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Candlestick Trading

  • #61
  • Jan 24, 2011 9:21pm Jan 24, 2011 9:21pm
Quoting freedomsg
Anyone looking at eu hourly chart... A bearish engulf pattern after an uptrend. Can't post chart now... Take a look guys.
See how beautiful it was after the bearish engulf pattern. PA went down and hit the 65 MA and also the daily low. Yr sl should be the daily long.
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  • #62
  • Jan 24, 2011 11:27pm Jan 24, 2011 11:27pm
Quoting finghead
hi freedomsg,

i do on daily chart,using 150 and 21 to see which is the road of coz add up with PA...

1) i did try out using moving SL,prolly i move wrong place...alot of time close with breakeven and then others close with lesser pips like 70-80pips..But when i see some trades can do like till 200-300pips....

2) set tp..i dont know how to set on tp so i do 100pips for daily....but sometimes when i see it keep on goin my way and feels like not worth it too.Instead can have 300pips or more than but only grab 100pips.

Also i can do intraday...
Hi finghead, it sound so familiar.. tp to little and Sl too fast. This is the game name forex! It depend which tf u r trading. If a daily tf, 150 to 200 pips are what we looking at right? Try using pivot or fibo for yr sl or tp level... this is the place where by many traders are looking at. By setting 100 pips wont bring you anywhere. And also, will u wait for the daily candle to close before u trigger yr sl or once the PA hit the price, the SL kick in. The PA can shoot further up or goes down when yr sl hit... if u wait for the candle to close and it retrace back from yr sl, than u r still in the game isn't it?

Act on yr plan, do not get too excited with pips. Modify it and monitor again.. like Kaizen (PDCA) cycle...haha. It is a game to test yr patience and disclipine. Cheers
  • #63
  • Jan 25, 2011 6:23pm Jan 25, 2011 6:23pm
hi freedomsg,

lol kaizen is involve in here too aye ;p anyway erm...yea trying to implement a good MM.Hmm did do fibo and s+R but not really good at that.Do you have skype or any so that prolly can chart together to see im in a correct position.
  • #64
  • Jan 25, 2011 8:07pm Jan 25, 2011 8:07pm
Quoting freedomsg
GU weekly PA heading toward the treandline and also round number(yellow) A heavy resistant. Look at the red arrow that few weeks ago. That was also a bearish engulf. It also act as a resistant line.
As for the daily candles ... past few days having long wicks.. it show weakness for going thru all the resistants. I will short it it PA close below the round numbers 1.6000. TP is 38.2 % of the trend and SL is daily PA close above the round number. Cheers

Anyone caught this? Nice
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  • #65
  • Jan 25, 2011 8:09pm Jan 25, 2011 8:09pm
Quoting freedomsg
Look at AU weekly, the first RRT serve as a resistant for the bearish engulf pattern. If we move down to daily, PA biting the 65 MA. If daily price close below 65 MA, I will short the trade. TP is the 200 MA and SL is price close above 65 MA. Cheers
Sell not trigger.
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  • #66
  • Jan 30, 2011 1:24am Jan 30, 2011 1:24am
I am still eyeballing AU pair. She looks interesting to me. Weekly Chart the first bearish engulf act as a resistant for the second one. Look at the RSI, PA getting higher but RSI going lower... diverence to me.

If we go down to daily, PA still hanging around the 65 MA. When price close and get away the MA, it is a time to sell.

If you are a risk taker, you sell once the PA hit the bearish engulf candle, u r in profit now. It all depend on yr risk management and MM. You may hiy yr stop lost if you manage it in daily entry and exit. Why? If you look at the daily chart, when price hit the resistant line and u buy, price close above the it in the daily tf. Hover, the next day, it show a dark cloud cover pattern and it is a bearish sign for u to short again. The price close below and later above the MA is the time u exit yr trade, you close with 265 pips minus off 53 pips yr first sl... it about 200 pips for this trade.

This trading method is for people that do not have much screen time. Cheers
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  • #67
  • Jan 30, 2011 3:06am Jan 30, 2011 3:06am
Look at the UC weekly chart, PA is going down to the RRT pattren three weeks ago. 0.9317 also the lowest low price. We may go down to daily for a tight sl as PA may go further down. After buy trigger, any close daily below 0.9317 will be the sl. Look at also the diverence of RSI and PA too. The TP will be somewhere 65 MA. Cheers
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  • #68
  • Jan 30, 2011 9:11am Jan 30, 2011 9:11am
PA broke 200 MA two days ago and a bearish candle recover it on the next day. Look at the confluence 38.2 and 61.8 on the two up legs. (111.25) It will in interesting to look at when price hit the level. You may position it with a sl nelow the 65 MA OR look at the hourly candle when PA reach the level. Cheers
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  • #69
  • Aug 23, 2011 10:06pm Aug 23, 2011 10:06pm
Guys I've read tru some stuff on candle stick, but am looking for source that shows multiple possible patterns/scenarios that can happen together with explanations on what has happened, will/might happen & why it happened.

Anyone knows any good site that has a compilation of scenarios? I've read babypips but they don't give enough examples.
  • #70
  • Aug 24, 2011 11:30am Aug 24, 2011 11:30am
Is it posibble to utilize one's knowledge of candlestick patterns on smaller timeframes such as M5, and M15, and trade with profit?

Thank you
Have I got something on my face, SOLDIER?
  • #71
  • Aug 25, 2011 1:23am Aug 25, 2011 1:23am
http://www.litwick.com/glossary.html

Quoting burningbun
Guys I've read tru some stuff on candle stick, but am looking for source that shows multiple possible patterns/scenarios that can happen together with explanations on what has happened, will/might happen & why it happened.

Anyone knows any good site that has a compilation of scenarios? I've read babypips but they don't give enough examples.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #72
  • Aug 28, 2012 4:30am Aug 28, 2012 4:30am
Quoting bumapatria
Is it posibble to utilize one's knowledge of candlestick patterns on smaller timeframes such as M5, and M15, and trade with profit?

Thank you
Hi bumapatria....

There are some traders out there who regard candlesticks to be only effective on long TF's such as 4H, Daily and Weekly.

Steve Nison, the candlestick guru who actually introduced Japanese candlesticks to the western world, says quite categorically that candlestick patterns can be utilized very successfully on ANY time frame....from 1m all the way up to Monthly charts.
I use them on 5m and 15m charts, and they work just fine, believe me.
Hope this helps.
  • #73
  • Aug 28, 2012 5:10am Aug 28, 2012 5:10am
I use Pivot Points in my trading, and along with candlestick patterns, the combination has proved to be very effective.

This is a good example of what I mean. Price pushed up above S1, and then there was a small retracement in the shape of a doji, testing support. Price then resumed its move northwards (entry and exit indicated). Price has now reached R1 and formed a spinning top/harami candle (possible reversal pattern at the top or bottom of a move).

As I type this, price seems to be trying to test R1 for resistance. Will it break resistance or carry on downwards? Time will tell.
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  • #74
  • Aug 28, 2012 5:24am Aug 28, 2012 5:24am
This shows how price moved up after a period of consolidation along S1. The consolidation ended with a nice bullish engulfing pattern, and then price duly started moving up. I didn't trade this one, but I wish I had! As on the previous chart, price moved up through the Main Pivot level, but this time went through R1 and came to a halt at R2, where it formed a shooting-star candle and started testing for resistance.
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  • #75
  • Aug 28, 2012 6:15am Aug 28, 2012 6:15am
More examples.

In the EU example, price formed a double-top on R2, followed by a nice bearish engulfing candle.

In the EJ example, we see how price went above R1 before forming a bearish harami candle.

Both good examples of what to look for at Pivot lines, or for that matter, ANY significant S/R levels.

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  • #76
  • Aug 29, 2012 12:01am Aug 29, 2012 12:01am
Candlestick is always the best strategy because thru candlestick, trader can have a glimpse of inner-feeling of the market...

But traders always tend to seek for complicated stuff

Thanks for the thread, i choose candlestick
i worshipped... Momentum
  • #77
  • Aug 29, 2012 4:07am Aug 29, 2012 4:07am
15m EU..........

A nice dragonfly doji forms across the Main Pivot line, followed by a confirmation candle. Potential entry and exit as shown. (I was busy with other things, so I missed this one!)
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  • #78
  • Aug 29, 2012 6:43am Aug 29, 2012 6:43am
Once price had touched the mid-point level, the first touch was followed by a bearish engulfing candle. This was then followed by a BULLISH engulfing candle! The two small candles after that can be described as haramis, as both of them are inside the body of the bullish engulfing candle. However, these haramis are both BEARISH and herald a strong probability of price turning down, which it duly did after a period of consolidation.
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  • #79
  • Aug 29, 2012 9:31am Aug 29, 2012 9:31am
eyevoltage -

where did you get the PP indie? It looks to be very useful for the 15M TF which I believe is the best TF to trade now in this wacky forex world. And it looks as if this will be the case until the European/US financial messes are put straight. Nice charts and comments by the way, thanks.
  • #80
  • Aug 29, 2012 1:12pm Aug 29, 2012 1:12pm
Quoting piprac
eyevoltage -

where did you get the PP indie? It looks to be very useful for the 15M TF which I believe is the best TF to trade now in this wacky forex world. And it looks as if this will be the case until the European/US financial messes are put straight. Nice charts and comments by the way, thanks.
Thank you for the compliments re the charts, brother. I'm a big fan of K.I.S.S. as you can see!!

The Pivot indicator is FXI Pivots, and I got it from a thread on FF a long time ago. I like it because it preserves each day's points, enabling us to backtest, which is very handy! I'll post it down below along with the Pivot Mid-Level indicator, which also keeps each day's points. Both indicators work very well on the 15m TF.

Cheers for now and God bless.
Attached File(s)
File Type: ex4 FXI Pivots.ex4   25 KB | 499 downloads
File Type: mq4 Pivot Mid-Levels.mq4   14 KB | 519 downloads
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