I'll just use my color scheme, to make it easy:
1. First, I undercoat the whole model in red gore.
2. Then, using a fine detail brush, I put blood red on the edges of the armor. If it's a panel, just paint it on with the tip of th brush, very carefully. If it's a ridge, dip the whole brush into the paint, wipe almost all of it off, and run the side of it down the ridge.
3. Do details.
It works for me, try it and see if it works for you.
Edging is quite simple. By mixing in a light lighter tone of the base color, you drybrush the highlight, only on the edges. Lets take for example you are using a base color of Blue. You want the edge to be the same color, but lighter, so you use light blue thinned down to 1:2 water to paint ratio (The paint should look transparent).
Now you want to drybrushing it on by dipping it into the light blue, before you brush it on, you will want to wipe the brush across a clean towel to remove the excess water from the bristles. Test it on your hand. If you see no paint, do not worry. You will have to do it several times before you begin to see the effect.
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