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When a master candle forms it is an area of support and resistance being set. If youre familiar with my method, you could think of master candles as mini scalp lines. Just because theyre mini it doesnt mean they do not work though.

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These lines can work very well. I find it is easiest to think of master candles as mini scalp lines. The high and low of the master candle represent recent areas of support and resistance. As candles form within the boundaries of the master candle the areas of support and resistance grow stronger. So trading master candles is like trading scalp lines or range breaks. The market falls into a range that is dictated by the high and low of the master candle.

Once that high or low is broken the market should rally. The more time before the break the stronger those boundaries become. They can be useful in catching early breakouts and making pips in a slow moving market. How Accurate are They? Like any form of technical analysis, if you trade it alone and you blindly jump in without thinking you will lose. These patterns only work if the trader using them has a brain and is willing to use some discretion. If you know about me you know I hate the idea of mechanical, no-thinking-required trading methods.

A trading method only works if a real trader is trading it. So master candles can be as accurate as giving you 8 wins in every 10 trades using them. However, this will only be true if you use them in conjunction with other forms of analysis, common sense, and your brain.

For me, master candles have been working quite well. I can say that over the past few months I have seen a number of master candles formed and traded them a few times. Time frame: 1hr chart Type of trading: Breakout trading. If the master candle high or low is broken and a trade is taken the other side of the master candle becomes invalid. Well heres a little help. There are three master candles on this chart. The first is marked by the blue lines and it engulfs four candles. The second is marked by the orange line and it engulfs 12 candles.

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The third is marked by green lines and engulfs 16 candles. If you look closely, you will notice a master candle marked in purple inside the master candle marked with orange. Now most of the time I do not trade master candles that form inside other master candles. However there are times that you will have such a big external master candle that a master candle that forms inside has room for a proper breakout.

If this is the case, I will. Just be careful though, you will find that these trades are usually riskier. I could drone on for pages talking about how to spot Master Candles but do I have to? It literally is so easy a child could do it. You look for a candle on the 1hr chart that engulfs at least a minimum of the next 4 candles.

So lets move on to more important things like judging the strength of a master candle. What Makes a Strong Master Candle? As with any form of analysis, some signals can be stronger than others. For example, when trading scalp lines a scalp line that has had three very strong, recent bounces is stronger than a scalp line with one weak bounce. Lets look at some of the things that make a master candle stronger: 1.

This is simply because every time the price bounces away from that level it shows us that the level is a strong barrier. The more it bounces the stronger that barrier becomes. So when the price manages to eventually break that barrier it makes for a much better trade. If the candles within the master candle bounce off of the high or low of the master candle it makes Copyright www.

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Therefore, a break of that high or low should make for a better trade, as the price should have a stronger than normal rally. Take a look at this example below:. Looking at the picture above you can see what I mean. The candles trapped within the boundaries of the master candle keep on testing the resistance lines. The more times the price rejects that line the stronger the line becomes.

I do not need to explain this one. It becomes stronger because more than one form of analysis points to the same line being an area of support or resistance. Psychological Levels Same as above, if the master candles high or low happens to form on a strong psychological level I would consider the line stronger.

Time The longer the master candle holds out the stronger it becomes. However, if it holds for too long I might consider it invalid. I give it about 24 hours to break. If it cannot break in 24 hours I scrap the master candle. As always there are some exceptions as one rule cannot fit all possible scenarios. The 24hr rule is actually more of a guideline, it should be used most of the times but exceptions can be made. For example if during the 24 hours the candles engulfed by the master candle continually bounce from the highs or lows I will likely still consider the master candle valid.

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