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3rd candle


loui_odeh

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  • 1 month later...

Re: 3rd candle

 

Chetachukwu,

If you watch the video....you will see. It is a simple method for trying to Buy and Sell Pivots while filtering with either Stochastics or his custom indicator that is some kind of modified stochastics. It looks like it might be useful. It would be nice if someone could post the EA that he talks about on his website.

 

Thanks,

Bob

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  • 1 month later...

Re: 3rd candle

 

First of all thank you guys for system and have a question about it, on 3rd image in PDF, 4th SELL trade is not valid. Can someone explain me why, cause looks like all conditions are met for SELL.

 

http://[email protected]/file/203373650/94001bac/3rd.html

 

TIA

 

I think it is becoz it is near to a suppport. ( If you look back to the left of the chart, 2 times price action bounced from that level). My humble opinion.

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  • 4 months later...
First of all thank you guys for system and have a question about it, on 3rd image in PDF, 4th SELL trade is not valid. Can someone explain me why, cause looks like all conditions are met for SELL. http://[email protected]/file/203373650/94001bac/3rd.html TIA

 

Hi Altoronto,

it was a valid signal but did not work. It happens. I suspect that the seller didn't want to mention that. Silly really, it would lend credence to the system.

Wahaha's point is useful: look for S/R to interfere.

 

Freddie

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  • 3 months later...

Here is another filter I think you will find very useful for third candle method.

 

If it is a reversal to go short, the 2nd candle must CLOSE below the 1st candle's low.

 

If it is a reversal to go long, the second candle must CLOSE above the high of the first candle.

 

 

For other reversal methods, wait until there is a close below the high bar's low for short and above the low bar's high for long. Not necessary that it be the next bar after the high/low bar as it is in third candle system. This could even be a good trailing stop... Cheers!

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