Candles technique

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Candles technique

Post  Admin on Thu Feb 07, 2008 1:53 pm

I called this technique as Candle, because it relies on the candles. It is so easy; Open the 1 hour chart for a specific currency let's say EUR/JPY,

1 - If the current Candle CLOSED Price > Previous Candle OPEN Price

2 - Open EMA 8 , EMA21 and EMA 55 in the Chart, If EMA8 > EMA21 >EMA55

3 - If the trend is Strong (ADX is UP and ADX > 15)

4 - If the +DMI is Up and -DMI is Down

If these indicators are True then it is a buy signal. You can set target = 25 pips or close the trade If the current Candle CLOSED Price < Previous Candle OPEN Price. And you can set your Stop Loss = -40.


The Sell signal = NOT(Buy Signal)

Joseph Chalhoub

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Re: Candles technique

Post  Linda Cerzs on Wed Jan 21, 2009 5:42 pm

Hi Joseph:
Your technique sounds great, I am just beginning on FX, may you tell me how I check the EMA´s in the chart window?
Thanks!
Linda Cerzs
New York

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Re: Candles technique

Post  forexboy on Sun Jun 28, 2009 7:41 am

"EMA8 > EMA21 >EMA55" perhaps you can give more explanations on this part, does it mean that the EMA21 should be greater than EMA8 then EMA55 should be greater than EMA21 to confirm the signal for a BUY entry?

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