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Candlesticks Trading

  • #101
  • Edited 9:03pm Nov 15, 2010 8:53pm | Edited 9:03pm
Hi Traders, take a look at EU daily - 13/26 ma going for a dead cross. However, soc is at oversold. I would like the price to retrace back to 50% thaen go for a short. Look at the weekly chart (2nd chart) After four weeks of consodication... a bearlish engulfment pattern form . A strong support at 1.35700 and the 200 MA.
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  • #102
  • Nov 15, 2010 9:15pm Nov 15, 2010 9:15pm
Good candlestick patterns analysis!
Keep it up!

Hey... my single-line standard MACD showing divergence (to short)... + the weekly tf reversed (white) PB followed by bearish engulfing* candle showing a good sign to short for me
O... imo, this bear seems to be very aggressive because it closed below last 5 weeks candles

Cheers

Quoting freedomsg
Hi Traders, take a look at EU daily - 13/26 ma going for a dead cross. However, soc is at oversold. I would like the price to retrace back to 50% thaen go for a short. Look at the weekly chart (2nd chart) After four weeks of consodication... a bearlish engulfment pattern form . A strong support at 1.35700 and the 200 MA.
  • #103
  • Nov 15, 2010 9:45pm Nov 15, 2010 9:45pm
Yes tradpat... very bearish !
  • #104
  • Nov 15, 2010 10:00pm Nov 15, 2010 10:00pm
Quoting tradpat
Good candlestick patterns analysis!
Keep it up!

Hey... my single-line standard MACD showing divergence (to short)... + the weekly tf reversed (white) PB followed by bearish engulfing* candle showing a good sign to short for me
O... imo, this bear seems to be very aggressive because it closed below last 5 weeks candles

Cheers
Hi Tradpat, care to share the chart? Yes.. it look bearish.
  • #105
  • Nov 16, 2010 2:51am Nov 16, 2010 2:51am
Here it is the chart post no. 191
http://www.forexfactory.com/showthre...42#post4175342

Cheers


Quoting freedomsg
Hi Tradpat, care to share the chart? Yes.. it look bearish.
  • #106
  • Nov 16, 2010 4:01am Nov 16, 2010 4:01am
Quoting freedomsg
Hi riforex, take yr time and find e suitable tf and system for yourself. After that, try with micro or nano live... Going live will make u a better trader. Cheers
Hi Freedomsg,
you're so right about the going live..i need to experience the emotions of trading with real money, my father went into day trading for a couple of years mainly stocks, made a fortune when he demoed, fell to pieces with real money, now he only does a bit of long term trading. i guess some manage it and some don't.....
This is a great thread on candlestick trading, i'm delighted to find this and learn a few things from it, cheers
Rlforex
  • #107
  • Nov 16, 2010 7:31am Nov 16, 2010 7:31am
Quoting rlforex
Hi Freedomsg,
you're so right about the going live..i need to experience the emotions of trading with real money, my father went into day trading for a couple of years mainly stocks, made a fortune when he demoed, fell to pieces with real money, now he only does a bit of long term trading. i guess some manage it and some don't.....
This is a great thread on candlestick trading, i'm delighted to find this and learn a few things from it, cheers
Rlforex
A lost in 10 cents is a lost... we need to manage it first. Even when we demo, do we trade with the 50000 dollars? Do we trade 50000 dollars in live account? Not for me ya. We need to train our mind and prepare for lost. I have make so many mistakes while i go live. Now i have slowly learn to manage it. Cheers
  • #108
  • Nov 16, 2010 10:04am Nov 16, 2010 10:04am
IMO... when demoing, treat it as your own "real" money and set the fund which you think you would (deposit) start with later on, like USD1,200 or USD500, instead USD10,000, USD50,000 or any big amount. This way you would trade with your "heart" by following your trading plan.... see how "far" you can "go" (win or lose)...
Cheers
  • #109
  • Nov 16, 2010 10:53am Nov 16, 2010 10:53am
Hello freedomsg,

Presently i m holding only this short trade going good to my way... will update if find new setup.
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  • #110
  • Nov 16, 2010 2:35pm Nov 16, 2010 2:35pm
Quoting tradpat
IMO... when demoing, treat it as your own "real" money and set the fund which you think you would (deposit) start with later on, like USD1,200 or USD500, instead USD10,000, USD50,000 or any big amount. This way you would trade with your "heart" by following your trading plan.... see how "far" you can "go" (win or lose)...
Cheers
thanks guys for your advice, you're dead right here, i've been using a 100k demo account, i won't be trading anything near that live!! its just so nice to see those big figures... but i'll be more like a 1k in reality,
cheers
rlforex
  • #111
  • Nov 16, 2010 7:59pm Nov 16, 2010 7:59pm
u r welcome... happy trading...

Quoting rlforex
thanks guys for your advice, you're dead right here, i've been using a 100k demo account, i won't be trading anything near that live!! its just so nice to see those big figures... but i'll be more like a 1k in reality,
cheers
rlforex
BTW I am out U/J
http://www.forexfactory.com/showpost...&postcount=192

Cheers
  • #112
  • Nov 17, 2010 7:22pm Nov 17, 2010 7:22pm
Look at the EU weekly and Daily chart... Price is a 200 and 65 ma. Hanging around and looking for a direction to go. Weekly chart is a down trend and Soc is turning down. As spoken, weekly is very bearish as a black candle enclose previous fews week small candles. Daily is sitting at the 65 ma and soc at oversold. Waiting for it to retrace up to Fibo 50% and may go for a short. We have to look at the PA before we entre. It may not look back and dive down. Let us see how she unfold.. cheers
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  • #113
  • Nov 17, 2010 7:31pm Nov 17, 2010 7:31pm
Quoting Pip26
Hello freedomsg,

Presently i m holding only this short trade going good to my way... will update if find new setup.
Good trade Br... keep yr charts coming.
  • #114
  • Nov 19, 2010 12:26am Nov 19, 2010 12:26am
EurGbp Daily:

Support level + 61.8 fibo.
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  • #115
  • Nov 19, 2010 8:46am Nov 19, 2010 8:46am
Quoting Pip26
EurGbp Daily:

Support level + 61.8 fibo.
Hi Pip, I am waiting for it to close above the MA next week. And look at the PA before trigger long. Cheers
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  • #116
  • Nov 21, 2010 8:30am Nov 21, 2010 8:30am
A very interesting AU weekly chart. A strong bull candle push the price and close above the major resistant line (In red) three weeks ago. Right after that bull week, the bear push the price and close below the resistant line again. Take a look at the RSI, as the price goes higher, it goes lower. A clear diverenge.

And the daily chart, u can see the diverenge more clearly. I will wait for her to retrace back to the 50% fibo line before I consider to go for a short. Cheers
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  • #117
  • Nov 21, 2010 6:46pm Nov 21, 2010 6:46pm
Quoting kk007
This book did extensive statistics and showed that there is little edge when using candlestick pattern alone.

http://www.forexfactory.com/showthread.php?t=252472
Agree.. studies have shown that candle provide very little statistical advantage.. the highest probability candle formation was correct 63% of the time, but so rare that opportunities are far and few..

candles alone are useless without other price action indicators.. just look on any chart to see how many times a pin bar reversal doesnt reverse!

you need to find a way to see which ones will
  • #118
  • Nov 21, 2010 6:54pm Nov 21, 2010 6:54pm
As far as candlesticks I have had MUCH success {but it is very rare} with trading one in particular, a 'hanging man' or 'nail' to the exact definition in the 3m-1h-4h charts.

This is almost, in my experience of watching for it, pretty rare to find a perfect one and almost always a guaranteed trade.

Nothing is guaranteed, but I haven't received a bad trade yet from these.
  • #119
  • Nov 21, 2010 7:18pm Nov 21, 2010 7:18pm
Quoting newyear498
Agree.. studies have shown that candle provide very little statistical advantage.. the highest probability candle formation was correct 63% of the time, but so rare that opportunities are far and few..

candles alone are useless without other price action indicators.. just look on any chart to see how many times a pin bar reversal doesnt reverse!

you need to find a way to see which ones will
Candlesticks is only a tools that show PA. It doesn't work alone. And if you are intraday trader, candlestick may not work for you due to all the news. It work better for a day candle as she goes thru 3 markets movement and traders willing tobring the price to a close. I have much success after i drop my tf to daily and weekly. Any system will not gurantee a 100% success... It all depend on yr MM and tf which you are comfortable with. Candlestick will work better ONLY when it is in an up or down trend... 90% it is a trend reversal method. The 10% is trade with a up window (gap) or down window. Hope it will help traders. Cheers
  • #120
  • Nov 21, 2010 11:53pm Nov 21, 2010 11:53pm
Attachment
Quoting freedomsg
Take a look at the daily tf ... Price is in range. Touching the bottom line. Go down to 4 hr and u see a nicely hammer. If we buy right after the hammer.. SL below the bottom line and tp is the top line. I am still long
If you follow this thread, I close it at 114.80. Long at 113.35 at 11 Nov. 140 pips can't win them all as upper channel is acting as a resistant. Let the PA tell us what to do next.. cheers
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