brownsfan019

You foreign guys talk funny. :err: Just kiddin!

Nick, Even if you don't necessarily incorporate candlestick analysis into your trading plan, I would at least be aware of them and get a general understanding. I've read a number of blogs and such where the trader was not using candlesticks for entries, but would be aware of a pattern when it appeared and used it accordingly. For example - if you are long and see a shooting star appear, you may want to exit, move your stop, etc. b/c it's a sign of weakness.

Nick - those clips are cool. Granted, I know nothing about the sport, but it was fun to watch!!

I was just wondering in terms of the NFL and Soccer, how do rugby players compare in their salaries? I mean, is this all they do b/c they can afford it like the NFL and Soccer or is it a labor of love, which requires working as well to pay the bills? Can one live off a rugby player's income alone? I'm just curious, that's all.

Blu, You bring up an excellent consideration when looking at using/adding candlestick analysis into your trading. This exercise will be MUCH easier with charts and examples. I think if you post some charts, along with your thought process, we can get a discussion going. Here's the important thing - there is no right or wrong answer. There really isn't. In the end, all we do as traders is try to exploit an edge over and over again. So, what this really boils down to is how often do you see the hammer or whatever pattern in these particular areas and how often do they produce for you? When you have some time, post a chart or two and we'll see what kind of response we get.

If nothing else Cooter, it is nice to OEC constantly working and improving on their software. And for something that is FREE, I think it's impressive.

Blu, Good question and that's part of constructing a candlestick trading plan. That's a good topic for discussion in our candlestick corner actually. In traditional analysis, that is not a 'good' hammer to go long on. I would be happy if I was ALREADY long, but not necessarily going to initiate a new long on that hammer, assuming traditional candlestick analysis. That does not mean there is not a long possibility there however. Why don't you start a thread in the CC and we'll see what kind of discussions we get going there.

Interesting articles guys, thanks for sharing. The thing is, we'll never really know what has caused this tremendous volatility. My guess it's a combination of a whole bunch of things occurring at the same time. The only question I really have is - when will this volatility dry up and why?

Candlestick analysis may not be for you in terms of trading off of it, but at least being aware of it is a good idea in my opinion. The basic premise behind candlestick analysis, esp on a VBC, in my opinion is that you will get into the moves much sooner than most. The catch is that you will also get into some false moves as well. The key being can you ride the big moves long enough to make your money.

Do Rugby players make fat cash like NFL players do or is it more for the love of the sport?

So what you are saying is notouch is that a bunch of little countries with drunks enjoy rugby? Meanwhile the entire US supports football, our much better version of course. :lol:

Abe, Here's some charts with my annotations for your enjoyment. :p You'll see rather quickly that I am a big fan of candlestick analysis, esp in real-time on futures charts w/ VBC's. Some of what I typed may not make perfect sense since you are not versed in candlestick analysis. We recently started the Candlestick Corner here on TL and there's plenty of good resources on the internet as well.

Abe, If it's ok with you, I'd like to give another perspective on your trades from today. Let me know and I'll post the screenshots w/ my commentary and you can tell me what you think.

OK, that's cool. I was just wondering.

Abe, One thing I see - first couple charts are on the 1 minute and then we see a 1250 VBC. Any particular reason for that? Those are both quick charts, so I'm wondering if there's a need to be trying to watch both of them at the same time.

Nice looking shooting star at the top of that chart Abe.

Abe, You are doing well and going thru what many new traders go thru. Being worried about giving money back is a common problem we all face at some point. And it's not easy to overcome. As you get more confident, you'll hopefully be able to leave profits out there longer.

I'd be an watchful observer of the forum area if it was active. I am one of those 'chartists' that notouch referenced so I don't use or pay attention to anything other than my ES chart. It would be interesting to read about global economics though, esp since we have a global trading population here. Someone is going to have to take the lead to get the interest going though in my opinion.

Tin - are you getting all touchy feely on us now? :rolleyes:

Good trading today Abe! Keep us posted on how the VBC's look today.

I agree that wanting to make it as a trader is an important component. Just wanting it is not enough in and of itself; however, w/o it I think it would be hard to stick around during the tough times. With the cost of entry so incredibly low, esp in futures and forex, anyone can open an account w/ the hopes of becoming a millionaire in no time. It's the people that want to build a successful and consistent business that have better odds of making it in my opinion. Once again, I think a common theme here is that you go into this treating it as an actual business. I think that changes your mindset. For example, if you wanted to open a restaurant, retail shop, etc. you have to know going into it that it could take YEARS to develop. It could take YEARS to make a profit. As long as you go into it with that expectation, it's much easier to weather the storm. Same can be said of trading - if you expect that learning this trade will take years of study and application, you have a better chance of 'making it'. If you come into this with $2500 and a futures account in order to double it each week, I hope you at least have fun trying to chase that impossible dream.

Nate, Thanks, but make no mistake - getting a solid understanding of the why's and how's of candlestick trading are built on a good library of books and then go from there. I'm trying to post SOME stuff here on TL, but there's just too much to possibly go over in a forum setting. At the very least, get a couple of the Nison books I reviewed here as well. http://www.traderslaboratory.com/forums/f8/japanese-candlestick-charting-techniques-second-edition-1561.html http://www.traderslaboratory.com/forums/f8/the-candlestick-course-by-steve-nison-1560.html

James - good question, and that's 'step 3' of the process - putting it all together. How/when you enter a candle pattern is an important step. I'll try to get a thread up on that soon. Maybe others can chime in.

Nice day Abe! So, what worked well today? I'd love for you to say the VBC, but wondering what worked today.

Good question OAC and it seems MrPaul knows the answer b/c I am not sure to be honest. Never used IB.