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not sure if you're if your trading ideas work.

 
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ljf3rd



Joined: 08 Dec 2004
Posts: 5
Location: Melville, NY

PostPosted: Wed Dec 08, 2004 3:57 pm    Post subject: not sure if you're if your trading ideas work. Reply with quote

I have been a member for one month i have yet to see anything worth braging about other than the lean hog short. The last 5 stocks were set up for buys, than bought now sells. in 5 days not one good trade, is it me or is it a bad month?
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Wed Dec 08, 2004 6:25 pm    Post subject: good month Reply with quote

Don't know how to answer you there, have had very good returns over the past four to six weeks. When you start a seeing the markets get a little toppy, your rate of returns are not going to be as powerful as when you're in a trend. The advantage of the candlestick signals is that it prepares you to be in the trend in the right direction with a lot of funds exposed. That gives you the opportunity to make hay while the sun shines.

There will be times in the markets during a consolidation period or a churning reversal that the best you can hope for is to maintain your equity, which may be with a combination of longs and shorts. Have you been following the updates each day?
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tab321
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PostPosted: Thu Dec 09, 2004 3:48 am    Post subject: Nothing to Brag About Reply with quote

Hey ljf3rd
You post a valid question. Thanks for bringing it up and allow Steve to comment. For sure, the last couple of weeks have been very trying on making and keeping profits. My time on the board here is brand new also. I would suggest two things:

One - make another judgement call after the market starts to trend again and be forgiving during this time of churning.

Two - let Steve and the Forum teach you the candle signals with their examples but choose your own stocks from your own watchlists. Build your watchlists with the kind of stocks you like....the gentle movers or the volatile movers.

I used Steve's lessons with the Piercing Pattern to select FRX and it is up almost 10% for me. My watchlist notes say "P-Pattern on Nov 23, 04 with Good Volume on Black Candle and White Candle" - He gave me the lesson but I chose the stock.

Now - I have also bought a few of Steve's Picks because the charts did look good. Some made some money and some lost money. The good thing about all of them is that Steve does walk you through the trade and helps us figure out when the signal is not working. In that regard, I love Steve's picks which are given for the end of analyzing a candle signal - entering - and making a decision each day about that trade.

Thanks again for posting your thoughts.

TBeard
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JimSpeer



Joined: 03 Dec 2004
Posts: 136
Location: Milwaukee WI

PostPosted: Thu Dec 09, 2004 11:56 am    Post subject: another suggestion Reply with quote

As a learning tool, you might find reviewing commodity charts as a means to get a feel for candlestick patterns. By all means, I am not suggesting that you should switch from stocks to futures. I would look at some future charts from some of the free commodity sites. I find that the major reversal patterns develop more quickly (less waiting for your profit and loss...they are highly leveraged...not for everyone. Read the disclaimers that they publish in CAPS, it is designed to make sure you know that there are significant risks involved and loss of large amounts of money happens quicky)

As a learning toool, here are some examples from this week:
SHORT Feb Gold after bearish harami with Black candle confirmation (big win +$1500 per contract)

SHORT Mar Copper after shooting star (pay attention), then engulfing black candle (get ready), opps white cancle but bearish harami (wait for confirmation, Gap down (time to go SHORT at 139.50....Today 130.50 ... +$2250 per contract)

Try the March Silver (SIH05) pattern for yourself. Granted it was a good week for the metals, but it is the patterns that you are trying to learn and master their significance. Note every penny the Silver moves is $50 gain or loss.

Good luck. Give the candles a chance. They will light the way.

Jim Speer
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goodedesign



Joined: 29 Nov 2004
Posts: 43
Location: Charlotte, NC

PostPosted: Fri Dec 10, 2004 3:13 am    Post subject: how long Reply with quote

how long have you been:

trading overall?

familiar with candles?

have you read steve's book... even HE says that candles should be/increase their effectiveness with other indicators...
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Lewis
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PostPosted: Fri Dec 10, 2004 8:41 am    Post subject: Re: how long Reply with quote

goodedesign wrote:
how long have you been:

trading overall?

familiar with candles?

have you read steve's book... even HE says that candles should be/increase their effectiveness with other indicators...


Been trading about 5 years, but have been in stock industry for 9. Not familiar with candles but have a great niche for reading charts. For some reason when I look at a candle charti see trends and etc., but I don't completly understand all the terms. I also don't understand how one day its a buy next day don't buy them confirm, too much confusion. That is as for now. I am Currently a member of the MTA and do study technical trading. And you?
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goodedesign



Joined: 29 Nov 2004
Posts: 43
Location: Charlotte, NC

PostPosted: Fri Dec 10, 2004 10:43 am    Post subject: just curious Reply with quote

Well, i don't have your measure of years with the markets.

most people in this forum go from a candles first approach... makes sense, they are accustomed to that and there are some here who have learned how to spot a good signal by gathering watching the candles.

my approach is slightly different: I use other indicators to spot my decision. I have learned to spot entry signals using those items first... Like you, i found candles to be a little distracting.

Thus i currently employ 2 slightly different approachs:

First, i look at my charts with no candles... if there is an entry, then i turn ON the candles. If that candle pattern adds another confirmation to my entry, then great... however, my entry was there before the candles... Thus, this is giving me more of a feel with the candles and how they come into play...

My other approach is similar, i'll evaluate potential signals posted here, First with my indicators, then adding candles to see if i would consider entering.


Last edited by goodedesign on Sat Feb 26, 2005 3:28 am; edited 1 time in total
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Fri Dec 10, 2004 11:55 am    Post subject: Using candlesticks Reply with quote

That is the purpose of this forum, the candlestick signals work relatively well on their own, they give you a format for potentially looking for high probability trades. Use in them alone will put the probabilities in your favor. However, learning to analyze other indicators and apply in the candlestick signals to that analysis enhances the returns that much more.

Use the information you learn about candlesticks and the applications that others are using to develop your own trading knowledge.
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goodedesign



Joined: 29 Nov 2004
Posts: 43
Location: Charlotte, NC

PostPosted: Fri Dec 10, 2004 12:11 pm    Post subject: forum purpose Reply with quote

absolutely... that is what makes this such a valuable forum. for those who may not be accustomed to the emotions that candles can evoke, it's a great place for users to use the analysis they're currently using in tandem with candles and improve their returns and strategies...

however, if you see a candle pattern that totally disagrees with the indicators YOU use, then you must evaluate the WHY. Don't let go of the techniquest you use because of another indicator... each indicator should BUILD on the other...

of course ljf and steve know this... however there may be others who do not... This forum has GREAT tips and tidbits on trades that you can investigate and see how Candles DO give early signals and/or confirm your current decision...

however, best advice is to only trade/invest in the securities you KNOW and using a technique you're comfortable with... I feel that you will learn to appreciate candles (even if you don't end up using them religiously-- i don't) and you'll value the part they play in your decision making process.

Be like a soldier! only use a weapon you've first tested, proven and know.
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