Intraday FX Player
- Thread starter CFerret
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The Candlestick Course by Steve Nison. I definately see the key reversal in the second rectangular box but in the first I didn't see it on that five minute. It wasn't till i looked at the fifteen that I saw the obvious shooting star.
What is it about the first set of bars that says reversal to you. Without the blending?
What is it about the first set of bars that says reversal to you. Without the blending?
Blending is rare and only for more for complex moves in higher TF's the way we trade here. In your 1st eg you have a fluid move up followed by a clear reversal candle - the break of the low of this reversal candle is your aggressive signal and the close is the conservative signal.
It's been many years since I watched Steve's Candlestick Course but he didn't teach fluid reversals - just reversals after an impulse without qualifying it's quality. You will find I have discussed quality signals earlier with chart examples.
Blending is fine when you have time and the need e.g. daily candles but in an ultra fast paced market and using multiple TF's you very seldom require it.
We would try to avoid using a 3 bar set-up like a Shooting Star for entry - much too slow. Better to see it way after your entry and know traders are shorting to push the trade further in your direction.
Your second eg of a wide bar bear engulfer is where you start - on the 5 min chart. The K/R would be on a Bar Chart. As you progress you would be able to short much closer to the top on the 1 min chart.
Use Steves book to get you started and then go over the charts I have posted. Steve doesn't trade and his advisory service is not geared for ultra short TF's in fast markets. Steve said he couldn't handle the stress and that was using daily candles!
You may wish to change your 'elitetrader' account settings. At the top of the page, click on 'Your Account', then go to 'Edit Options', then in the drop-down box for 'Default Posts Per Thread', change it to the maximum number - which is 40.
This will cut down the number of pages from 600 to 95. Which you may find is much more manageable.
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