trade break of this picture. it is someone else. i want more discussion in forex factory.
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- #7
- Jan 2, 2009 6:59pm Jan 2, 2009 6:59pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Master Candle break on the Daily (green) and 4 hour chart (white). Interesting.
Indicators show the past. Price Action "Indicates" the future.
Master Candle break the 4hr TF (blue line and red line)and 1hr TF (green line and red line) on USDCHF
here the chart 1 hrs and 4hr, Master candle related with the ib 1hr tf break out on the range of master candle 4 hrs, the good entry from 1 hrs master candle and take the 1st TP on the master candle 4hr range.... & FTT
brgds,
my30marahaba
here the chart 1 hrs and 4hr, Master candle related with the ib 1hr tf break out on the range of master candle 4 hrs, the good entry from 1 hrs master candle and take the 1st TP on the master candle 4hr range.... & FTT
brgds,
my30marahaba
- #9
- Jan 2, 2009 8:26pm Jan 2, 2009 8:26pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Master Candle break the 4hr TF (blue line and red line)and 1hr TF (green line and red line) on USDCHF
here the chart 1 hrs and 4hr, Master candle related with the ib 1hr tf break out on the range of master candle 4 hrs, the good entry from 1 hrs master candle and take the 1st TP on the master candle 4hr range.... & FTT
brgds,
my30marahaba
The top and bottom of the master candle tends to act as S/R levels.
Nice charts.
Indicators show the past. Price Action "Indicates" the future.
Nice mymar. It is an interesting approach.
The top and bottom of the master candle tends to act as S/R levels.
Nice charts.
yes jaroo the 4hr master candle is the s & r level, and to be related to daily master candle ..
Could you please post indicators to help with the master candle
there is no indicator for this master candle but i try to use the rsi 21,rsi 14, rsi 7, rsi 4 and rsi 3 put them together, the rsi 14 to 3 is identification the ranging range of s+r from 4hr master candle to act as the filter of the valid brake out of the 4hr master candle, you can also to entry from 1hr mc or from the ib, another important this master candle should be used together with Support & Resistance Line, scalp lines, Price action and other candle patterns in the NickB method. They only work well when used together as the part of method.
look at the chart may be from this chart we can share to learning at this forum or you can link to here of this master candle method
http://www.forex4noobs.com/forum/talking-forex/1924-nick-method-free-e-book-download-here.html
best regrads,
my30marhaba
Dear All,
today i try to use master candle on 1 hrs and i try to entry when i see the spinning top formation around the MC resistance line, and the trend line from 4hr, and also i check the rsi filter 21 rsi going down and the others rsi 14,7,4,3 is on the oversold area so decide to entry short and sclaping from this point.
look at the result actually i am using 06.00 gmt as the opening day ib formation can not break out the MC resistance....
brgds,
my30marahaba
today i try to use master candle on 1 hrs and i try to entry when i see the spinning top formation around the MC resistance line, and the trend line from 4hr, and also i check the rsi filter 21 rsi going down and the others rsi 14,7,4,3 is on the oversold area so decide to entry short and sclaping from this point.
look at the result actually i am using 06.00 gmt as the opening day ib formation can not break out the MC resistance....
brgds,
my30marahaba
- #15
- Edited 12:11pm Jan 5, 2009 11:09am | Edited 12:11pm
- Joined Feb 2005 | Status: Trader | 1,747 Posts
I started looking at these master candles over the weekend. I'm still trying to determine if it is better to enter immediately when the box is broken or to wait until some candle closes. By some candle I mean a candle on the same time frame as the master candle or a lower time frame.
Currently I'm going to test entering a trade when the first 1 hour candle closes outside of a box set up from 4 hr candles. I entered this paper trade 10 minutes ago. I'm not evaluating other factors, only the candle box. I will also see if the trade would have been successful if I waited for the 4 hour candle to close outside the box. I could have made 25 pips if I had traded the immediate break of the box.
Update - Here is a SS of a buy at the close of the first 4 hour bar outside of the master candle box.
Currently I'm going to test entering a trade when the first 1 hour candle closes outside of a box set up from 4 hr candles. I entered this paper trade 10 minutes ago. I'm not evaluating other factors, only the candle box. I will also see if the trade would have been successful if I waited for the 4 hour candle to close outside the box. I could have made 25 pips if I had traded the immediate break of the box.
Update - Here is a SS of a buy at the close of the first 4 hour bar outside of the master candle box.
I started looking at these master candles over the weekend. I'm still trying to determine if it is better to enter immediately when the box is broken or to wait until some candle closes. By some candle I mean a candle on the same time frame as the master candle or a lower time frame.
Currently I'm going to test entering a trade when the first 1 hour candle closes outside of a box set up from 4 hr candles. I entered this paper trade 10 minutes ago. I'm not evaluating other factors, only the candle box. I will also see if the trade would have been...
Dear nvwine
i also enter long for this gu, 1st tp has reach with 100pip and i hold one open position lock profit at +5 let see if the price be break the daily mc
brgds,
my30marahaba
- #17
- Jan 5, 2009 6:03pm Jan 5, 2009 6:03pm
- Joined Feb 2005 | Status: Trader | 1,747 Posts
Dear nvwine
i also enter long for this gu, 1st tp has reach with 100pip and i hold one open position lock profit at +5 let see if the price be break the daily mc
brgds,
my30marahaba
All three of my test trades did well and were profitable today.
If I evaluate my test properly the trade entered off the close of the 1 hr candle would have probably gained 3-5 pips for me in a large trade. In a full lot trade I would place a BE + 3 on the trade after it went up 50 pips. I'm only trading micro lots to make this fun so I did not watch the trade closely and place the BE+5 stop. I closed two trades at 1.4675 and I am letting one run for fun. The exit strategy is not part of my test at this point.
- #18
- Edited 6:06pm Jan 6, 2009 12:19am | Edited 6:06pm
- Joined Feb 2005 | Status: Trader | 1,747 Posts
Next one I'm watching. Not a pair I normally trade but since I am testing I'll try it.
I updated the chart to show another 4hr candle. Third update - I should just drop this one. I have updated the chart again.
I now have a second 4hr chart to watch.
A short order on the break of the box would have already lost with my stop loss. I am now waiting for a closed bar outside of the box.
my30marahaba, Are you watching this one?
Update - Depending on the size of the stop loss an entry on the break of the box could have gone either way. I would have been stopped out at -60 on an immediate entry.
An entry on the first closed 1hr and 4hr came at the same time. An entry at this point would have resulted in a profit of at least BE + 5 pips. I would consider the trade based on the closed candle profitable.
Update on AUDNZD - There was a close of a 1hr candle below the box. No 4hr candle has closed below the box so far. I entered a test short trade as shown below.
I updated the chart to show another 4hr candle. Third update - I should just drop this one. I have updated the chart again.
I now have a second 4hr chart to watch.
A short order on the break of the box would have already lost with my stop loss. I am now waiting for a closed bar outside of the box.
my30marahaba, Are you watching this one?
Update - Depending on the size of the stop loss an entry on the break of the box could have gone either way. I would have been stopped out at -60 on an immediate entry.
An entry on the first closed 1hr and 4hr came at the same time. An entry at this point would have resulted in a profit of at least BE + 5 pips. I would consider the trade based on the closed candle profitable.
Update on AUDNZD - There was a close of a 1hr candle below the box. No 4hr candle has closed below the box so far. I entered a test short trade as shown below.
