1 min Scalping with Randy Candles Resurrected

Attached is an illustration of alert candles that are followed by entry candles, one or two candles later, on M1.....with good stop placements on Friday for RC setup on EURJPY. When you time your entries using RC on M1, regardless of the type of trade you are going to enter, there is often no heat on the trade. Wouldn't take every trade here...the congestion in the middle not ideal, but had you every alert marked, placed a tight stop, all those entries would have got to break even or very small loss with a couple of pretty good winners.

Ideally, you are doing one of the following:
1) You are away from the D line and looking to trade back to it - it's a rather obvious turn of the price and an obvious place for a tight stop.
2) You are at the D line and the price is consolidating....so you are looking for price to break away.....again, with an obvious place for a tight stop...this is the toughest place to trade, when there is obvious consolidation and that is when you look to M5 for some guidance for what to do
3) You are in a move and see a retrace to the D line with a continuation in the same direction...and once again, an obvious place for a tight stop.

Good luck with your trading for the week.

Cheers

My EURJPY trade for tonight, +48 pips.

The entry on M5 after M1 had already shown an entry. 7 pips of heat on the trade. Price below the D line and 3SMA. Entered at close on M5 entry candle.



The exit...was thinking long term, looking at M15, H1 and H4 but also focusing on alert candles on M5. After catching a sell off the open, thinking how to transition to longer term trade....but not wanting to give back very much as was in heavy given the size of the account. Closed based on M1 reversal and M5 alert and entry candle. Did not feel comfortable buying at this time.



Here is what it looks like on naked M5 chart.



It's Sunday night, best not get too greedy. Until tomorrow's Asian session.

Cheers

3 Trades tonight....2 winners and one loser. Not happy with myself as the losing trade was just a random order based on bias that price would go down and then I watched it rise to hit the stop. First trade did not exit on the M5 alert. Not happy about lack of discipline to trading rules. Overall + 9.2% with +5, -12 and +26 pips, net +19. The last trade was not based on any RC setup, it just looked like someone was cleaning up stops...price spiked for no reason, when looked to be reversing. Sold with a tight stop, no heat on the trade. RC on M1 really helped to keep me in the last trade......often can be smooth when it's choppy on M5 and M15.

Could you post your indies and template?, most pre 2013 indies and temps are obsolete.

Thanks.

My EURJPY trades for tonight. +8, -6, +9, net of +11.

First trade was RC entry....alert and entry candles on both M5 and M1.



Second trade was decent sell entry on M1 and started to move higher.....within 30 seconds price jumped and then reversed. Hit my stop on the way up and I immediately sold with stops above the high. Not RC entry.



Exited on M1 alert candles. The buy would have gone positive and now it's dropped....no matter, added 5.1% to account and done for the night.

Cheers

My template
Cheers

While I was finishing for the night...this entry appeared on M1. Really nice opportunity for entry and tight stop. I would have jumped all over this if had not finished for the night. Easy 6-8 pips.



Cheers

Hi,

Thank you for sharing these trades. Could you please explain how you take the trades? I dont understand the entry. Why you took the trades? In the first post of this threat the explanation is, that there should be for a short a small red candle with long upper and under wicks above the MA and than a candle under the ema. Is that right?

Thank you

If you had an image I would comment on that.
Cheers

I dont understand the entry technique at all.... Is it the same since the first post?

Well, if you have read the beginning of the thread and rhe PDF, there is no much else to say. If the alert candles don’t jump off the page, better to try something else. My setup is M1 and M5 with RC, a naked M5, M15 and H1-H4 combo. One pair.

You need to be decisive with this, it is afterall using M1 and M5, and for that reason some find it difficult.

Cheers

My first trade with this entry strategy. Only one time frame: m1. Red horizontal line is a strong resistance. That was the reason for the trade. I like the entry strategy. Comments are welcome.

Entry is easy....exit more difficult. This looks perfect. Never bad to take profits.

I would say this about one timeframe...you should add H1 charts to start so you can see where your trade lies in relation to what is happening on the day. As you watch the bars fill out on a higher timeframe, especially and the end and beginning of the hour, you will be surprised at how it helps you to time your entries and the signals you take.

i would also suggest some reading on candle chart patterns....pin bar, dojis, engulfing patterns, inside bars....they will all help to in getting a feel for what is happening and your overall confidence.

My EURJPY trade....was watching the H1 and entered using M1 and after what was a consolidation period on M5. Closed when it reached the open for the day and fie first sign of a bounce on M1. +21 pip and 12.2% on the account. Nice week!

Cheers

Hi Canuck, nice strategy, how many trades per week do you take and NY, London or Asian session?

AG

8 for 12 this week, all in asian except for today.

Cheers

Updated....12 for 19 and very positive on the week. :-)

Cheers

Im glad for you, Is there a way to see how you approach the market, I mean what you look for to stay in or out of the market?

THe alert candle comes in 5mtf and entry candle or confirmation on 1mtf?

AG

Not much trading this week....trying RC setup on daily.....just sold EURNZD and will check it at the end of each day for trade update. Really small lot....something new for me.