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Candle’s, Wick’s, & Price/Time Tick’s.

Discussion in 'Beginners Bootcamp' started by Eric Alyea, May 12, 2010.

  1. Eric Alyea

    Eric Alyea Master Sergeant

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    Candle’s, Wick’s, & Price/Time Tick’s.

    I’m putting this in the Beginners Bootcamp, but hoping the experienced traders take a look so they can tell us their way of (excuse me for working the glossary here) evaluating / interpreting and basing financial judgements on the Candles / Wicks to get Pivot Points from personal Evaluation to determine Support & Resistance levels.
    Everyone talks about Technical’s and Fundamental’s, Please do it HERE!

    Screw the newbie’s I want to talk about zooming in and out of different Time Frame view’s and how that can effect the support/resistance levels you coose to work from off a time frame chart???
    I’m going to edit this later and put the glossary words left column.

    Candles
    Fundamental's
    Moving Averages
    Multiple Moving Averages
    Pivot Points
    Resistance
    Support
    Technical's
    Time Frame
    Wicks

    By a consensus it seems that Multiple Moving Averages is a good daily start up then your preferred platform to hit the buttons to trade, after you pick your venue.

    You know I’m going to constantly edit this fist thread post and bring things and qoutes up to it, so this is a progressive thread where the first will be a compilation of the ones under it. That means, Check the edit date.
     
    #1 Eric Alyea, May 12, 2010
    Last edited: Jun 23, 2010
  2. Eric Alyea

    Eric Alyea Master Sergeant

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    Chart View Calisthenic’s

    I got hooked on radar as an airline Pilot. Before the 1980's all we had were printed charts with arrows and feathers to calculate wind, time, speed, and distance
    http://radar.weather.gov/ridge/Conus/index_loop.php
    When I look at weather I like to go from big to small, so I understand the jet stream and the ruling forces that effect the small twists of locality when I am there and where I will be later.
    In Forex we have all kinds of fancy things. What flavor of chart graph, comparison, back test, and calculation you want. Candle’s with Wick’ is very popular and how to use the is different with everyone.
    I started like radar going daily chart to smaller. I like to enter in of the 5 minute chart go in closer 1 minute, 30 second, and then back out. 15 minute, 30 minute, one hour and daily. That is my chart view calisthenic’s, what does anybody else do before we get to bases, tops and wick’s.

    Give me some help here guys, what is the method you use for your 1st I just woke up look?
     
    #2 Eric Alyea, May 12, 2010
    Last edited: May 12, 2010
  3. Pharaoh

    Pharaoh Colonel

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    My first look is usually with Guppy MMAs (multiple moving averages). I save candlesticks for later.

    Of course, everyone has their own methodology. If there was a 100% sure method and everyone started using it, that would change the market enough to keep it from working.
    ;)
     
  4. dkami

    dkami Sergeant

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    interesting post im new to trading currency so i hope i can get some tips on this thread i look at moving averages then the A.O. on 3,4 time frames and like Pharoah candel sticks later:)
     
  5. Eric Alyea

    Eric Alyea Master Sergeant

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    Who do you use and how

    Who do you use for your moving averages?
    For those that don't know, describe what you like about the A.O. on 3,4 time frames, what it is, and why you like it?
     
  6. dkami

    dkami Sergeant

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    Moving averages i use exponential 50,20 and simple 25 like to see devergence on the awesome oscillator daily,4H,1H and 15min jump on board in the 15min or 1H ;)then kick back and start pulling grey hairs out of me head that grew the trade before:D
     
    #6 dkami, May 13, 2010
    Last edited: May 13, 2010
  7. Forexwatchman

    Forexwatchman Sergeant

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    When it comes to my "just woke up look" at the charts, I begin with the hourly where the bulk of my indicators are. I keep my charts very simple, so by bulk I basically mean my pivots, major support/resistance, trendlines, and moving averages (alligator). I then start checking all my sources for fundamental data as I like to have a solid up to the minute feel of where the market was while I was away and where it's headed. I then go back to the charts and see if the technicals and fundamentals agree. If so, it's probably gonna be a good day, if not I stick with what the technicals tell me.

    As far as candlesticks go, I look for long wicks because they serve as great indicators of where price action will most likely reverse, as well as swing points to use for drawing fib lines. But it's the candle bodies that I use for drawing my support/resistance lines and not the wicks. My theory is that the wicks represent 'noise' while the body represents actual open and close levels. I also use that 'noise' when determining S/L; more noise means more liberal S/L.
     
  8. dkami

    dkami Sergeant

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    Well monday morning i wont be looking at anything but horizontal lines and a candle that breakes out of the range on a 1H chart AUD/USD,AUD/JPY,USD/JPY:)

    Regards dkami
     
  9. Pharaoh

    Pharaoh Colonel

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    Got a PM from Eric wanting more details.

    Place these moving averages on your chart:

    Short EMAs (Blue)
    3, 5, 8, 10, 12, 15

    Long EMAs (Red)
    30, 35, 40, 45, 50, 60

    People have used these on anything from tic charts to monthly charts.

    What you look for is the lines squeezing together for a trend change or a pull back. When the lines begin to expand, that's when you jump in. You can buy a copy of Trend Trading by Guppy or do some digging around the web for more details.

    I've even attached an MT4 template for you. :D

    I'm not a candlestick guru. I do look for the basic patterns like shooting stars and dojis.
     

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