Getting back to basics- trading false breakouts and candlestick reversals

[Splitlink]

it is ****e cos it is highly unlikely you'll be able to use it...look read my above post and learn. I'll add this piece of advice about your system (although i doubt you could make any system work with your personality):
Candlesticks do work, but you have to be highly selective, the places they appear are far more important (there is a massive thread dedicated to this here but being so ignorant you probablly wouldnt have found it), also doing this on 5min timescale greatly reduces your chances of success and their relevance and therefore, effectiveness. I have tried to help you!

Why don't you go off and let the guy write on his journal? If anyone has a personality problem, it's you. Start another thread and tell everyone on there that TAjammy's system is no good

 

[N Rothschild]

what a waste of oxygen this post is, your posting these setups for the candles that worked, ignoring the several others ones that didnt on the same chart! trading with hind site is **** easy, try doing it when there is black space to the right

 

[TAjammy]

what a waste of oxygen this post is, your posting these setups for the candles that worked, ignoring the several others ones that didnt on the same chart! trading with hind site is **** easy, try doing it when there is black space to the right

if you look on the posts earlier i said i'll post pictures where you will lose money

 

[N Rothschild]

well here is one of the posts you amde fo this setup..care to tell me why u didnt take the reversals before the one you have chosen which results in a magical sell off

 

[N Rothschild]

i know your keen to learn but you are going about it the wrong way

 

[TAjammy]

because those canldes dont work, i said earlier i'd only trade if there was a confirmation bar , agreeing with a reversal, those reversal candles didnt have any real confirmation after them, hence why i wouldnt trade them

 

[N Rothschild]

lol yeh ok

 

[TAjammy]

what? they didnt have confirmation- i say many times in my earlier posts to only trade the reversals if they are in a trend, and they have a confirmation bar after them- those candles you showed me had no convincing confirmation after them

 

[N Rothschild]

and the confirmation is..?

gotta love kids, think they know it all!

 

[TAjammy]

o look what i found in my earlier post,
"Now the matter of entry, it is too risky to enter short at that doji, first you must wait for confirmation, confirmation (to me) is one bar in the opposite direction of the trend, i would then enter short at the open of the next bar"

 

[cr6196]

im still waiting to see you make 30 pips today...found out the markets are closed yet? seriously your a total muppet.

 

[TAjammy]

i did actually, i asked some guy on skype and he said they'd be open in 4 hours , lol

 

[shadowninja]

 

[TAjammy]

(face sad that nobody has belief in the little guy)

 

[N Rothschild]

its nothing to do with that, its the fact we know what works and what doesnt..you think every newbie out there hasnt tried these various methods your pioneering? they dont work lol, trust us

 

[TAjammy]

ok then, give me a week, of pure forward testing, on an hourly timescale....you know the other half of this thread is about trading false breakouts....it's not all about candlesticks

 

[N Rothschild]

isnt it past your bed time?

 

[TAjammy]

il be back in a week, with,yes, picture evidence

 

[Charlton]

(face sad that nobody has belief in the little guy)

You don't need to be sad, but you do need to be realistic.

Learning trading takes time and needs a plan. There is an excellent trading plan template somewhere on this site - do a search for it.

There are many different styles of trading and different strategies. Many of them have merits and many don't.

As you encounter each strategy they will most likely resonate with you - you will say to yourself "yes that sounds good, I believe that, I will go with that". You will meet another strategy and find yourself saying exactly the same thing.

This is what is referred to as the "quest for the holy grail".

Trading has a lot to do with probability rather than certainty and you can do well by just getting the probabilities weighted in your favour. Once they are weighted in your favour then money and risk management will do the rest. These sound boring but you are well-advised to learn about them at an early stage.

So avoid the scatter gun approach. Fix one strategy to begin with and develop it into a trading plan including money/risk management. Also don't rush - there's plenty of time to get this right.

Don't become hyper about one style of trading or try to make out you are an expert yet, otherwise you will attract a lot of criticism here, like a certain other young man called Spanish89.

There are many here who will support your learning if you give them a chance.

Charlton

 

[TAjammy]

thanks for the advice, everyone. I know i might seem cocky/arrogant. But the truth is i know myself what works for me and what doesn't, i made systems, good systems a number of times, people said they were good-they didn't work for me, i didn't like the risk of breakouts as the majority of them fail, and too many times i tried to beat the trend, now what i realise is that i can still trade breakout-just trading them when they retrace, and that i can use candlesticks to my advantage within a trend by trading reversals, e.g. if price bounces off the trendline and goes higher i can use candlesticks to help find a reversal.

People think i marry systems, that i try the 'scatter gun approach', the truth is, every concept of trading that had been presented to me i have given a go, not many of them worked for me, the only one that worked was the divergence system i made.

But divergence seems too counter-trend for me, and this system i have here seems to suit me, i can now focus on a simpler system which suits me.

Now i'll be demo-ing with metatrader, using a 5k account, will only buy 0.2 or less volume, it takes time to tweak these things, i'm not as much of a 'muppet' as some of you would think.

So right now i've got some tweaking to do, i made this journal so i could get some advice for tweaking it, and maybe , just maybe help someone else out there, and so far the only tweaking advice i have got is how s***, how ignorant i am, how this will never work.