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Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Jan 19, 2012.
Please use this thread for questions, answers, and comments on this lesson.
Thank you for the lesson.
I have a question regarding the patterns that you use on 5-15min chart for confirmation of entry point. Do these patterns include candlestick patterns?
In this chapter we mostly speak about how to combine opposite trends on different TF. Could you please specify a bit more where particularly I'm speaking about patterns here, just for my better understanding and to give you precise answer.
If you're asking in general then yes, they could be candlesticks, classical (like H&S for instance), harmonic patterns, specific as DiNapoli directional patterns. Using patterns shifts entry technique on different way, since you will need to wait trend shifting in your favor. Also you will place stop differently, compares to stops that you could place based purely on trend.
Thank you for the reply.
I was referring to your explanation on the rules regarding multiple timeframe trading.
Quote: “7. We use 5-15 min chart only for confirmation of particular entry points – ignore trend, support/resistance and oversold/overbought. Use patterns that confirm the entry point.”
Do you consider candlestick patterns on 5-15min timeframe to be reliable signals for confirmation of entry point?
Optimal sessions preferred?
Oh, I see... Personally, I prefer harmonic patterns as butterflies, 3-Drives etc, classical reversal patterns and DiNapoli Directional patterns.
The reason for that is 5-15 charts are rather noisy and apply there just candlestick patterns could lead to multiple failures. I prefer some more extended patterns.
One pattern, that could be also treated as candlestick (engulfing) is Wash&Rinse that is very usefull on this time frames. If you do not know about it - read chapter about classical support and resistance lines.
Noted with appreciation.
I am trying to place my savings on the right currency and I find that the knowledge you disseminated here is invaluable. Maybe you have some suggestions for me.
Due to the (un)fortunate fact that I live in Romania, I make RON. The interest is about 5.5, so pretty good. The bonds are 5.5 also and RON is much appreciated these days. I want to sit on RON as much as USDRON declines. The moment of turn around might be close. So here is the problem:
Because I am talking about unleveraged savings, I am looking at Monthly TF. I have as Monthly Confluence Support as Monthly Oversold approaching. Also, there is 25x5 crossing point in that same area. Pretty strong, isnt it?
Weekly TF shows nice harmonic ABCD right below that strong area (few pips). ABCD is not ideal because BC is just 38.2 retracement.
I dont know when to buy. I dont have the chance to move stops because the bank has huge spread, so my only chance is good, solid turn around of trend.
What shall I look for: M trend Bulish or Weekly trend Bulish. Or shall I look for reversing paterns on Weekly?
I will try to attach chart.
Thank you very much!
I'm not pretending on absolute opinion, but at my look - probably makes sense to wait when market will hit 3.2-3.25 area. Here is monthly oversold at K-support and Agreement with weekly AB=CD + 25x5 support and previous swing high. Nice chances that there some pullback could follow.
That could be weekly B&B or DRPO from this area... But how strong and far this pullback will be - difficult to say.
Thanks for the lessons.
Please since you are using 60M TF for your entry I assume you will exit the trade same day unless you set your exit point when you are entering the trade. But assuming this is not what you are doing; how do you decide when to exit a trade? I am having problems with exit, most of the time I turn profitable trades to losses.