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1 min Scalping with Randy Candles Resurrected

  • #161
  • Nov 16, 2010 2:09pm Nov 16, 2010 2:09pm
I still have a randy candles template, it's one of the setups that has stood the test of time for me....anyone else using this?
Cheers
CanuckCT
  • #162
  • Nov 16, 2010 6:06pm Nov 16, 2010 6:06pm
Quoting CanuckCT
I still have a randy candles template, it's one of the setups that has stood the test of time for me....anyone else using this?
Cheers
CanuckCT
I scalp one minute chart with the candles alone (without Randy's MAs). I'm looking for RC patterns (given enough screentime, they'll yell on you off the chart) and confluences of s/r, fibs & murrey levels. I have a horizontal STOP line on the chart and once I see a good setup, I move the line where I want my stop to be placed. I have a selfmade EA reacting to hotkeys; the EA calculates the lotsize according to % risk (usually .5% - 1%) and marked stop and as I press a key (Alt+B=Buy, Alt+S=Sell) the EA sends the trade. I don't care for the lots / pips traded; the only thing that matters are % of equity (risk/gain). When in trade, I can see the outcome of the trade, move stop to BE, close a quarter, third or half of the trade or close at once.

I used to have a 5sec or even a tick chart overlay on my chart but these candles provide nearly the same information on M1 when the price is moving. I go mostly for 8-15 pips allthough some bounces off 200EMA channel gain dozens of pips nearly every day. I trade EURUSD only and have spent 8+ hours daily for the past 8 months with it. It works. Demo phase over - going live in 2 weeks and I have a darn good confidence in it.

One of today's scalps right before closing:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pozice.png Size: 28 KB
Click to Enlarge Name: trade.png Size: 9 KB
:-anything
  • #163
  • Nov 16, 2010 7:13pm Nov 16, 2010 7:13pm
Great stuff....I know exactly what you mean about the setups jumping off the charts. You mind posting your template?
Cheers
CanuckCT
  • #164
  • Edited 7:57pm Nov 16, 2010 7:33pm | Edited 7:57pm
Quoting CanuckCT
Great stuff....I know exactly what you mean about the setups jumping off the charts. You mind posting your template?
Cheers
CanuckCT
of course I can, but there's a lot of garbage on my chart
if you understand (and I know you do) the setups jumping off the charts, you surely will know what I mean when I say: "I'm trading a moving picture". Yes, there are few mechanical rules and my trading style is very discretionary. So I can't provide any clear rules to follow - just guidelines.
I took a snapshot of the whole chart - if you still want it (sorry but without the EA - it's under constant development) I'll post the template & indicators here.

edit: --as you can see, it's fitted to make sense (for me at least) on a high-res screen (using 1600x1200 laptop)
Attached Image (click to enlarge)
Click to Enlarge Name: chart.png Size: 484 KB
:-anything
  • #165
  • Nov 16, 2010 8:52pm Nov 16, 2010 8:52pm
The only thing on your chart that I find interesting is the minicharts. Do you have a link for that?

Here is my RC setup....on M1. I trade M15.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-11-16_2250.png Size: 40 KB

Cheers
CanuckCT
  • #166
  • Nov 16, 2010 9:10pm Nov 16, 2010 9:10pm
Quoting CanuckCT
The only thing on your chart that I find interesting is the minicharts. Do you have a link for that?

Here is my RC setup....on M1. I trade M15.
Attachment
Cheers
CanuckCT
Very clean and nice chart.
Here you go: http://pipware.com/mini-charts.html
:-anything
  • #167
  • Nov 16, 2010 9:13pm Nov 16, 2010 9:13pm
Look in THV thread by Stratman, in commercial section , pipware.com or free from his website

rgds
Peter
  • #168
  • Nov 16, 2010 9:30pm Nov 16, 2010 9:30pm
ok...how do you get those mini charts in a separate window at the bottom of your chart.....they are a nuisance when they interfere with price on the main chart.
Cheers
CanuckCT
  • #169
  • Nov 16, 2010 9:33pm Nov 16, 2010 9:33pm
Quoting CanuckCT
ok...how do you get those mini charts in a separate window at the bottom of your chart.....they are a nuisance when they interfere with price on the main chart.
Cheers
CanuckCT
a dummy indicator
then set appropriate window number in the minicharts properties
adjust rows & columns
btw: what's the channel on your chart? thx.
Attached File(s)
File Type: mq4 MiniCharts.mq4   < 1 KB | 709 downloads
:-anything
  • #170
  • Nov 16, 2010 9:58pm Nov 16, 2010 9:58pm
The bands are TMA bands...the alerts are when the band is pierced and you have a candle in the opposite direction. So a bearish candle will pierce the bottom...if the next candle is bullish, you get an alert. It's the only indicator I use for countertrend trading except for pivots. The bands fit quite nicely with RC as you are often catching the turn.
Enjoy
Cheers
CanuckCT
Attached File(s)
File Type: mq4 TriangularMA centered abands alerts 2.mq4   9 KB | 1,648 downloads
  • #171
  • Nov 16, 2010 10:20pm Nov 16, 2010 10:20pm
What do I do with the font file re pipware mini charts?
Cheers
CanuckCT
  • #172
  • Nov 16, 2010 10:28pm Nov 16, 2010 10:28pm
Quoting CanuckCT
What do I do with the font file re pipware mini charts?
Cheers
CanuckCT
Copy all font files into Windows/Fonts directory; if it tells you "font already installed" then ignore such a message.

Re TMA: I thought it's something like that - I've read over at nanningbob's thread the TMA repaints badly.. But the signalling principle (waiting for counter-candle) is cool in itself. I'll see, thx.
:-anything
  • #173
  • Nov 16, 2010 10:34pm Nov 16, 2010 10:34pm
It does move in history.......so you can't look back on your chart for say two weeks ago and see where it would have been. But those signals from today are where they were in real time....it moves, but not enough that it can't be used. I only use it as an alert....and it serves that purpose very well.
My 2 cents.
Cheers
CanuckCT

Quoting tritom
Copy all font files into Windows/Fonts directory; if it tells you "font already installed" then ignore such a message.

Re TMA: I thought it's something like that - I've read over at nanningbob's thread the TMA repaints badly.. I'll see, thx.
  • #174
  • Nov 16, 2010 10:39pm Nov 16, 2010 10:39pm
Quoting tritom
Copy all font files into Windows/Fonts directory; if it tells you "font already installed" then ignore such a message.

Re TMA: I thought it's something like that - I've read over at nanningbob's thread the TMA repaints badly.. But the signalling principle (waiting for counter-candle) is cool in itself. I'll see, thx.
Works now...thanks
  • #175
  • Nov 17, 2010 12:40am Nov 17, 2010 12:40am
Hi Canuck

I have been using RC 'on and off" for what seems like years now on M5 - ever since Randy posted them. M1 is too fast for me, but I will try them again on M15 over the next few weeks and see how I go. M15 suits me a lot better from a lifestyle point of view, and will keep my wife a bit happier (and that's important!)
  • #176
  • Jan 5, 2011 1:38pm Jan 5, 2011 1:38pm
From time to time when I head into a sideways move I flip to my RC template. Sitting here at +20 and eyeing the low of the day.
Cheers
CanuckCT

Attached Image (click to enlarge)
Click to Enlarge Name: rc-eurusd.gif Size: 15 KB
  • #177
  • Jan 5, 2011 3:06pm Jan 5, 2011 3:06pm
Quoting CanuckCT
From time to time when I head into a sideways move I flip to my RC template. Sitting here at +20 and eyeing the low of the day.
Cheers
CanuckCT

Attachment
He he, that's exactly my scenario too. Using RC for scalping in sideways periods. For some three years, now.
  • #178
  • Jan 5, 2011 5:41pm Jan 5, 2011 5:41pm
Great thread, will go over this in much more depth tomorrow. Trading with price action as much as possible will always be good, RC makes this more fun and easier.

Thanks to everyone for their input, specially Canuck, thanks for sharing your template(s) and files here bud

Got a nice ascending trendline on the m5 that will be interesting...
Attached Image (click to enlarge)
Click to Enlarge Name: eu_m5_trendline.gif Size: 27 KB
  • #179
  • Jan 5, 2011 9:17pm Jan 5, 2011 9:17pm
Glad to know I'm not the only one using this. There is so little to say about it....that it's real hard to keep a thread going.
Cheers
CanuckCT
  • #180
  • Jan 5, 2011 11:19pm Jan 5, 2011 11:19pm
Quoting CanuckCT
Glad to know I'm not the only one using this. There is so little to say about it....that it's real hard to keep a thread going.
Cheers
CanuckCT
Exactly. Since the technique is really useful for short time scalping, it is hard to issue any predictions and intentions.
I remember that at some time Randy himself declared that he is not interested in larger frames any more and switched to 5m and 1m.

Anyway guys, good luck with your trades for all the new year 2011
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