Chandelier - page 12
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No, no, listen! I've got an idea! And if the moped-up, moped-down one is even more profitable. Don't tell that secret to anyone. I'm sure it's Friday.
Instead of closing the previous order in profit, you can move its Stop Loss to the extremum of the closed daily candle. This will save on spreads during extra openings/closures.
If you use this method, you may not have to close orders manually at all, but have to wait for the Stop Loss to close them. In this case there are three basic options:
1) The counter candle exceeds the size of the previous unclosed profitable candle. It closes the previous order by the Stop Loss. There is no difference with the usual closing of the order at the end of the day.
2) The next candle does not exceed the size of the previous profitable candle. The next candle following it has the same direction as the previous one (change of trend). The profit in this case will be half as much, as it is usually closed at the end of the day.
3) The meeting candle does not exceed the size of the previous profitable candle. The next following candle continues the direction of the first unclosed profitable one (continuing trend after a one-day correction). The profit is 3-4 times more than you can get just by closing orders at the end of the day.
On Friday you should close the order as usual, because on Monday an order in the opposite direction is placed.
Each day we can place a pending order, opposite in direction to the closed candle of the day, on the Stop Loss mark of an ordinary order from the candlestick with a Stop Loss on the far end of the previous day's candle body from the placing price.
If we open a Buy, we simultaneously place a pending Sell Stop order on the Low mark of the yesterday's candlestick with the Stop Loss on the Close level of the closed candlestick. Respectively, when opening Sell, we place a pending Buy Stop order on High with the Stop Loss on Open of the previous candle. This reduces possible losses and increases the profitability of the Candelabra.
Description: after the close of the previous day's candle, open an order at the Open price of the new day, in the same direction as the previous day's candle (if it was bullish - open order Buy, if bearish - Sell)
Every day you can place a pending order opposite to the direction of the previous day's closed candlestick
Where's the truth? Would the moon phases be more effective?
;)
Read carefully, I have highlighted the right part for you:
JonKatana:
If we open a Buy, at the same time we place a Sell Stop pending order on the Low of yesterday's candle with a Stop Loss on the Close of the closed candle.
Read carefully, I highlighted the right part for you:
Or :
Where's the truth? Would the moon phases be more effective?
;)
Hello all! Thought I'd give you a challenge)) Take 10 cards from the deck and shuffle them around and try to guess red or black. And then call ONLY RED or ONLY BLACK and compare the result. If you get it right, that's the end of the story.
Well done Zaxod1! Judging by your question - you look like a real trader... :-)))
Hello all! Thought I'd give you a challenge)) Take 10 cards from the deck and shuffle them around and try to guess red or black. And then call ONLY RED or ONLY BLACK and compare the result. If you get it right, that's the end of the story.
The market is not only red and black, but also gray, pink, brown and so on. The buy/sell approach is utopian from the start.
Candelabra is a trading system that requires no indicators or technical analysis, working on a clean chart, with a single order. It requires only 5 minutes once a day.
Description: After the close of the daily candle of the previous day, open an order at the Open price of the coming day in the same direction, in which was formed a daily candle of the previous day (if it was bullish - open order Buy, if bearish - Sell) with Stop Loss on the extremum of the previous day candle (if we place an order Buy, then the Stop Loss for it expose on the low price mark of the previous day candle, if we place the order Sell, then the Stop Loss for it expose on the High position of the previous day candle). Take Profit or Trailing Stop are not used.
A quote.
On Monday we should place orders opposite in direction to Friday's candlestick, without the Stop Loss. That is, if Friday has formed a bullish candle, we open a Sell order on Monday, and if it is bearish, we open a Buy order. But this order should be closed at the end of the day, regardless of whether it is profitable or unprofitable. In this case the profit compared to a regular opening on all days grows from +2500 to +4000 points during the same 113 days!
On the other days, from Tuesday to Friday orders are placed as usual using the Candelabra algorithm.
JonKatana : Please, explain on what timeframe the system works. All candles are different, we have two Friday charts with EURUSD H1 H4, one bullish candle and one bearish.