Watch our new CandlePRO
Walk-Through Video above!

"The Basics" - Part 1

In this video we cover how to:

  • Create a CandlePRO alert
  • Backtest a candlestick strategy
  • Trade an alert using new PRO Dashboard features

How does CandlePRO work?

candlepro-flow

  • Detect

    Detects 14 distinct, high-probability chart patterns across five different currency pairs and five different chart timeframes (from 15m to daily charts). That means this powerful scanner is simultaneously scanning 25 separate charts

  • Backtest

    Once a pattern is detected, for example a "Three Inside Up" pattern, it is sent to CandlePRO's powerful Backtesting Engine, which ranks chart patterns according to their formation strength and backtests TP and SL levels against patterns of a similar formation strength (because a shooting start at the top of a long, exhausting rally is different than a shooting star in the middle of a range)

  • Alert

    Alerting you to the new pattern and the backtesting results. CandlePRO, just like SwingPRO, can be configured to send signals to your email or SMS address as the occur, so you no longer have to sit in front of the charts constantly.

  • Research

    Finally, CandlePRO is also a tremendously powerful research tool. Using CandlePRO's Research Tool you can backtest the different patterns, for different timeframes and pairs, using your own TP and SL levels. See how your strategies would have performed without risking any capitol in the market.

CandlePRO is liking having a team of analysts at your disposal, constantly finding and testing different patterns, and letting you know if they meet your criteria.

CandlePRO Frequently Asked Questions

CandlePRO Signals

How is your “signals membership” better than my broker’s signals?

Brokers are out to make money - as much money as possible and as quickly as possible either for quarterly reports to shareholders or before any changes in regulation. 3rd party services that work directly with brokers are paid on a "per lot traded" basis - not on how profitable they are. Therefore their financial motivation is, again, to get you trading as much as possible.

PipHut is different. We don't work directly with any brokers, and we don't get paid any commissions on your trades. Our only goal is to make you a better trader, month-after-month, and to give you profit along the way while you learn the ropes of SwingPRO and CandlePRO trading strategies.

Can I receive alerts from the staff CandlePRO Dashboard?

Yes! You can receive alerts on any of our strategies by simply adding them to your own CandlePRO dashboard. To do this simply select "view" next to the staff strategy you wish to receive alerts for, and then click "Save as New Strategy" from the backtesting page.

You can then view the strategy and any resultant trades from your own CandlePRO dashboard.

What currency pairs do you offer?

We currently offer CandlePRO and SwingPRO with EURUSD, GBPUSD, AUDUSD, USDJPY, and USDCHF.

What time of day do CandlePRO signals come out?

CandlePRO monitors 5 pairs across 5 timeframes (25 total different charts) for 14 different chart patterns, so signals are constantly being generated throughout the day.

When designing your CandlePRO system, you should take your desired trading times into consideration. For example, if you don't want to spend much time in front of the charts then using the 4h or daily patterns may best suit your style. If you love to scalp then the 15m,30m and 1h charts may be your favorite.

Is CandlePRO “beginner-friendly”?

Yes, very! All you need to succeed with CandlePRO is a natural curiosity - our colorful backtesting charts will keep you clicking until you've designed a candlestick trading system that is tailored to you!

I’m an seasoned, DIY trader. Can I use this?

Oh, yes. With 10-years of backtesting data, advanced formation strength intelligence, and the ability to test across multiple patterns/timeframes/pairs - CandlePRO will quickly help you construct a backtested and ready-to-use trading system.

Journal your trades with CandlePRO Journal.

What is “CandlePRO Journal”?

Your CandlePRO journal is where you can save, view, and take notes on CandlePRO signals.

Let's say, for example, you see a strong Bullish Engulfing signal on the 4h timeframe charts that you'd like to "test trade". Simply select "save" next to the signal and it will be put in your Journal, along with any notes you want, for you to review later.

CandlePRO journal will also automatically tell you how that trade would have performed after 10 candles.

Pretty cool, eh?

Which timeframes and pairs does CandlePRO scan?

CandlePRO scans EURUSD, GBPUSD, AUDUSD, USDCHF, and USDJPY on five different timeframes: 15m, 30m, 1h, 4h and daily charts.

What is “profit factor”?

The dollar amount a trading strategy made for every dollar it lost. (Gross profit / gross loss)

Profit factor is a rating of how profitable a particular trading strategy would have been. A profit factor of 1.0 is the break even level. A profit factor of 2.0 means a strategy generally wins twice as much as it loses, and so on.

What is a “pullback”?

Most often used in breakout strategies, pullbacks and throwbacks allow traders to confirm a breakout in a certain direction without sacrificing a good entry price to do so. The trade-off is that if a pullback or throwback does not occur and the breakout continues then the trader might miss out entirely. (read more)

What are “doubles” and “triples”?

When two or more pairs of the same timeframe are forecasted to move in the same direction this is called “pair confluence”, and can indicate a broader market movement is about to occur. We call these “doubles” and “triples” in CandlePRO and trading them is as easy as a few clicks (http://piphut.com/2010/10/doubletriple-strategy-and-new-feature/)

What is the reward/risk section of CandlePRO?

The reward/risk area lists TP/SL levels that have a reward/risk ratio of over 2:1 and a profit factor of over 2.0. The reward/risk ratio is the amount you are hoping to gain, vs. the amount you are willing to risk. So if your TP is 60 and your SL is 20, then that is a reward/risk ratio of 3:1.

How do you decide which TP/SL/Entry levels to use?

We like pullback values so we can set entry orders, and we like a TP that is at least twice as large as my SL (high reward/risk ratio). Every trader's situation is different and that is part of the beauty of CandlePRO - there is something for everyone. Experiment with the backtesting engine, different timeframes and different signals to design a strategy that fits your trading style.


SMS Alerts

How do I setup SMS alerts?

To set up SMS alerts, you just need to find your SMS gateway address, which typically takes the form of yournumber@cellco.com. Read our How to Setup SMS Alerts" guide.

If for some reason you cannot find your carrier here is an alternative for smartphone users, with desktop alerts.

I can’t find my carrier on the list!

Our list is by no means complete - there are thousands (if not more) of cell carriers around the globe and our list is just a sample of the largest ones. The easiest way to determine what your particular SMS gateway is to contact their customer support.

We can send an email to your cell company on your behalf, and will let you know if we hear back from them, but our history with contacting mobile phone providers is very poor in terms of response rates. We've seen the best response times/service if you contact them directly, to see if they both offer this service (email-to-sms), and then how to set it up (what you're email-to-sms address is & if there is any setup required).

Each carrier has slightly different rules and some require you to turn on the feature.

If for some reason you cannot find your carrier there is an alternative for smartphone users here.

Is there an SMS alernative for smartphones?

Yes! If for some reason you cannot find your carrier there is an alternative for smartphone users:
http://piphut.com/help/smartphone/

This can also allow you to bypass any charges that you may incur for incoming text messages - check with your carrier for more details.

Do SMS alerts cost anything?

We do not charge you for SMS alerts - it is an included service with your membership - but your carrier may still have a general charge for incoming text messages. This depends on your cellphone plan and your carrier.

If you have a smartphone you can usually bypass these charges with our smartphone/gmail alternative.

General Questions

How is your “signals membership” better than my broker’s signals?

Brokers are out to make money - as much money as possible and as quickly as possible either for quarterly reports to shareholders or before any changes in regulation. 3rd party services that work directly with brokers are paid on a "per lot traded" basis - not on how profitable they are. Therefore their financial motivation is, again, to get you trading as much as possible.

PipHut is different. We don't work directly with any brokers, and we don't get paid any commissions on your trades. Our only goal is to make you a better trader, month-after-month, and to give you profit along the way while you learn the ropes of SwingPRO and CandlePRO trading strategies.

What currency pairs do you offer?

We currently offer CandlePRO and SwingPRO with EURUSD, GBPUSD, AUDUSD, USDJPY, and USDCHF.

Do you have “trade copier” or “trade duplicator” software?

No. There is a lot of risk for you to allow an open connection to your trading platform, even if you trust the third party. It is akin to leaving your front door unlocked.

We do have very easy to follow signals. Most importantly, our swing system - which you learn for life - is profitable and proven.

Why do your charts look different than mine?

All charts on PipHut use a UTC (GMT+0) timezone. Many retail brokers use a GMT+1, +2 or +3 timezone and this causes the high, low, open, close to be off for larger timeframes.

Don't worry - the data is the same and you can still use our charts; if you want to be able to use UTC+0 charts too then there are plenty of brokers out there who offer free UTC+0 timeframe MT4 demo accounts.

Do you offer a free trial?

We do not offer a free trial currently, but our monthly plans have no long term commitments so if you are not completely satisfied then just email us any time before your next bill date and we will cancel your membership. Since we still have customers from our initial launch in 2008 we are sure you will find our services profitable and strive every month for your satisfaction.

If you have any questions prior to signing up that aren't covered in this FAQ we are always available to answer your questions at support@piphut.com.

What timeframe / timezone charts do you use?

All charts on PipHut are 4h charts from the UTC (gmt+0) timezone. We find the 4h timeframe is large enough to provide the reliability of long-term charts while giving us more entries than the daily or weekly charts, for example.


Billing Questions

How do I upgrade my account?

To upgrade your account (e.g. from monthly to quarterly) simply login to your PipHut account, visit the pricing page and sign with the pricing plan you want. After signup is complete your account has been upgraded, just send us an email at support@piphut.com to make sure billing has been stopped on your old plan.

How do I cancel my subscription?

Cancelling is easy. Just send us an email at support@piphut.com and we will immediately cancel it for you, no questions asked.