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  • #121
  • Feb 23, 2010 12:45pm Feb 23, 2010 12:45pm
Quoting Ctic
Digger,

A master candle is one that is the main candle and each following candle is inside that candle. This is otherwise known as inside bars or inside candles. I have an indicator which quickly and easily shows them. Take this daily chart for example. The candle with the 3 on the bottom is the master candle noted by the small green line above and red line below. The following 2 candles remained within that master candle. Hope this helps.

C.
thnx for the reply ctic, yes it helped
  • #122
  • Feb 23, 2010 11:58pm Feb 23, 2010 11:58pm
Hi Ctic

Thank you for the encouraging words and answering my questions.
You have me intrigued. I am now an official fibaholic. On my jopurnal you will see where I even apply it to construction.

In the attachment is a weekly chart for EU. with the occurance of the two dojis, would you call the candle I highlighted the master candle.
By the way those two dojis might be warning us of a new trend?

Rufus
Attached Image (click to enlarge)
Click to Enlarge Name: master candle weekly.gif Size: 15 KB
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #123
  • Edited 4:08am Feb 24, 2010 4:07am | Edited 4:08am
Quoting Rufus
Hi Ctic

Thank you for the encouraging words and answering my questions.
You have me intrigued. I am now an official fibaholic. On my jopurnal you will see where I even apply it to construction.

In the attachment is a weekly chart for EU. with the occurance of the two dojis, would you call the candle I highlighted the master candle.
By the way those two dojis might be warning us of a new trend?

Rufus
Rufus,

I would say no. In the posted chart, you will see the fib line for the candle you posted. Notice, how it reached down and hit target line 138.2, thus breached out. I have an indicator called H1H1_IB_Indicator that quickly shows the inside bars. look back on chart, I took everything off except that indicator. I highlighted it. Notice the big green candle with the green line on top, and red line on bottom. Each candle after that did not break high which lasted 8 weeks after. Then the first candle that did break made it to the 138.2. Sometimes it does get tricky when there are wierd candle formations. I have noticed though when I do make a wrong trade, it is usually my fault and not the fibs.

C.
Attached Image (click to enlarge)
Click to Enlarge Name: test.jpg Size: 92 KB
  • #124
  • Feb 24, 2010 6:48am Feb 24, 2010 6:48am
Quoting Ctic
Rufus,

I would say no. In the posted chart, you will see the fib line for the candle you posted. Notice, how it reached down and hit target line 138.2, thus breached out. I have an indicator called H1H1_IB_Indicator that quickly shows the inside bars. look back on chart, I took everything off except that indicator. I highlighted it. Notice the big green candle with the green line on top, and red line on bottom. Each candle after that did not break high which lasted 8 weeks after. Then the first candle that did break made it to the 138.2. Sometimes...
Hi Ctic.... any chance u can share that indicator? i would like to start to study "the inside bars" ... that would be very helpful from u

thanks

Dario
I don't want a job, i want money!
  • #125
  • Feb 24, 2010 5:01pm Feb 24, 2010 5:01pm
Ok buddy, so I'm a sucker for this GU bias of mine.

Long @ 5395 and covered @ BE already... ....
Ghost Rider - WWTBMD?
  • #126
  • Feb 24, 2010 6:57pm Feb 24, 2010 6:57pm
Hi Ctic

Rufus again here.

Monthly EU chart here. I am working un undestanding the master candle. I would be inclined to draw the fibs between the two blue lines. without an inside candle to really define your master candle do you take the high of one and low of the next?

Thanks for the time you are puting in here.

Rufus
Attached Image (click to enlarge)
Click to Enlarge Name: master candle monthly.gif Size: 15 KB
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #127
  • Feb 24, 2010 8:48pm Feb 24, 2010 8:48pm
I just found the H1 H1 indicator you spoke of. Any differnt settings. It is very helpful to determine the master candle.

So new monthly chart here. Check marks? Is this the master candle. If so I have seen the light of the master candle.

Rufus
Attached Image (click to enlarge)
Click to Enlarge Name: master candle monthly.gif Size: 24 KB
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #128
  • Feb 24, 2010 9:21pm Feb 24, 2010 9:21pm
In Looking at the above chart. I am not understanding the process here for picking the master candle. I thought I had a grip, on it. But I think I am close.

The indicator showed one back in June. Then a long run up in price and no new signal from the indicator. Am I missing something?

Hope I havn't flooded you to much with questions. I think I am close though to understanding what you are doing.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #129
  • Feb 24, 2010 9:23pm Feb 24, 2010 9:23pm
Quoting dario1002
Hi Ctic.... any chance u can share that indicator? i would like to start to study "the inside bars" ... that would be very helpful from u

thanks

Dario
Here is the H1H1 indicator I spoke of
Attached File(s)
File Type: mq4 H1H1_IB_Indicator.mq4   6 KB | 273 downloads
  • #130
  • Feb 24, 2010 9:24pm Feb 24, 2010 9:24pm
Quoting albchr
Ok buddy, so I'm a sucker for this GU bias of mine.

Long @ 5395 and covered @ BE already... ....
And out at BE, unless you closed. I went short now, so you should go long. lol.
  • #131
  • Feb 24, 2010 9:27pm Feb 24, 2010 9:27pm
Quoting Rufus
Hi Ctic

Rufus again here.

Monthly EU chart here. I am working un undestanding the master candle. I would be inclined to draw the fibs between the two blue lines. without an inside candle to really define your master candle do you take the high of one and low of the next?

Thanks for the time you are puting in here.

Rufus

Rufus,

In the way I draw the fibs, on the monthly chart I would use a yearly and 2Y candle. But if you want to draw the fib to a lower chart, take last months candle, high to low and then change chart to daily chart. Hope that helps.
  • #132
  • Feb 24, 2010 9:28pm Feb 24, 2010 9:28pm
Quoting Rufus
I just found the H1 H1 indicator you spoke of. Any differnt settings. It is very helpful to determine the master candle.

So new monthly chart here. Check marks? Is this the master candle. If so I have seen the light of the master candle.

Rufus
Yes that was the master candle. But it no longer is important because we have long broke out of that range. Remember only use the master candle if we are still within the realm of that candle. Hope this helps.
  • #133
  • Feb 24, 2010 9:33pm Feb 24, 2010 9:33pm
Quoting Rufus
In Looking at the above chart. I am not understanding the process here for picking the master candle. I thought I had a grip, on it. But I think I am close.

The indicator showed one back in June. Then a long run up in price and no new signal from the indicator. Am I missing something?

Hope I havn't flooded you to much with questions. I think I am close though to understanding what you are doing.

Rufus
Let me post a series of charts here. The current candle you should use is Janurary 2010 candle and move to daily chart. Notice how we have hit the 161.8 fib from Janurary. Next post will show the old master candle used.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.gif Size: 17 KB
Click to Enlarge Name: test.gif Size: 16 KB
  • #134
  • Feb 24, 2010 9:35pm Feb 24, 2010 9:35pm
Quoting Ctic
Let me post a series of charts here. The current candle you should use is Janurary 2010 candle and move to daily chart. Notice how we have hit the 161.8 fib from Janurary. Next post will show the old master candle used.
Now the June master candle hit the target 161.8 in August, thus you stop using that candle, since it broke out of the range. Once it breaks out you move the fibs.
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 17 KB
  • #135
  • Feb 24, 2010 10:12pm Feb 24, 2010 10:12pm
What a ride this week has been. I started out the week with a 27% gain for the month. After deciding to countertrend trade, I fell down to 15%. I reversed my position and went with the trend again to bring the gain back to 21%......

See you all in March. My brain needs a rest.
  • #136
  • Feb 24, 2010 11:24pm Feb 24, 2010 11:24pm
Quoting Ctic
Now the June master candle hit the target 161.8 in August, thus you stop using that candle, since it broke out of the range. Once it breaks out you move the fibs.
So 161.8 negates then master candle.

Then go to the next unviolated candle. or closest completed month?

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #137
  • Edited Feb 25, 2010 12:03am Feb 24, 2010 11:43pm | Edited Feb 25, 2010 12:03am
Quoting Rufus
So 161.8 negates then master candle.

Then go to the next unviolated candle. or closest completed month?

Rufus
No, not quite. You are on the right track but not quite there. Remember. that is just a target the 161.8. A master candle is only valid as long as the candles after it remains in the range of that candle. Take this current example. Here is the daily chart for the G/U. Look at the candle from 5 days ago. That is the current master candle. No candle since then has closed outside of the high/low from that candle. Lets assume today's candle closes outside. at a lower low. You would then no longer use that master candle for the fibs since it broke. Here is something I found that may explain master candles a bit better than I can. Sometimes I know exactly what it is in my head, just can't get the proper words out to explain it. Remember, the fibs are a seperate method than the master candle method. I just incorporate both in the main plan.

http://www.forex4noobs.com/blog/fore...master-candle/

http://www.forex4noobs.com/blog/fore...aster-candles/
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 17 KB
  • #138
  • Feb 24, 2010 11:58pm Feb 24, 2010 11:58pm
C,

That is a great explanation. Thank you.

Donnie
  • #139
  • Feb 25, 2010 3:25am Feb 25, 2010 3:25am
congratz bro keep it up great work
  • #140
  • Feb 25, 2010 3:27am Feb 25, 2010 3:27am
Quoting kill56
congratz bro keep it up great work
Thanks kill,

Glad to see you here in my little corner of FF. Your welcome anytime.

C.
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