I was introduced couple days ago to the thread called J16 by artov (http://www.forexfactory.com/showthread.php?t=2331)
Fascinating thread and highly recommend it to all.
I understand candle patterns very well, but trading them is the whole new ball game.
J16 points out some very reliable patterns for reversal/continuation of prices, such as pin bars.
He is very right about starting with daily/weekly before going into lower timeframes. I wish there was a medical technolgy out there, so I could actually burn that very logic (start with daily/weekly) into my half brain cells I could be freaking rich by now...but then again, trading is only a journey in life.
So if I can pick up the reversal candle patterns, fairly very well, then wouldn't be a bad idea to put a buy/sell-stop orders on prices 10 pips above/below the hi/lo of the patterns (as recommended by J16 for the pin bar, aka shooting star).
T/P is very subjective, but I'd be happy to get a quick 20pips with 20pips SL.
I'll experiment with this idea....
Fascinating thread and highly recommend it to all.
I understand candle patterns very well, but trading them is the whole new ball game.
J16 points out some very reliable patterns for reversal/continuation of prices, such as pin bars.
He is very right about starting with daily/weekly before going into lower timeframes. I wish there was a medical technolgy out there, so I could actually burn that very logic (start with daily/weekly) into my half brain cells I could be freaking rich by now...but then again, trading is only a journey in life.
So if I can pick up the reversal candle patterns, fairly very well, then wouldn't be a bad idea to put a buy/sell-stop orders on prices 10 pips above/below the hi/lo of the patterns (as recommended by J16 for the pin bar, aka shooting star).
T/P is very subjective, but I'd be happy to get a quick 20pips with 20pips SL.
I'll experiment with this idea....