting pet
nice one, keep rolling-in the pips, at the end of the day thats what its all about. Its not for amusement or playtime and trading is most definitely NOT child's play and is especially not a matter of who is right or wrong, or who know more than who, the point is we may be able to learn a thing or two from each other from forum in order to keep banking the PIPS.
Totaly agree
"Buy on fear, sell on greed !!!
  • #154
  • Aug 18, 2010 5:42am Aug 18, 2010 5:42am
Pet what you have now on Menu of trades ?


Upload some charts i will back from city for 20 minutes...Find some good setups to watch






Cheers

Petar
"Buy on fear, sell on greed !!!
  • #155
  • Edited 6:12am Aug 18, 2010 6:08am | Edited 6:12am
Maybe this will be of interest:

Less than 1month of trading, 13 successfull trades taken on H4 based on formation.

All trades shown comfortably perform R:R:1:1 succesfully when enter at close of candle 2. The least pips that was made was 40pips profit and the current trade is around 35pip profit atm.

will try the setup that failed also during the period, but maybe some live and current formations.
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  • #156
  • Aug 18, 2010 6:09am Aug 18, 2010 6:09am
Quoting Petar_Serbia
Ducke just fully candle >
Look >
Excuseme, Did not understand your answer.
I put three questions in the previous post.
Could you explain more?

Ducke
  • #157
  • Aug 18, 2010 6:20am Aug 18, 2010 6:20am
EURUSD H1 and 30M
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  • #158
  • Edited 7:06am Aug 18, 2010 6:42am | Edited 7:06am
New sell setup on M5 just now, notice I already have buy opened from yesterday based on daily and H4, opened two buys one closed already, riding the other, now lets see if this M5 setup will add $$$.

if entered at close of Candle 2 at 0.71725, the way i trade this setup and other similar is 1pip plus spread above the Leading candle @ 0.7179 or .7180 or just 8pips exposure, atleast R:R:1:1 should be in order with target at near minor support at 0.7166(see chart below).


Setup rendered invalid on M5, loss -8pips
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  • #159
  • Aug 18, 2010 6:49am Aug 18, 2010 6:49am
Quoting pet
New sell setup on M5 just now, notice I already have buy opened from yesterday based on daily and H4, opened two buys one closed already, riding the other, now lets see if this M5 setup will add $$$.

if entered at close of Candle 2 at 0.71725, the way i trade this setup and other similar is 1pip plus spread above the Leading candle @ 0.7179 or .7180 or just 8pips exposure, atleast R:R:1:1 should be in order with target at near minor support at 0.7166(see chart below) and maybe more who knows, my 1st target is to double my money, anything else...
Does this qualify as a valid set-up?

The low of leading candle must be in the lower half of either candle 1 OR candle 2 or am I mistaken?
Regards
  • #160
  • Aug 18, 2010 6:57am Aug 18, 2010 6:57am
Quoting pet
EURUSD H1 and 30M
Both your charts shows wrong setups! Look at leading candle low...
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