CandyStriper 101 | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

market Theory 101 Supply and Demand,Market Cycles 7 replies

Money Management 101 123 replies

usd jpy trading at 101 this week 0 replies

lessons 101 6 replies

Trading 101 3 replies

Attachments: CandyStriper 101
Exit Attachments

CandyStriper 101

  • #21
  • Jul 11, 2012 6:58am Jul 11, 2012 6:58am
Quoting EaglePip
Wish I had your confidence. Took a very similar position in EU, but had to cut losses as it moved against me.
Of course, it shoots up as soon as I get out!
dp
looking at the chart you posted, yes it moved against you, but the AO never changed to red. True guts in this system is holding on as long as that AO hasn't changed against you. If your position size was right, you could have tolerated the risk a little bit longer and then it looks like it would have been a good winner.

I'll say again, the tougher part is to hold on to the winners so you're not cutting your profits short.

I can't give you risk management or take profit rules. Practice, practice, practice and then your gut will learn and then your instincts can take over. This is a hard game to be sure.

There's a reason that the last table of the World Series of Poker has the same faces over and over. It's gambling theory. Candy Striper gives you the edge, but it's up to you to manage the bankroll.

Also, I'm not interested in having the most popular thread on Forex Factory so I won't bump it just to stroke my ego. This method/template is now out there for those who wish to use it, and I'll monitor it occasionally to answer questions...
  • #22
  • Jul 11, 2012 7:03am Jul 11, 2012 7:03am
Quoting Mr Pippy
Nice and simple.....works well as extra confirmation for my trading. For a more visual indication of the macd signal thing I've added an arrow based crossover alert as I was finding it irratating having to actually look at the numbers/judge if the macd signal line and value were in the correct order.

Not a big deal but helpful.

I use the 62 ema as a support/resistance line and watch price closely around it....if it breaks great...if not...out at as near to break even as I can. Simples.
whatever helps you make more confident decisions is fine. I haven't posted it, but I also have the Smoothed 5 Moving Average Channel using High and Low. It gives me a little extra boost to my confidence, I just wanted to keep the Candy Striper thing as simple as possible.

You could easily ditch the MACD and use Stochastics.

Once again, it's Multiple Time Frames that is most important. I would say that is probably the case with every system here. TEB63 is the one who originally pointed that concept out to me years ago in one of his threads
  • #23
  • Jul 11, 2012 7:21am Jul 11, 2012 7:21am
Another thing that is SUPER helpful are those Heiken Ashi bars in and of themselves.

The Wise Man. (Bill Williams)

If you are at the top of an uptrend with a bunch of white bars, look for the white bar where the close of that bar is lower than the open, then you have found a Wise Man signal.

The Candlestick would show you the down color, but the Heiken Ashi is still showing you the up color. Backtest this and you'll see how often it works. You could almost trade this alone with no other indicators and be quite profitable.

Reverse this for downtrends.
  • #24
  • Jul 11, 2012 7:30am Jul 11, 2012 7:30am
Just out of interest.....is there a way to program the arrow to show when all four conditions are met? Again not essential, just helpful.
  • #25
  • Jul 11, 2012 7:50am Jul 11, 2012 7:50am
Quoting Repipula
looking at the chart you posted, yes it moved against you, but the AO never changed to red. True guts in this system is holding on as long as that AO hasn't changed against you. If your position size was right, you could have tolerated the risk a little bit longer and then it looks like it would have been a good winner.

I'll say again, the tougher part is to hold on to the winners so you're not cutting your profits short.

.
Yes, will have to pay more attention to AO in future. I am only using .01 lots with a small account and wanted to preserve capital. I realise I should have had my mental stop at the last swing low.
EP
  • #26
  • Jul 11, 2012 9:57am Jul 11, 2012 9:57am
Wow,

This little system is a bit of a revelation. Were it not for me bottling it and not as instructed paying attention to the AO...I would have picked up some great pips today.

This is such a great compliment to my existing trading arsenal and really does provide a great little confidence tool to let you know whether your entry is correct.

Hats of mate, solved my issues in a nutshell...congrats

Mr P
  • #27
  • Aug 26, 2013 8:37am Aug 26, 2013 8:37am
I use a very similar system to this. What TF work best in your experience? I've had some good trades lately with 4H, but I see you are using 1H
  • #28
  • Edited 1:48pm Aug 26, 2013 1:30pm | Edited 1:48pm
Nice system! But no need to overthink. Whatever TF you trade, just take into consideration highs and lows of the next higher TF.
I hereby post two alternative indicators for those who want to make the system visually more clear:
1. MACD bars indicator shows the same - if signal line is under or above histogram. Set it to 0 for current TF.
2. HA bars are good for those who want to see ordinary candles also. The problem is that HA candles do not allow to estimate PA properly.
Attached File(s)
File Type: mq4 Heiken Ashi_SWAlert.mq4   5 KB | 338 downloads
File Type: mq4 MACD-MTF-Bars.mq4   5 KB | 388 downloads
  • #29
  • Last Post: Sep 17, 2013 6:29pm Sep 17, 2013 6:29pm
Hey man, I have been using a very similar strategy. Works pretty well, but one thing you could add is a 5/8 ema cross. Pair this with candy striper and you can catch some nice trends when all are in agreement, usually the cross is just to confirm direction though
0 traders viewing now