1 min Scalping with Randy Candles Resurrected

Hi eve'one I just like to share with all the use of Randy Candles which I has had a fair degree success (see attached trading statement) although it may not be the one that the orginator traded with, it is the closest in my ability to replicate it.

For info on Randy Candles see: http://www.forexfactory.com/showthre...=20954&page=13

Randy Candles essentially work using HA candles together with two SMAs.

It works for me thus far as follows on the 1 min EURUSD when taking shorts:

1) Identify Zorro Alert Candle:

Zorro candle (Red small Candlestick with reasonably long black tails on both ends) for preparing to take a short position. The Zorro candle must be above/sitting on the PINK SMA.

2) Monitor and Identify Entry Candle
The Entry Candle must be red in colour and have black bar. The entry candle must be below the Pink SMA

The method is identify alert candle then execute short when the entry candle confirms the trade to take. I prefer to take a position when the pink SMA is above the yellow SMA.

For visual on the above,refer to the link http://www.forexfactory.com/showthre...=20954&page=13

Note that i did not cover exits as exit is based on my discretion in monitoring the subsequent candlesticks development as i am doing a scalp.

I just subscribed to your thread. Since this is basically a price action trading approach, I'm very interested. On my template I've added pivots, the daily open and yesterday's high and low and have been quietly testing.

Here is what I know about it....

RandyCandles

ALERT CANDLE:

1. The appearance of an Alert Candle is your FILTER.
2. correct alert candles simply have stems ABOVE AND BELOW; they are small to moderate in size.
3. they can be any color combination, however chili peppers and zorros are ideal.
4. the BEST alert candles will CROSS and close OVER the Pink SMA.
4. the alert candle is NOT the entry candle!!! DO NOT ENTER on an alert candle.
5. If you enter on an alert candle, you have failed.


ENTRY CANDLE:

You must WATCH the entry candle develop to make your decision.

1. The Entry Candle must obviously have the right HA color for your direction.
2. It must have the correct stem color for your direction...wait till you get it!
3. The "preferred" entry candle should only have the stem going your way.(not an absolute rule however).
3. The BEST entry candles are birthed having ALREADY crossed the SMA Pink.
4. If the above scenario has happened and you are let's say at the top of a fan....
you ALREADY have a 90% probability of putting in a correct entry of both timing and direction....have some confidence!!!!
5. The SMA's are treated as dynamic points of support and resistance.
Dynamic means they move, as opposed to static like Camarilla, MurreyMath and Fibos. Support and Resistance means your trades can respect and bounce from them and at other times must "chew" through them. This Price vs. SMA interaction occurs on both the 5M as well as the 15M charts. Pink is the weakest, Yellow the strongest. Learn by watching Price vs. the SMA's, both charts.

My chart is below for consideration. I have not traded this live...only demo.

Good luck on the thread.

Cheers
CanuckCT

It seems to really catch the trend change....risky? maybe....but trade with a tight stop and only take the very best setups.
Cheers
CanuckCT

Hi, first of all thanks for taking the trouble to compile all the rules so neatly. Oh yes your charts captures pretty much what I was trying to describe earlier especially the alerts and entries.

I share the same sentiments when I came across Randy Candles, it is very clean, no complicated set of indicators, no repainting and just pure price action, just what I like. I must say that I have been live trading for a short time based on these candles and the results so far been good.

But like you said very importantly, take ONLY the BEST set ups. Will try posting pics of my set ups of my subsequent successful live trades and hopefully ,more good results to show in the forex statements. For the moment I'll still stick with shorts till i've a pretty consistent run of results.

Interesting method. Thanks for sharing.

So is it safe to say as a rule, that black alert stems (where/as they are crossing the pink) signal an impending short, and green an impending long? Is that hard & fast?

If so, the rest speaks for itself. Very clean & simple. It's not often an entire system can be clearly explained in less than 5 posts!

What I can say for now based on my live trading experience with EURUSD 1min TF is only for shorts:

Black bar with small red body and reasonably long black upper and lower tails that is above or sitting on the pink SMA is what I take as an alert candle. Further more to play it safer, I usually prefer to see the pink SMA above the yellow SMA, and also we are not in the pink and yellow argument zone where prices are consolidating.

Is there any alert somewhere when a Randy formation has occurred?

I doubt it, and think this might be the only thread dedicated to this.

I think the point is that there is are a couple of alert type formations...and then an entry point. If you learn the patterns you won't need the alert.
Cheers
CanuckCT

TSD Forum has a lengthy thread on Randy Candles.
You might want to look there.

I was never able to find an alert for Randy candles, its why I was wondering if anyone had one.

Its nice to trade without all those indicators, but gave up on it after staring at the charts too long waiting for a setup to occur since I mostly trade the Asian session with EJ GJ and GU.

For me for 1min scalping, I normally dun have a problem to wait too long for the alert candles to appear. Usually for an hr trading, I have on average about at least 3 to 4 alerts followed by confirmed entries.

Agree...if things are moving...and watching say EJ, GJ, EU and GU, should get several alerts per hour on M1, easily.
Cheers
CanuckCT

Yes there is...some great stuff there....they took the basic RC system and did make several modifications. Some seem great...other seem to give you information that you already have.

I did take the moving averages from that thread. They do seem better.

Here is the template I'll be trading this week....

Cheers

CanuckCT

And here is screen shot

I've been reading all I can about the randy candles. There really isn't that much
I've adapted some of things I've read.

Randy talked about the MTF HAS at the bottom although none of his screen shots show it
So I've been experimenting with it. I also read somewhere about the HAMA indi So I've put that on the chart too and just for giggles I put the fxprime v2(Oh no not that again lol) And from what I've seen so far fxprime is missing a lot of entries and exits but it is a laggin indy and I guess that is what is so nice about price action

In all honesty all that is needed is what is in the original randytemplate
It is so bizzarre how he was just getting into this and some guy bango ran him off the forum let alone the thread. I guess there is more to the story on TSD

I've been using the training program that Ronald R. recommends and I've done very well just following the alerts and the entry candles . . . exits have been alittle tough and that is what I'm using the other indis for more than for entry, except for the MTF HAS
I'm doing this on a 1min chart.
Can't wait till latter today when the market opens so I can do live demos

Dave

I thought I read that alets cannot see color changes, zoros or chillies for that matter
could be wrong but like CanuckCT said you really don't need an alert
I've atttached an other method based on randycandles and at the end is all of what exist from randy himself at the end of the file

Take what you want leave the rest

What training r u referring to?

The FOREX-TSD forum did get a bit out of control with indicators....the basic setup works.

Cheers
CanuckCT

I should have said simulator

It's a training simulator that Ronald Raygun advocates to try

I have a link it's on this page
http://www.forexfactory.com/showthre...14258&page=257

Hello!

Could you post your indicators/template please?

thx,
todd

Your post is #19...the question you ask is on post #15...a little effort please to read all 18 posts, the guides, the reference to other forums. Do you want us to make the trades for you also...sorry for the rant, but that question is uncalled for, damit!
Cheers
CanuckCT