Related summaries to Candle Range Theory (CRT)
CRT Model 1 by Romeo
The video discusses the common problem faced by traders where they are able to predict the price movement correctly but are unable to capitalize on it and make money. The speaker refers to this as the "horrible stage" where traders feel like they are close to a breakthrough but keep getting dragged back in. The key to escaping this stage is to first admit that there is a problem and that you are stuck in this phase. Then, the speaker introduces a trading model that combines "Model Number 1" and CRT (Candle Range Theory) to help traders become more successful. The main aspects of this model are: 1. Identifying the CRT High, CRT Low, and the key level on the weekly timeframe. 2. On the 4-hour timeframe, looking for a "thick up close candle" that goes above the CRT High, and then waiting for it to break back below the low of that candle to enter the trade. 3. Using the CRT range to define the targets - 50% of the range as the first target, and the CRT Low as the second target. The speaker emphasizes the importance of understanding the difference between CRT and ICT (Institutional Cycle Theory), where ICT traders tend to randomly target lows without the clear objective targets provided by CRT. The video also touches on the importance of patience and persistence, acknowledging that not everyone will progress at the same pace, but if you stick with it, the "aha moment" will eventually come. The key is to not quit, even during the losing days, weeks, or months, and to focus on improving yourself as a trader rather than blaming the system.
CIC Romeo Chapter 2 Part 1
The transcript discusses the importance of understanding the concept of Candle Range Theory (CRT) in trading. The speaker emphasizes that time is more important than price when it comes to successful trading. He explains that the majority of traders focus only on the price axis (y-axis) and neglect the time axis (x-axis), which is a crucial mistake. The speaker introduces CRT, which essentially means that every candle represents a range that will either be broken out of or turtled (true or false). He demonstrates the importance of time by using the example of two traders, Jason and Romeo, who bought Bitcoin at the same price but had vastly different outcomes due to the difference in their entry times. The speaker then goes into the different levels of CRT, including the 4-hour, daily, weekly, and monthly time frames. He explains that each daily candle is composed of six 4-hour candles, and the highest probability of getting a CRT candle is related to the 9:00 a.m. New York time 4-hour candle. The speaker warns the audience against "CRT grifters" and "merchants" who may try to capitalize on the popularity of CRT by offering simplified or modified versions of the concept. He emphasizes that anything anyone knows about CRT is what he has taught, and any additional claims or "innovations" should be disregarded. The speaker then provides a detailed explanation of the 9 a.m. CRT model, which involves marking the landscape, identifying the higher low, and waiting for the formation of a specific pattern before entering a trade. Finally, the speaker discusses the weekly and monthly CRT models, highlighting the fractal nature of price and time, and how the patterns observed on higher time frames can be applied to lower time frames to gain experience and improve trading performance.