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2009.03.09 MASTER CANDLE

Posted: Thu Apr 09, 2009 5:05 pm
by TheRumpledOne
2009.03.09 MASTER CANDLE

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MASTER CANDLE

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

TRO_MasterCandle_Plot

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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.


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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.

master candle

Posted: Thu Apr 09, 2009 11:37 pm
by mthomas
heres a tradeon 15 min ej short


Alotofpips

Re: 2009.03.09 MASTER CANDLE

Posted: Fri Apr 10, 2009 12:48 am
by sahars
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

Posted: Fri Apr 10, 2009 1:23 am
by TheRumpledOne
What line are you talking about?

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

Posted: Fri Apr 10, 2009 1:29 am
by sahars
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

Only one target plotted/IB trading

Posted: Sat Apr 11, 2009 4:13 pm
by frang0nve
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

Trading the mthomas setup

Posted: Sat Apr 11, 2009 4:42 pm
by frang0nve
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

Posted: Sat Apr 11, 2009 6:53 pm
by mthomas
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

Posted: Sat Apr 11, 2009 6:54 pm
by mthomas
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

Re: Only one target plotted/IB trading

Posted: Sun Apr 12, 2009 12:59 am
by TheRumpledOne
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.