What else to do to AVOID this?

[barjon]

Here's the inverted hammer from your primary pattern list. Note that the open of the inverted hammer is a gap down from the close of the previous candle and that the inverted hammer is the low point of the downtrend. These are the two essential features that provide the rationale behind the pattern.


Now compare that to your so called inverted hammer in euraud. It has no significant downward opening gap and it is not the low point of the trend since the previous candle reached lower/

 

[pigbear]

You could try barcharts or line charts as well. Basically you are trying the black box of endless chart patterns,

 

[FXX]

Apophenia

The tendency to perceive connections and meaning between unrelated things.

 

[Lightning McQueen]

still waiting on the pic of the original (post 1 method) trade series drawn on a weekly evaluation chart, was looking forward to that

I must conclude from reading the thread that post 1 method abandoned already?

 

[YourFriend]

Here's the inverted hammer from your primary pattern list. Note that the open of the inverted hammer is a gap down from the close of the previous candle and that the inverted hammer is the low point of the downtrend. These are the two essential features that provide the rationale behind the pattern.


Now compare that to your so called inverted hammer in euraud. It has no significant downward opening gap and it is not the low point of the trend since the previous candle reached lower/

Thank you for your detailed explanation. You are basically saying two facts:

1. the Inverted Hammer on my collection of PRIMARY patterns is correct.
2. my definition of Inverted Hammer of said candle (my post in this forum #37) is NOT correct.

I agree what you said but I still remember where my definition (pattern identification) failure was: the large upper shadow on relevant candle (post #37) on chart confused me because this upper shadow is very similar to Inverted Hammer in my collection of primary patterns.

Regarding this relevant candle on chart: can that candle be anyhow differently defined as any other primary pattern? If yes, what it is and for what direction of a trend? I cannot see any other primary pattern in my collection being similar to that relevant candle on chart. Is this any other pattern? If yes, user "pigbear" could be right that primary pattern collection is not complete one but I think it is.

Also still asking if anything similar but better and more complete (and with alerts) to this exist for MT4:

https://www.mql5.com/en/market/product/9693

Lightning McQueen: for which trading symbol (weekly chart time frame)?

 

[barjon]

Thank you for your detailed explanation. You are basically saying two facts:

1. the Inverted Hammer on my collection of PRIMARY patterns is correct.
2. my definition of Inverted Hammer of said candle (my post in this forum #37) is NOT correct.

I agree what you said but I still remember where my definition (pattern identification) failure was: the large upper shadow on relevant candle (post #37) on chart confused me because this upper shadow is very similar to Inverted Hammer in my collection of primary patterns.

Regarding this relevant candle on chart: can that candle be anyhow differently defined as any other primary pattern? If yes, what it is and for what direction of a trend? I cannot see any other primary pattern in my collection being similar to that relevant candle on chart. Is this any other pattern? If yes, user "pigbear" could be right that primary pattern collection is not complete one but I think it is.

Also still asking if anything similar but better and more complete (and with alerts) to this exist for MT4:

https://www.mql5.com/en/market/product/9693

Lightning McQueen: for which trading symbol (weekly chart time frame)?

You got it!

fwiw my advice is not to get too hooked up on candlestick patterns because they are simply not reliable enough. They often give you a decent clue but it is much more important to manage your trade once you are in. That involves not allowing your losses to grow and grow when things move against you and taking sufficient profit to keep your account moving forward when things move favourably. Easy to say, less easy to do.

We have concentrated on what or what not is an inverted hammer when I think it is the second part of my post number 35 http://www.trade2win.com/boards/general-trading-chat/230434-what-else-do-avoid-3.html#post3040320 which is by far the most important.

 

[Lightning McQueen]

Lightning McQueen: for which trading symbol (weekly chart time frame)?

auddkk

run through your 4 hour method from post 1 and mark on the chart all your buy/sell signals. change the chart to a plain weekly heiken ashi candles chart.

 

[YourFriend]

barjon: i thought switching analysis from H4 to D1 is all about primary patterns. What else do you suggest to work on besides (talking about naked charts without indicators):

resistance/support lines
upper/lower trendlines
economic calendars (high impact events)

You probably have a reason to not commenting the tool i posted so I don't want to consume your time on this. But still, I would like to remind you that you overlooked my question (this is basically second question to you in this same message) about whether or not relevant candle on chart (my post #37) had any definition and whether or not it can be considered as primary pattern.

Lightning McQueen: Attached is your requested chart with my comment on it. I have nothing to do with heiken ashi and don't want to start on that so I don't confuse myself with the knowledge I already learned.

 

[barjon]

barjon: i thought switching analysis from H4 to D1 is all about primary patterns. What else do you suggest to work on besides (talking about naked charts without indicators):

resistance/support lines
upper/lower trendlines
economic calendars (high impact events)

You probably have a reason to not commenting the tool i posted so I don't want to consume your time on this. But still, I would like to remind you that you overlooked my question (this is basically second question to you in this same message) about whether or not relevant candle on chart (my post #37) had any definition and whether or not it can be considered as primary pattern.

Lightning McQueen: Attached is your requested chart with my comment on it. I have nothing to do with heiken ashi and don't want to start on that so I don't confuse myself with the knowledge I already learned.

If you mean the 30 May candle then, no, I don’t think it has any particular importance. I don’t really pay much attention to candles nowadays, but shooting star and hammer type candles after retracement do grab my interest.

If you do persist in candle patterns then remember that a failed pattern can often generate a sizeable move in the “wrong” direction and also that any pattern must be seen in the background context (the fundamentals if you like). Good luck.

 

[YourFriend]

barjon: I assume your own analysis involves, besides shooting star and hammer, ''only'':

resistance/support lines
upper/lower trendlines
economic calendars (high impact events)

obviously I am talking only about ''naked'' chart (no indicators) analysis. Barjon, if I may ask you for your opinion for GBPCHF, do you think this will go down? I don't expect it to go all the way down to my entry price (Short position) of 1.29103 but I after googling live situation on GBPCHF for a bit, I am considering for the first time EVER ( ! ) to do what I hate the most and what I am wasting months to avoid: closing position in loss. In my case that would be loss of around 12% of total balance. So very very high loss. According to my D1 analysis, I don't think there is any hope left for me for strong downtrend to occur.

If anyone else could comment this too, I would highly appreciate. (GBPCHF: commenting if, for your opinion, any chancefor downtrend). Perhaps I should open different topic thread because this is now off-topic: asking for opinion on said symbol doesn't have much to do with my original question.

Back on-topic: I am also waiting for user "Lightning McQueen" but for different need: comment on my original question (title): what else should I have done to avoid current loss, after opening position, on AUDDKK.

 

[kalott]

about chf

https://seekingalpha.com/article/41...onal-reserve-banking-matters-even-though-pass

more

https://e-markets.nordea.com/#!/article/44729/chf-about-to-be-hit-by-a-vollgeld-earthquake

 

[Lightning McQueen]

I am also waiting for user "Lightning McQueen" but for different need: comment on my original question (title): what else should I have done to avoid current loss, after opening position, on AUDDKK.

and you'll likely have to wait a little longer, due to being unwilling/unable to change one simple chart format and remove all extraneous objects from the objects list other than the buy/sell signals

 

[barjon]

barjon: I assume your own analysis involves, besides shooting star and hammer, ''only'':

resistance/support lines
upper/lower trendlines
economic calendars (high impact events)

obviously I am talking only about ''naked'' chart (no indicators) analysis. Barjon, if I may ask you for your opinion for GBPCHF, do you think this will go down? I don't expect it to go all the way down to my entry price (Short position) of 1.29103 but I after googling live situation on GBPCHF for a bit, I am considering for the first time EVER ( ! ) to do what I hate the most and what I am wasting months to avoid: closing position in loss. In my case that would be loss of around 12% of total balance. So very very high loss. According to my D1 analysis, I don't think there is any hope left for me for strong downtrend to occur.

If anyone else could comment this too, I would highly appreciate. (GBPCHF: commenting if, for your opinion, any chancefor downtrend). Perhaps I should open different topic thread because this is now off-topic: asking for opinion on said symbol doesn't have much to do with my original question.

Back on-topic: I am also waiting for user "Lightning McQueen" but for different need: comment on my original question (title): what else should I have done to avoid current loss, after opening position, on AUDDKK.

Short at 1.29103 and still losing 12% of your balance @ 1.3202 and it’s been up at nearly 1.38. No wonder you’ve been having nightmares. Please, please don’t ever do it again.

I don’t have any opinion - probably someone in tune with the fundamentals like FXX is best to ask. In your position I think I’d already be considering myself very lucky to be only losing 12% and determined not to give it the chance to get away from me again. So, probably keep fingers crossed that the down move re-asserts itself and assume it’s not going to do so if it rises to around 1.33 which would finish it for me.

 

[YourFriend]

Short at 1.29103 and still losing 12% of your balance @ 1.3202 and it’s been up at nearly 1.38. No wonder you’ve been having nightmares. Please, please don’t ever do it again.

I don’t have any opinion - probably someone in tune with the fundamentals like FXX is best to ask. In your position I think I’d already be considering myself very lucky to be only losing 12% and determined not to give it the chance to get away from me again. So, probably keep fingers crossed that the down move re-asserts itself and assume it’s not going to do so if it rises to around 1.33 which would finish it for me.

Don't ever do what? Before I opened this position, everything on H4 was showing that downtrend will continue and it really did. After around 2 or 3 days, I was in profit for around 55% of total investment into this exact Short trading position, which is being opened for extremely long-time. I was too greedy and wanted by far higher profit. Didn't have Trailing Stop enabled so i don't ''kill'' the trade. It turned out extremely badly as you see. I know my mistake was not considering D1 but i may have had to do something else also. Not sure what.


Lightning McQueen: yes no problem, thanks. Will continue to wait.

 

[barjon]

............Don't ever do what? ............

If you can’t work that out for yourself then there’s very little hope for you. Good luck - you’re going to need it.

 

[mpups]

Don't ever do what? Before I opened this position, everything on H4 was showing that downtrend will continue and it really did. After around 2 or 3 days, I was in profit for around 55% of total investment into this exact Short trading position, which is being opened for extremely long-time. I was too greedy and wanted by far higher profit. Didn't have Trailing Stop enabled so i don't ''kill'' the trade. It turned out extremely badly as you see. I know my mistake was not considering D1 but i may have had to do something else also. Not sure what..

The market was initially doing what it was supposed to as indicated by the primary patterns, and you were right; but then the market took a funny turn and stopped doing what it was supposed to do, it became wrong. You were right all along and you are still right. Hopefully the market will behave as it should again soon and move in the correct direction, the way which you rightly determined

 

[YourFriend]

I may need to go through some more lectures like online tutoring. Heard that ''So Darn Easy Forex'' (see on facebook) may be the best service to increase the knowledge. It is for other instruments too even if name of consulting service includes the word ''Forex''. However it is too expensive.

Will see what else I can find out if there is any other quality such service. I don't like signals/alerts service. This is like throwing a life jacket to non-swimmer. He will survive because of kind person throwing a life jacket to him. When he will be alone, he will drown and when leaving the beach, sea can be extremely deep.

Although I didn't really get the needed answer on original question, I was hoping for but would like to thank you to everyone who replied.

 

[YourFriend]

and you'll likely have to wait a little longer, due to being unwilling/unable to change one simple chart format and remove all extraneous objects from the objects list other than the buy/sell signals

How much longer still? I opened this topic thread 10 days ago but still haven't received needed answer.

 

[tomorton]

How much longer still? I opened this topic thread 10 days ago but still haven't received needed answer.

You have received ample responses on this and the other two forums on which you have posted the same question. Pack it up.

 

[sminicooper]

How much longer still? I opened this topic thread 10 days ago but still haven't received needed answer.

I should ask for your money back!