I needed a recipe for Caramel Apples - and I didn't want to do it with store bought caramels. I found that this recipe works perfect as long as you follow these rules:
1) Double it if you want to be able to dip easily. It does double nicely, although it takes even longer to get to the proper temperature (over an hour). As someone else had mentioned, make sure you have a pot is MORE than double as high as the caramel as it will expand at one part of the cooking (it does shrink back down).
2) If there are any solids on the can lid of the evaporated milk, don’t add it; it will not dissolve in the caramel and you’ll be left with little chunks in the finished product.
3) Being close to sea level, I stopped at 240F and it was perfect for dipping apples; it set up nicely, and was firm enough to pour the remaining in a pan for chewy caramels.
4) After you remove from the heat, wait until the temperature drops to about 170F or less before dipping. Otherwise, the heat will cook the apples and you'll get bubbling from the juice trying to escape.
5) I know people here have said that they don't trust candy thermometers, but my guess is that they've never used a good one. A DIGITAL probe with a wire cord (available at any kitchen store) is the only way to go for these long cook-and-stir projects. You can set it to alert you when you're at the correct temperature.
I placed the apples on Silpat mats (non-stick pad with silicon in it), which works better then wax paper
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