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This recipe is from Maddymoo, originally posted in the Cooking-tips forum.
1 package large pretzel rods
1 package caramels, unwrapped
1 package milk chocolate chips
1 cup chopped pecans
Melt caramels. Dip each pretzel half-way into the melted caramel; set on waxed paper. Melt chocolate chips, and dip each pretzel in melted chocolate to cover the caramel. Roll in pecans.