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Ultimate Candlestick Reversal Pattern (U*C*R*P)


rover666

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I do not want to appear disrespectful, but to me, this seems crap as you would get whipsawed to death by all the different "Trend Changes", especially in a choppy market... also there is ambiguity as to what exactly constitutes a trend change... The stuff he says about bars opening at the same level as the previous bar closed seem nonsense as it almost always does. At one point he says size of the bars in relation to each other matters and then in the next example he says it doesn't. WTF! ? So is it just change of candle color that's important?

 

Just my opinion. Rant over. I wish you all well. Carry on.

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atilabr,

 

There won't be another version of this indicator, it's just a standard candle pattern recognition indicator which is available freely on the web. The sessions indicator is also freely available.

 

I agree with Diesel that this is crap and the example in the manual was carefully chosen :)

 

The thrust of the system is attempting to confirm swing high and low points on the 1H by a change in candle colour - and that's it! At least the author mentions a lot about incorporating the candle pattern into your own systems which validates it slightly.

 

You're better off looking for pin bars outside the bollinger bands as an indication of price turning which I suspect will be more reliable in all market conditions.

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Post some pictures! The downloads are all dead. I think I traded this system long time ago. It is based on 2 diff. directions of candles. Candle change color and exact exit and entry of the new candle (candles must be evened, max 2 pips diff.). Before entry 2nd candle must be closed. Works best on H1 and Daily TFs. SL 40-60 pips or on end of the wicks. TP1 20 pips, TP2 50 pips. Also use Trend lines, Fibs, Pivots and Stochastic for better estimate. Trade London and NY only!

A few small losses will be rewarded with a few big wins. Actually, the strategy works.

Cheers Hermes

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