brownsfan019

Walter, I have not found much in terms of failed signals on larger timeframes, like the 15 minute. Doesn't mean it can't work, but for me, I've found sometimes a hammer's low is tested and then snaps back. In a scenario like that, you are going to create 2 losers. The real key is how you exit. In your example above, that could have been a profitable trade depending on how you exited. Personally, if I would have traded that, I would have been out 3 candles later on the red WRB. In this example, it was a timely exit. So our discussion can lead to two new threads: 1) Failed signals turned to profitable ones (by reversing). 2) Timely exit strategies to keep most trades profitable and working for your trade.

west - this thread is to discuss candlestick trading. If you want to start a new thread to discuss how you trade on 1 minute charts with indicators, please do so! How you trade may work for YOU, but that does not mean it's an absolute by any means. I would argue that the 1 minute chart is full of NOISE and that it's not good for daytrading. Neither of us is right as trading is about finding what works for YOU. So please keep that in mind when posting. If you want to share some trading ideas with us, start a new thread and see where it goes. If not, please reserve your comments for threads where you are staying on topic. This thread, is about trading USING candlesticks, NOT ignoring them. Thanks. Good points Mr. Ed. I brought this up b/c I see too many people that have no idea how candles work saying - look at this hammer, it failed! Well, there's so much more that has to go on there it's not as easy as hammer hunting*. The key James in all of this is to find what works for you. Minute charts or VBC's can all work for candles, so it's taking the time to find what works for you. BF - I am watching you. Make your point and then go home! Walter - it really started with our interaction in the chat room. I know you'll really put forth the time and effort into this, so that's why I am willing to discuss these ideas further. It's not much fun to start threads and see a couple responses. I would guess that if you get some ideas flowing, the threads and interest will follow as well. * - the term 'hammer hunting' is originated and designed by brownsfan019. I like this term so much that I am claiming rights to it's use. If you like it, come up with your own idea.

During my time in the TL chat room this past week, a few of us discussed some candlestick trading on an intraday basis. Since the attendance in the chat room is minimal currently, I thought we could open a thread to discuss specifically trading on an intraday basis with candlesticks. Let me preface this discussion with this - I've proven many times over that the smaller the timeframe, the less reliable a candlestick pattern becomes by ITSELF in isolation. In other words, a hammer that appears on a 1 minute chart is not a valid signal in my opinion simply b/c there is a hammer in front of you. Now, a hammer on a 15 minute chart could be a possible trade by itself. Basically this thread is to toss some ideas out there on possible intraday trading techniques utilizing candlesticks in some fashion. Intraday meaning 1 minute (or lower) up to 1 trade per day. Personally I have found that any type of minute timeframe (1-60) is probably going to require some sort of additional confirmation outside of just the candle pattern. Now, what that confirmation is could be any number of things. I've seen candle traders use pivots, fibs, oscillators, support/resistance areas, WRB's, moving averages, trend lines, etc. etc. to aid in the decision making process of using candlesticks in their trading. Our good friend Walter has gotten the candlestick bug, so we'll see if he takes a few different twists and turns with the candlesticks or not. Good trading! PS Go Browns! BIG Game Sunday!!

Walter, Nice chart here. You could be onto a nice little trade here. The key being how you define what a WRB is. I've seen many WRB's where the first candle is giant green and the next is a giant red on larger timeframes, so if you take this down to a 3 minute as your example, it could work. The smaller the doji, the better the risk/reward as well. An aggressive play would be to enter at the market on the close of the doji (as we discussed in the chat room this past week) which would give you an even better risk/reward, but could also lead to more stopouts as well. Keep up the good work and let's get some NEW candlestick trading threads going! If we can recruit some of your loyal followers, we can get the candlestick corner back on the map!

Walter, A failed hammer could be a reversal signal in and of itself. You just have to see if the % of that trade working out are in your favor over time. If not, you turn one loser into two losers. Do some research if you like what you see and start a new thread here along the lines of failed hammers into profits.

I would start with those two to be honest. There's only so much you can read about the candlesticks and then you just need to watch them in real-time and put it into action. Now Nison will lead you to believe you need every little thing he sells, but in the beginning at least, those two books will suffice. If you want more after reading those, let me know and I will give further suggestions.

NYC, I would recommend the following books: The Candlestick Course (Paperback) by Nison Japanese Candlestick Charting Techniques, Second Edition (Hardcover) by Nison Those links will take you directly to Amazon.com. Good luck and welcome to candle trading! Feel free to stop by the Candlestick Corner here on TL.

Ronin - you should check out the TL chat room during the day and post some real-time trades with us!

I agree BF and probably should start another thread for comparisons, debates, etc. The OP asked for an 'easy' way to trade and I provided the best 'easy' option that I know of. Since trading is so easy, I thought I'd provide some help!

Rene, You are entitled to your opinion. As a trader of candlesticks for many years in a professional, full-time capacity, I (and my bank account) would respectfully disagree. Welcome aboard and good luck! Note - candlestick analysis is not about looking at one random candle. If you want something that EASY, then don't waste your time with candlestick analysis. You asked for easy and I provided a somewhat easy option. If you want super, duper easy, can't help there.

No prob Mr. Ed!! Glad to be of assistance.

Currently I would recommend Open ECry as the best option available on the futures markets. With a free but incredible platform, great rates and margin levels, it's hard to beat.

So far ESZ7 has more volume than ESH8 FYI.

Welcome tradeit! If you want 'easy' - candlesticks are about as easy as they come.

Good point. :o

You are assuming that some here actually spent money on that garbage. Let's see how many regular posters on TL come out and give us their review. And those that created a screenanme and have a total of 1 or 2 posts should not bother. We are not looking for trading zoo shills that have been lying in the weeds.

Really? B/c check out some of the elitetrader threads. Also, where are all the zoo lovers? There doesn't seem to be many of them either... hmm.... Nope, not all smarty. If you knew what was REALLY going on, you'd understand. Go back to your shepherd. If I recall that thread, the zoo 'member' made it clear that he did NOT follow the Zoo's trades, he has his own method that used SOME of the Zoo methods. So, once again, it's of no use b/c it was not being followed verbatim. You don't have to believe. If you want to think all vendors are just great people trying to help others, by all means, have at it. Some of us however will think differently. You are dealing with 'heresay' as well carc! You claim to have no affiliation with the Zoo, yet here you are defending them.... Hmmmm.... So, you want facts, yet present NONE to show what a great place the Zoo is. Ironic. If the Zoo really is a great place, why have there NEVER been ANY people in ANY of the forums (outside of the shills themselves) telling us about how great this place is? WHAT? I can't hear you. I'll repeat - WHY HAVE THERE BEEN A TOTAL OF ZERO SUPPORTERS OF THE ZOO SHOW UP HERE TO DEFEND THEIR HONOR? If you want to continue the free spamming, so be it. It's obvious where your true intentions lie. I suggest heading back to the shepherd and see what MB instructs you to do next. While there, ask MB to stop by and provide some real proof that he actually trades and actually makes money. That's ALL I am asking for. Should take a whole 10 minutes to upload the PDF's after blurring account info out.

Since futures trade round the clock, it does make holding positions overnight easier, but I prefer to get a little sleep now and again.

http://www.gamblersanonymous.org/ We may need a TL intervention for notouch. :embarassed:

The problem is Mars that the majority rules and the majority of vendors out there are junk, including Trading Zoo. We asked for verifiable proof of their awesome performance numbers and it turned into a bashing contest. They quickly ran the other way when simply asked to prove the numbers they post on their site. So, yes, Trading Zoo is junk and provides no value to a trader wanting to become an independent, profitable trader. As for this ES spike, if you are saying 'thank God', you are really, really missing a prime trading time. This only happens 4 times a year and if you are quick, it can be a gift from the trading gods.

Ut oh... Here we go again! Let's see if/when the Zoo lurkers come out to save their good name. :rofl:

Nice trade Ronin - looks like you picked off the low of the move @ 3:45am and exited before the following move up.

Just have to take a look.

Interesting reads here... Four Reasons to Oppose the Sub-Prime Mortgage Bail Out Sixty-One Economists Sign Letter Opposing Subprime Mortgage Bail Out ------------------------- I know nothing about this site, so not sure if there's more being played here than at face value. Good articles nonetheless.

Bush to Unveil Aid to Homeowners Lenders Agree to Freeze Rates on Some Loans U.S. Mortgage Delinquencies Rise to 20-Year High Well, this should get interesting... :\