RandyCandles - Information - page 34

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Thanks vegas - am I right to think a chilli pepper is a red bar with green bars on either side and a hanging zorro white with black bars on either side ? Great thread guys, promising strategy

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Special thanks to ITguy, Rad, Vegas and SummitFX for reviving this great method

[Vegas]

Lol

leeb:
Special thanks to ITguy, Rad, Vegas and SummitFX for reviving this great method

Hell don't thank me I haven't done anything...all the thanks goes to ITguy, Rad, and SummitFX....

When I grow up I want to be just like these guys....Pip Happy...

[Brunite]

Vegas:
Another 6 pips...cool shit...Just testing the waters...then once I get the hang of it the next step will be to know when to make the proper exits. Thanks.

I'm no pro yet....but.....since this method does involve some subjectivity, I don't think there will ever be definitive exit points.

What I have been looking for are the following:

- an obvious reversal signal

- flattening of the 15M Stoch

- cross of the 5M Stoch

- color or slope change on SMACD

- congestion or crossing of T3 lines

- S&R levels, pivots, camarilla, etc

I like to take several quick scalps and book profits rather than hope for the big move.

If things do move quickly and it looks like a prolonged move; I will generally try to use a trailing stop, (P-SAR or BAT ATR) as my exit.

Look at the charts, keep in mind a few of the above and things will start to jump out at you as obvious? places to consider an exit.....all in the context of the current trend and strength of course.

[itguy]

leeb:
Thanks vegas - am I right to think a chilli pepper is a red bar with green bars on either side and a hanging zorro white with black bars on either side ? Great thread guys, promising strategy

Unfortunately we never got those definitions from GE and the posts I was able to recover from FF didn't have clear enough pictures. So here is my take on it, short and sweet if you haven't read the doc I posted earlier. Hopefully, when I get time to put the rest of my thoughts down and summit (not sure he hasn't said he will be writing anything, I think the thread pretty much speaks for itself) and rad gets done with their docs you will have a definitive guide to trade this method. We all trade it a bit different, but the results are the same

Entry:

1. Alert candles - I look for these first

a. Long - smaller white with green stems equally protruding on either side. This is discretionary and you will have to study the charts to get a feel for it.

b. Short - red with short black/blue stems, same as above.

2. Stochastics per Rad -

When I see an alert I check that the shorter period stochs agree with the direction of the candle. I have noticed that the stochs will often cross before the alert candle so I am toying with switching steps one and two.

3. 30 min stochastic-

I only trade with the direction of the 30 minute trend unless I see strong signs of a reversal. Mostly if I see an alert candle crossing over both the 9squared t3 and t3-1 lines or the 30min stoch is moving down from extreme overbought/oversold territory.

Exit: Take your pick

1. If you have enough pips, this is after all a scalping method.

2. If you see a white candle with a black/blue protruding stem sticking out the top

3. If you see a red candle with a green stem sticking out the bottom.

4. MM Lines

5. Fib levels

6. Stoch returns from OB or OS after moving from hi to low or low to high.

That's it in a nutshell. Study the charts on this thread, put the indicators on your charts and watch the price action/patterns. Here are 5 trades from today to look at, it really doesn't matter what pair, the pips are yours for the taking.

[summitfx]

Yesterday I suggested that if the euryen broke 167.00 it would most likely fall to it's 50 day ma on the daily chart ( signified by the blue line in this chart) A very profitable trade in my swing account funded by my scalping account. Although it happened in the US session

Tooting my own horn here

summitfx:
An observation~

The EurJpy has found great support at these levels on a 4 hour chart. I will be watching for a long signal here going into the Asian session.

If it breaks 167.00 by 10-15 points, I would think a 100 pip drop to the 50ma on the daily will happen during the London session.

[summitfx]

Big Picture

It never hurts to look at the big picture. The Fozzy told us on the daily chart of a short set up on Friday going into Monday.

Also are we headed to the 89ma (purple line on daily) on the daily. Poor housing #'s tomorrow should drive us home. i f you enter short on a 5m you might spot the 89m as a possible exit. Banks and Hedge funds look at those types of averages.

[et_phonehome_2]

itguy, radatats, summitfx

Just want to commend you all for the fine work you have presented here on Randy Candles....

ET

[summitfx]

Thanks ET. It's a lot of fun. ITGuy and Rad have really done some great programming to make our charts easier to read. I'm more of an exhibitionist but hopefully my charts allow you to see some setups and learn. My neighbor just stopped by and had a look and was floored by the apparent simplicity of it all. He's home now setting up his charts. I know 1 thing the Asian opening

markets have been moneymakers the last 2 nights. I normally get my game face on around 6am and 6pm mtn time,. Good Luck

[Vegas]

Not Bad For Fresh Out Of The Box

1 bad trade and 4 good ones...not too bad for a newbie.