2009.03.09 MASTER CANDLE

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TheRumpledOne
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2009.03.09 MASTER CANDLE

Postby TheRumpledOne » Thu Apr 09, 2009 5:05 pm

2009.03.09 MASTER CANDLE

Image

MASTER CANDLE

I read the FF thread on Master Candles and wrote an indicator:

TRO_MasterCandle_Plot

Image

TRO_MasterCandle_Plot plots horizontal lines to show the Master Candle high and low. It also plots a TP line.

FREE MT4 version of TRO_MasterCandle_Plot, including SOURCE CODE, attached.


Image

You may want to plot the Inside Bar lines, too. Trading the IB break is very profitable. If the price also crosses the Master Candle lines, then you can use those as a TAKE PROFIT area if/when price retraces.
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mthomas
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master candle

Postby mthomas » Thu Apr 09, 2009 11:37 pm

heres a tradeon 15 min ej short


Alotofpips
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sahars
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Re: 2009.03.09 MASTER CANDLE

Postby sahars » Fri Apr 10, 2009 12:48 am

TheRumpledOne wrote:2009.03.09 MASTER CANDLE

Image

MASTER CANDLE

I read the FF thread on Master Candles and wrote an indicator:

TRO_MasterCandle_Plot

Image

TRO_MasterCandle_Plot plots horizontal lines to show the Master Candle high and low. It also plots a TP line.

FREE MT4 version of TRO_MasterCandle_Plot, including SOURCE CODE, attached.


Image

You may want to plot the Inside Bar lines, too. Trading the IB break is very profitable. If the price also crosses the Master Candle lines, then you can use those as a TAKE PROFIT area if/when price retraces.


Hi TRO,

Thanks for the indicator..However, my chart does not show the line. Is there any indicators to attached in order to make the master candle appeared in the chart...??

Thanks

Sahars

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Postby TheRumpledOne » Fri Apr 10, 2009 1:23 am

What line are you talking about?

If there is no master candle in the last X (default 24) bars, there will be no plot.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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sahars
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Postby sahars » Fri Apr 10, 2009 1:29 am

TheRumpledOne wrote:What line are you talking about?

If there is no master candle in the last X (default 24) bars, there will be no plot.


Hi TRO,

Thanks for the explanation. I'm talking about "horizontal lines to show the Master Candle high and low".

Cheers

Sahars

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frang0nve
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Only one target plotted/IB trading

Postby frang0nve » Sat Apr 11, 2009 4:13 pm

Hello TRO,

Thanks for your indicator.
I only can see one green line (TP) in the chart. Shouldn't be two? Higher and lower?

Please. Can you explain how do you trade IBs?

Cheers

Francisco

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Trading the mthomas setup

Postby frang0nve » Sat Apr 11, 2009 4:42 pm

Hi mthomas,

If I see well your chart, the Master candle high is violated first (1) advanced about 3 pips, retraced and then the low is violated too (2) and finally the sell TP (3) is reached.

From a scalper POW:

A long limit order should be placed and opened at (1), then closed as soon as the market goes against you (if possible taking profit).

And then a short limit order should be placed and taken at (2) and closed at (3)

Is this correct?

Cheers

Francisco

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Postby mthomas » Sat Apr 11, 2009 6:53 pm

Last master candle was 6 bars ago everything was screaming short so I took it if memory serves me correctly you could have went short atleast 3 or 4 times @ the line,, Master candle is new to me also didnt not enter on the master candle along Dynamic trigger actually had you short sooner @ 25 or so... Thanks for the q'ions and further input.

Alotofpips

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Postby mthomas » Sat Apr 11, 2009 6:54 pm

Last master candle was 6 bars ago everything was screaming short so I took it if memory serves me correctly you could have went short atleast 3 or 4 times @ the line,, Master candle is new to me also didnt not enter on the master candle along Dynamic trigger actually had you short sooner @ 25 or so... Thanks for the q'ions and further input.

Alotofpips

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Re: Only one target plotted/IB trading

Postby TheRumpledOne » Sun Apr 12, 2009 12:59 am

frang0nve wrote:Hello TRO,

Thanks for your indicator.
I only can see one green line (TP) in the chart. Shouldn't be two? Higher and lower?

Please. Can you explain how do you trade IBs?

Cheers

Francisco


You're welcome.

TP line only plotted to the side of the breakout.

How I trade any breakout:

When price moves up to the line, I go long at the line or 1 pip above.

When price move down to the line, I go short at the line or 1 pip below.

SIMPLE TRADE, NO THOUGHT REQUIRED.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


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