2009.03.09 MASTER CANDLE

[TheRumpledOne]

2009.03.09 MASTER CANDLE



MASTER CANDLE

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

TRO_MasterCandle_Plot



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.




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.

[mthomas]

heres a tradeon 15 min ej short


Alotofpips

[sahars]

2009.03.09 MASTER CANDLE



MASTER CANDLE

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

TRO_MasterCandle_Plot



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.




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

[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.

[sahars]

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

[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

[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

[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

[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

[TheRumpledOne]

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.