RandyCandles - Information - page 49
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And another one for a very quick 8 pips....
BRAVO!! You're doin better than I am! I'll get it though...
I'm starting to like the M5...was looking at M15. I may very well end up on the M1 with you before its over. Still workin out the kinks...
Sometimes by the time you see a possible reversal. price may already have moved against you. Its why I see some traders trade big lots and will just shoot for a quick 5 - 10 PIPs. We need a crystal ball....
Sometimes by the time you see a possible reversal. price may already have moved against you. Its why I see some traders trade big lots and will just shoot for a quick 5 - 10 PIPs. We need a crystal ball....
Right! I'm looking at the M1 and I have to agree with Vegas....some very good, smooth moves on that chart.... Randy said these candles will work on any TF. I'm waiting on a good alert signal on the E/J M1 right now....been heading up for some time, due for a southbound retrace....
Just for the record...
Hi Pipskateer,
Just for the record the last 1M trade I pointed out I didn't take. However I did make a grad total of 10 pips today.
I am trying to at least stay in the black and gain confidence in my charts and setup.
Once I have the confidence built up, then I can see myself staying in the trade longer and getting more pips. Now, when I say staying in the trades longer, I will know what is the best time to get out.
I just need to keep studying those charts and seeing what happens in real time to the price action in relation to the indicators.
BRAVO!! You're doin better than I am! I'll get it though...
Woulda Coulda Shoulda....
If you entered long here on M1, you would be pippin....
I've always avoided M1 because of the "too much noise" warnings from other traders. Never watch it.
I'm thinkin it has merit...but the alert candles don't seem to completely match Randy's upper/lower stem requirement all the time.
M1 4 pips win
I just took 4 pips on this M1 trade.
Here's my RandyCandles IBFX Demo....warts and all.
DEMO STATEMENT
Ok sure- The lines represent moving averages. My favorite is from the original Randy thread and represents a period 3ma (tan). Radatats is using T-3 which represents a 7ma, I believe, but if you overlay on my 3ma they are pretty close. Same is true of the 25ma Yellow on Randy's and a 27ma Blue on Radatats. Personally, I don't think it really matters. It's only what makes the trade easier for you to spot. I prefer the 3ma tan line because I like it long above and short below. Hope this helps. Newbie advice: plot everything and observe. Pick the best!
Summitfx:
I think your preference for Rad's nice smooth indicators is well-taken.
I am wondering if there might be a bit of inadvertent confusion around your posts, however, since:
(1) I think you are now using a BLUE 25 SMA, and a couple of weeks ago it was BROWN ... but the original RC charts always used a YELLOW 25 SMA ... and
(2) Recently, I notice you hardly ever seem to mark your point of entry or of exit on the charts you post. My guess is you feel they're pretty self-explanatory.
But complete newbies coming from the "Randycandles" info are then trying to "tune in" to what you are doing, and are seeing different color SMA lines, and not any markings for in/out, etc..
I think they may not be able to "see" why you are liking the results you are getting with Rad's indicators and may be having trouble relating to the charts you are posting.
If nothing else, if you care to once in awhile at least mark your entry / exit points, I think that would make your conclusions more easy to grasp.
Just a thought for your consideration.
Thanks,
AlphaPipskateer:
What % on your multi-indicator do you consider OK to take action on? Have not yet had a chance to read about your indicator, but thought I would ask you.
Thanks
My work day begins at 6am mtn time with the EurJpy chart. I spend a few minutes reviewing the charts of the usdjpy, eurusd and the eurjpy starting with the daily, 4 hour, 1 hour down to the 15 and 5 min. I then review the upcoming news events to determine what may have an affect on my trading. Many morning there is a 6:30 report to consider. I never trade the news and wait 5-15 minutes for a trend to develop after the news. I also have a minor bias in my mind about where I think the pair is going based on where it's been etc..
I use a color change red to white-white to red as my alert and then drill down to the indicators to get confirmation. When I enter a trade I know exactly where my stop loss is - usually based on 5 min support and resistance. I also trade 5-8 standard lots so I'm looking for 10 -12 pips once or twice a day and that's it-
Finished~ If I fail to make my goal I will usually look at the Asian open for another whack at it using the same pre-game rituals. Occasionally, I stay up for the GrandDaddy of them all and trade the London open but that is rare.
I'm convinced that trading is about 80 % mental and the other is knowledge and luck. It's a game of averages. Win some lose some-use good money management techniques and pay yourself often.
Vegas is probably developing good skills but lacks 78.99% of the 80%
confidence level needed to be successful.
My chart shows- green vertical lines 6am to 7:30 am- my workday. The red line horizontal shows a short and the green horizontal shows my long. With 4 pips for spread on each trade, I walked away with a net 18 pips today.
That's my 2cents worth and I'm sticking with it.
Good Luck
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