RandyCandles - Information - page 5
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Manual
The problem I see with a manual is that we can not find any new infromation to put in this manual. So far it is basically only summitfx that is actually trading this with a profitable outcome. It will basically be up to him to do the manual if he'd be so kind.
I think that a forum for discussion would generate more information of actual setups and this way we can build a arsenal of setuos that actually work and we can then produce a manual from this tested/proven results.
Also, with a lot of participants we should be able to monitor a lot more currencies and time frames than the efforts of just one trader to the bennifit of all.
The problem I see with a manual is that we can not find any new infromation to put in this manual. So far it is basically only summitfx that is actually trading this with a profitable outcome. It will basically be up to him to do the manual if he'd be so kind.
I think that a forum for discussion would generate more information of actual setups and this way we can build a arsenal of setuos that actually work and we can then produce a manual from this tested/proven results.
Also, with a lot of participants we should be able to monitor a lot more currencies and time frames than the efforts of just one trader to the bennifit of all.4xtrend is right, what I posted isn't a manual; it's the only information that I could find available on the subject. Without the originator of the system i.e. GE or a kind trader like summitfx who looks like he has a good grasp of the formations and movements, there isn't anything to write a manual with....
At this point I agree with you guys and collaboration is key to learning more. summitfx if you would be so gracious as to open a trading room that would be great. Summitfx I also noticed you are using MTF stochs, another one of my favorites
Those types of setups and combinations are what we can get out of a trading group.
GBPUSD chart
Greetings,
I thought I'd share an ideal set up with you in the hopes it will encourage folks to put some time and energy into developing this trading methodology Goldenequity presented us and 4XTrend revived.
Thanks to Summitfx for sharing his template and advice. I have altered the template by using the RMI (14,5) instead of Stochs as I personally had difficulty reading the Stochs. I am now looking at longer time frames for trend.
Just so you can put anything I write in perspective, I only started looking into forex in January and am currently trading on a demo account.
Before dismissing this post altogether though, please have a look at the chart. There's definitely potential in interpreting these candle formations.
I am struggling with how to filter false signals and currently thinking maybe the Ma's Goldenequity uses are confusing hell out of me. When they line up, like in the chart, it's all good but I'm not sure when I might be trading into a "line argument" .
Cheers
"No one of us is as smart as all of us" Carl Gustav Jung
sundowner can you post those indicators and your template?
thanks
Hi Droesparky, I'll give it a try
This template is a variation of one summitfx sent me. Mine is only different because of the use of the RMI. I can't imagine he would mind. He's been very helpful here.
Hope this works.
Thanks for taking an interest and thank you again 4xtrend and summitfx. Nice to have attracted the attention of summitfx and yourself, Droesparky
Cheers
Seeking Info on indicators
Hi Sundowner,
Do you have any information on RMI. Is it another overbought oversold indicator such as RSI or RVI. What makes you choose RMI as an indicator as I know almost nothing about it. Also how does snipers CCI differ from the standard CCI that I have used. Thanks for any input on this matter or direction to a good explanation source for these indicators. Why do you find these indicators as a good fit with the Randycandles methodology.
Michael
Do you use the standad settings on fxsnipers trigger?
The Penetrator indicator-If the trend is up and you get Purple you get paid
I've been using the RC for the past 2-3 months and doing very well. I have 2 FX trading accounts: 1. scalping short term using RC. 2. Daily swing trades using a variety of methods. The RC's provide me with a great visual indicator. It does require you to use discretion. I drill down from the daily charts/4 hour to determine a current trend. Then I monitor an hourly chart to look for trades. It's fairly easy to spot a momentum pair. I then open up an RC chart flip between a 5m and 15 m chart. I always trade with the prevailing trend. A good example on Friday was the NZDUSD. It was obviously bid most of the NY session.( charts attached) It helps to have multiple monitors so you can monitor several pairs. I don't pay alot of attention to the cci or stoch. The 3ma and the 25ma assist with entry and exits and I wouldn't trade without them. Study the charts and you'll see it. Hope this helps. I'm going to open a room this week for anyone who is interested. We can share ideas and alert each other of possible trades. Trading is all about personal preferences but one thing that is Universal is price action. If it's going bid and up you go long and vice versa. Simple yet complex. Whatever you use to help you is all that matters.