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The thread is evolving. Download Radatats most recent indies and template and study my friend. Then look at some of the examples being posted and learn.
Set up a demo account and make trades. Go live when you are profitable!! Go to a site like babypips.com if you need to learn the basics of Fx trading.
Make money-Have fun----sorry to be so chatty folks--i'll cool it.
Quote:
Originally Posted by wlninja
I've been following this thread today and I must admit I'm a bit confused. It started off talking about Randy's Candles and now it appears an MA cross and some stochs are the indicators? I've read your PDF about the Randy's Candles ITGuy and it was very informative, but could someone fill me in a bit on what indicator's are being used near the end of this thread? Are they still being used in conjuction with the candles or are the candles no longer a factor?
Radatats I hope you stick around for a while because I'm looking forward to your PDF about your trading rules!
Thanks for any guidance I'm still a novice at this.
for any newbie traders that nasty little spike down to 166.90 was nothing more than your evil bankers and dealing desks clearing out stops that were sitting below 167.00 support. It should be against the law since they have an unfair advantage. I used to work for company that sold charting software and I remember working on the FXCM account in NY and they had a locked room that was top secret whereby they effectively stole their own customers money.. They, top management,seemed real proud of it. They wanted us to market their proprietary software to Banks so they could also get in on the fun. Evil business at it's lowest form.
It's not to say the market won't drop below 166.90 but you can be sure they cleaned out a lot of stops beforehand--Be real careful where you place your stops and try and think outside of the box. I can assure there were a lot of stops right below 167.00 and they were cleared out.
By trading RC's on a short term you don't even need to place stops. most times the trade will go in your direction. Just take your profits quickly. Don't let Mr. Banker get it.
I took the Euryen trade short but the Asians were on a rampage tonight. Hope everyone got something out of it. Why didn't someone tell me the EUR and GBP were on a mission.
That picture is enough to make a grown man cry.....
Quote:
Originally Posted by summitfx
I've been flipping thru charts with the 9Square template and it's nothing short of remarkable what Radatats has done with the randycandles. I'm sure even Randy would be amazed. Congratulations!
Do not ever consider the yen pairs in concert with the usd pairs. Does not matter that the Eur trades against both, it can still be totally different.
The yen is BEGINNING to gain strength against the other pairs but it still has a long way to go to overcome its fundamental weakness. Any sign of weakness in the contra pairs as h]far as interest rates will result in rapid and possibly massive retracement as we have seen often lately. However, without any underlying strength in the Yen itself these retracements always seem doomed to failure.
The USD on the other hand has no underlying strength and in fact I believe shows signs of future weakness. Note the decline in interest rates this past week on Bernanke's talks to congress. That interest rate decline is what triggered the rally in the Yen as the spread narrowed on the carry trade. If that makes no sense to you, you need to do a lot of homework on fundamentals.
Regardless, anytime those triggers drop off the headlines, these pairs will return to form and resume their longer term trend.
In my opinion, of course...
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Change everything till it works!!! Test, test, test... Click here to see my trading... http://letsgetreal.mt4stats.com
I can understand your confusion, but believe me, when you do everything that summit has suggested, ie read every post and look at every eg of on this thread atleast 3 times, set up the demo account, load the template and then sit and watch the charts and the candles appear.
It is quite apparent that goldenequity was a very very good trader, and he was good at reading price action. Unfortunately for us, he got run off the forum before he could share any filters he might have had in place. Every system/method requires filters, and it will always have losses. Trick is to keep ur losses small in number and and winners huge.
What this thread has developed into is people (and good traders), taking a raw ingredient, adding their own spices to it, and making a delcious dish. It is a fantastic thing that rad has done. You are free to not use the indicators, or add your own, as personal preference. GE used the chart free of any additional indicators. ITguy used the mtf stoch from spud's system on FF. Everyone is using what they feel happy and comfortable with. The good thing abt this thread is that majority of the ppl are wanting to take the system to a better and higher level with mutual effort. Result = everyone benefits.
I have found just on visual observation, that you can keep the sl very very tight. I have kept the sl as the opp high/low of the alert candle, and it has worked out fantastic. On demo ofcourse.
Just load the indicators, and watch the charts. Nothing like learning on the job.
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