My GRaB candles include my 34EMA Wave. This is not a system but rather an indicator that allows me to make some quick, visual decisions about the sentiment, momentum, and trend of the market.
Perhaps the greatest strength (in my humble opinion) is the ease of use. This is a completely visual form of analysis. It doesn’t require any calculations whatsoever. The key however is the market memory or lookback that you are looking at your charts within. The lookback is individual to the time frame that you are analyzing and adds consistency to your analysis. I discuss this in the first video (below).
After market memory and the 34EMA Wave clock angles come the nuance of the GRaB. “GRaB” stands for Green, Red, and Blue. Green candles are bullish, red are bearish, and blue is neutral. The color-coding of the candles are based upon where each candle closes: above the 34 period EMA high is green, below the 34 period EMA low is red, and between the 34 period EMA high and 34 period EMA low is blue. I discuss how the organization of the colors offers (sometimes early) insight into the trend, strength of the trend, and transitions. (below)
Ok, so hopefully by now I have shown you why I created this indicator and why I don’t trade without it. For IBFX clients, this indicator is actually a template on their platform and the individual studies are built into the platform as well so the set up is easy. For those of you on other versions of MT4, I’ll walk you through where to download the three indicators that make up GRaB and how to install it. (below)
