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My work day begins at 6am mtn time with the EurJpy chart. I spend a few minutes reviewing the charts of the usdjpy, eurusd and the eurjpy starting with the daily, 4 hour, 1 hour down to the 15 and 5 min. I then review the upcoming news events to determine what may have an affect on my trading. Many morning there is a 6:30 report to consider. I never trade the news and wait 5-15 minutes for a trend to develop after the news. I also have a minor bias in my mind about where I think the pair is going based on where it's been etc..
I use a color change red to white-white to red as my alert and then drill down to the indicators to get confirmation. When I enter a trade I know exactly where my stop loss is - usually based on 5 min support and resistance. I also trade 5-8 standard lots so I'm looking for 10 -12 pips once or twice a day and that's it-
Finished~ If I fail to make my goal I will usually look at the Asian open for another whack at it using the same pre-game rituals. Occasionally, I stay up for the GrandDaddy of them all and trade the London open but that is rare.
I'm convinced that trading is about 80 % mental and the other is knowledge and luck. It's a game of averages. Win some lose some-use good money management techniques and pay yourself often.
Vegas is probably developing good skills but lacks 78.99% of the 80%
confidence level needed to be successful.
My chart shows- green vertical lines 6am to 7:30 am- my workday. The red line horizontal shows a short and the green horizontal shows my long. With 4 pips for spread on each trade, I walked away with a net 18 pips today.
That's my 2cents worth and I'm sticking with it.
Good Luck
Excellent work plan, Summit!
Thanks for sharing it.
__________________
\o/ In Christ Alone!
Pipskateer
I've been checking out your indy's and your setup and I must say I'm very impressed. I downloaded everything earlier as I was reading the thread and I wanted to concentrate specifically on RandyCandles, so I put my blinders on until I had a chance to absorb the main method the thread was started for.
I've got your latest setup on my charts and I'm going to be using it starting this evening in concert with the RandyZoom template. You laid out some very precise, easy to follow rules and your indicators are excellent. Did you write/mod these yourself?
I noticed that you use an in-trend re-entry method similar to one I saw on the "Bringin' Sexy Back" thread by BoxingIsLife. He uses a fast stoch contra trend pullback o get good entry/re-entry points. This also goes along with the Cornflower method, although Cornflower uses MA's to signal pullback.
Thanks for sharing your method and your indicators, hope to see you and others this evening in the Trading Room.
__________________
\o/ In Christ Alone!
Pipskateer
So is anyone here using the original Randy Candles other than me? I have looked at all the other improvements and honestly don't see any advantage at all to adding them to the original system. All they seem to be doing is adding a good case of multicollinearity to the system. It seems to me all the info and feedback you need is provided with HA candles, bars, and MA's.
The MA's show the trend along with the HA candles/wicks. The HA candles/wicks also show the momentum or lack there of (so do the MA line arguments). These do a damn good job of showing both and I dont see that additional indicators are providing any NEW useful info.
What we need to work on is solid exit rules and money mgt/trade mgt rules such as splitting the trade into 2 lots and TP lot 1 at 10 pips and move the other lot to BE and let it ride until we get a clear exit signal OR things like qualifying our inital trade entry by putting a limit order for entry say 5-10 pips below current market (if going long) to catch those extra pips that would have been heat as profit.
Anyway, I'm not attacking anyone, being a smartass, etc., just throwing my personal opinion out there to try to keep Randy's original system going and improve it instead muddle it up with additional pretty colors and flashing lights
Original Randy's Candles
