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1 min Scalping with Randy Candles Resurrected

Quoting Pips Queak
I'm following this thread, and too have thrown up some charts to keep an eye on. Identifying a good alert candle seems patchy to my eyes. Sometimes they're obvious, sometimes not. i.e. there could be a string of 3 or 4 alert candles followed by an entry candle which then doesn't pan out. Not sure if a higher TF wold help here or not.

Matt

PS. Hi Rev, long time...
Hi Matt~ yes it has been awhile. Good to see ya. Artov is hangin out over in the jackone thread. It's nice to see the old gang every so often.

I couldn't agree w/ you more. My biggest challenge has been trying to execute at the correct entry candle. Demark trendlines have been helping after waiting for proper breaks of S/R. Im glad Canuck is around perhaps he can help the method w/ some higher TF strategies. Right now the system to me is rather "hit and miss". Needs better filtration.

Take care,
revrobwimb
Quoting revrobwimb
Artov is hangin out over in the jackone thread. It's nice to see the old gang every so often.
It is, Matt my friend from London and the cowboy from Texas
+15 w/ 15m confirmation.

revrobwimb
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  • Post #84
  • Quote
  • Edited Nov 6, 2009 9:03am Nov 5, 2009 1:59pm | Edited Nov 6, 2009 9:03am
Quoting revrobwimb
+15 w/ 15m confirmation.

revrobwimb
Nice one.

here is my only trade today...

Tl break, pullback, alert and entry....

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And the M1 chart at the time...

Attached Image
After the NFP settled....price action seemed to indicate a down move.....for EJ. Here is how I saw it. At work...so no time to do the live shot on this one....target was entered and was monthly pivot.
Cheers
CanuckCT

Attached Image
Attached is what I use to trade this method.
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Quick 15 pips short after alert candle at 134.90
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This trade had everything I look for...a trendline break and pullback...a trigger...and a target.

Cheers
CanuckCT

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The nice thing about RC is you can put it on top of anything else you trade and it gives you a clear alert and entry. I just kept peeling off the things I wasn't using.

Cheers
CanuckCT

Quoting usdivers
Quick 15 pips short after alert candle at 134.90
Quoting CanuckCT
The nice thing about RC is you can put it on top of anything else you trade and it gives you a clear alert and entry. I just kept peeling off the things I wasn't using.

Cheers
CanuckCT
I agree, once you understand how to read these candles, they become an asset to any trading system. Here on this chart you can see my first 3 trades for the morning. The first short at around 134.90, easy 10 pips, then the next long at 134.80, easy 15 pips, last trade was a loser, went short at 134.90, but thanks to reading the candles I lost only .5 of a pip, getting out on the exit candle 4 bars after my initial entry.
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Here is my new setup with the randy candles.
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Lots happening on that chart...care to comment as to how it helps you get into and out of a trade?
Cheers
CanuckCT



Quoting usdivers
Here is my new setup with the randy candles.
Missed this one....due to technical difficulties and a phone call.
Cheers
CanuckCT

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I had a look back at my trades and was startled to see that I was only looking for sell trades....amazing really how little I enter a buy trade.

And in an uptrend, I'd sell the pullback....often for BE or a small loss.

So I'm working with another trader to use this indicator for trading RC with trend only. Looking to move trend summary off the chart and in the upper right corner...like the signal bars indicator, and leave more chart room to trade RC setups.

I think the attached chart explains what I'm looking at. More to follow.

Cheers
CanuckCT
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Original setup

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The setup I'm evaluating...

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These trades prompted by H4 pin....I have a longer term short in play at 1.0555

Cheers
CanuckCT
heres my take .
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I see the mtf trix bars at the bottom, could you please post your
latest experimental setup and any indicators not already posted?

thanks!

Brian

Quoting CanuckCT
Original setup

Attachment 362333

The setup I'm evaluating...

Attachment 362334

These trades prompted by H4 pin....I have a longer term short in play at 1.0555

Cheers
CanuckCT
nice start to the day
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Sure thing....I'll zip everything later today.
Cheers
CanuckCT


Quoting golden1
I see the mtf trix bars at the bottom, could you please post your
latest experimental setup and any indicators not already posted?

thanks!

Brian
Attached Image (click to enlarge)
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And here is my template and the related indicators...I think everything else is here.

Load it up...any and all comments welcome.

The idea is to wait for the three timeframes to confirm and then use RC setup and related price action to go with the trend. So it's RC trading with a bias for direction.

The indicator will repaint until the respective TF is closed...then a solid bar is created...so be patient.

Cheers
CanuckCT
Attached Files
File Type: tpl !!!!!!current m5_ct.tpl   10 KB | 418 downloads
File Type: ex4 MTF_Trix_Meter.ex4   5 KB | 426 downloads
File Type: mq4 smSuper TRIX_MTF_PV_4col.mq4   16 KB | 507 downloads
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