CandyStriper 101 (CandyStriper 101) | Forex Indicator Download - MT4/MT5 Resources
I’m here to introduce you to a fairly simple way to enter the market…Candy Striper!
We are using:
-Heiken Ashi Bar
- accelerated oscillator
- Great oscillator
-MACD
Entering is easy. Wait for HA, AC and AO to all be the same color. Use MACD to confirm. If all three indicators are in the red and the MACD value is less than the signal, go short. If all three indicators are white and the MACD value is greater than the signal, go long.
Exit strategy: you have to know when to hold them, know when to fold, know when to walk away, know when to run...
Money Management: Don’t trade too large or you may get a margin call. Don’t make the deal too small, otherwise what’s the point? After all we are here to make money...
Psychology: Not arrogant, not greedy, not drunk, not afraid. Without courage, there is no glory. Always be happy to close a position with a profit, no matter how big the trade size is. If you don't feel good, close down and walk away for a while, and when you come back the market will be ready and refreshed for you.
This entry offers numerous opportunities to make money.
This system, like many others, is a fractal pattern. It works on all currency pairs and all time frames.
Trade against the backdrop of multiple time frames. Get the big picture on a weekly, daily, 4-hour, hourly basis. Candy Striper says what's happening on these levels? If you can look at the chart, you can make a decision on the 15m and 5m projects. Grab 15-30 points and run. Swing trade if you will. If you can't stay at home all day, you can trade 4 hours or daily with smaller position sizes. Again, this entry applies to all time frames.
I can't give you a perfect set of rules to handle every situation. You have to have intuition. What any system does is give you a better understanding of what's going on. The number and frequency of transactions is up to you.
Questions are welcome. I started to get involved in foreign exchange in July 2007. I'm not a master, but I'm not a novice either. Please don't try to add more "confirming" metrics for this. MACD does this job very well.
Good luck and have fun!
We are using:
-Heiken Ashi Bar
- accelerated oscillator
- Great oscillator
-MACD
Entering is easy. Wait for HA, AC and AO to all be the same color. Use MACD to confirm. If all three indicators are in the red and the MACD value is less than the signal, go short. If all three indicators are white and the MACD value is greater than the signal, go long.
Exit strategy: you have to know when to hold them, know when to fold, know when to walk away, know when to run...
Money Management: Don’t trade too large or you may get a margin call. Don’t make the deal too small, otherwise what’s the point? After all we are here to make money...
Psychology: Not arrogant, not greedy, not drunk, not afraid. Without courage, there is no glory. Always be happy to close a position with a profit, no matter how big the trade size is. If you don't feel good, close down and walk away for a while, and when you come back the market will be ready and refreshed for you.
This entry offers numerous opportunities to make money.
This system, like many others, is a fractal pattern. It works on all currency pairs and all time frames.
Trade against the backdrop of multiple time frames. Get the big picture on a weekly, daily, 4-hour, hourly basis. Candy Striper says what's happening on these levels? If you can look at the chart, you can make a decision on the 15m and 5m projects. Grab 15-30 points and run. Swing trade if you will. If you can't stay at home all day, you can trade 4 hours or daily with smaller position sizes. Again, this entry applies to all time frames.
I can't give you a perfect set of rules to handle every situation. You have to have intuition. What any system does is give you a better understanding of what's going on. The number and frequency of transactions is up to you.
Questions are welcome. I started to get involved in foreign exchange in July 2007. I'm not a master, but I'm not a novice either. Please don't try to add more "confirming" metrics for this. MACD does this job very well.
Good luck and have fun!
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