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Quad Candle System

  • #481
  • Jun 23, 2017 5:56am Jun 23, 2017 5:56am
thanks dave
  • #482
  • Jun 23, 2017 6:00am Jun 23, 2017 6:00am
Quoting OAPDave
{quote} Does that explain better ? {image}
I am not expert on Murrey because I approched to his method just a few days ago. So I am not in the position to give you a proper answer
From what I learned about trading and what I see in the montly chart you posted, I see a bearish candle that establish the minimum that reach the -1 line and react producing a big spike. it would alert me. Then I see an inside candle, followe by two small doji and two bullish candle. the sedon one breaks out the inside bar, so it could be an oppurtunity to enter, but since it is large candle, to have a better entry, one could have waited for a retracement at 1/3 or half of the candle ( easy to say after the chart is formed ) The stop should have been placed on the low of the long bar that broke the inside, but since a monthly chart it would be very far....Probably you wanted a different answer based on other factors, but sorry I don't have the knowledge that you are probably reffering to
  • #483
  • Jun 23, 2017 6:10am Jun 23, 2017 6:10am
Quoting nozzer
@mastermind and dave...do you hold on to your trades on the weekend or cash out on Friday?
It depends.

Assess the risk involved with your open trades if a gap up or down occurs over the weekend.

Form an expectation based on historical weekend gaps for all of the current symbols you have open in the market.

Check your SL location.

Is it outside the average gapping range of the symbols that are of interest to you.

Reassess the risk again if you were to allow the trade to run over the weekend.

If you close out the trade Friday what gain or loss does this equate too.

Decide one way or the other after considering all of the above points.

Note 1: Although its not possible to perfectly predict the gap that will occur come Monday, it is possible to check what economic news will be coming out on the weekend so best to have a look and decide what impact it is 'likely' to have on your trade(s).

Note 2: If its a typical intraday trade and its in profit usually I'll close it on Friday to grab some profit and reduce the uncertainty.

Note 3: Longer term trades like the GBPCHF long I'm currently in, well I'm going to run it over many many days since I know my risk and that's about 2% of a 1K account so relatively speaking its very little and on top of that the longer the trade runs the more positive swap it collects.

Masterrmind.............
Master your Mind then Master your Trades
  • #484
  • Jun 23, 2017 6:14am Jun 23, 2017 6:14am
thanks mastermind
  • #485
  • Jun 23, 2017 6:26am Jun 23, 2017 6:26am
Quoting Eldero
{quote} I am not expert on Murrey because I approched to his method just a few days ago. So I am not in the position to give you a proper answer From what I learned about trading and what I see in the montly chart you posted, I see a bearish candle that establish the minimum that reach the -1 line and react producing a big spike. it would alert me. Then I see an inside candle, followe by two small doji and two bullish candle. the sedon one breaks out the inside bar, so it could be an oppurtunity to enter, but since it is large candle, to have a...
Thanks for your reply, and if I were looking at Candles I guess you give a good view point but as you say its not the answer I was looking for. 99% of the time I trade Masterminds Class 5 approach (post 1)
  • #486
  • Jun 23, 2017 6:33am Jun 23, 2017 6:33am
Quoting nozzer
thanks mastermind
To assess the weekend gaps all you need to do is open a Weekly Chart of the symbol of interest to you.

Zoom in.

Moving from far left to right compare the close to open pips moving from 1 candle or bar to the next.

Get the data from as many candles as you like but the more the better.

This will give you an idea of the likely gapping to be expected in a given symbol.

If you know what type of news came out over previous weekends in the past then you'll have an even better idea.

Nothing is certain in this business but that does not stop you from gaining at least some type of expectation.

ps. If you hunt around you might find an indicator that prints the average weekend gaps to the chart over X_Periods (or weeks in this case).

Masterrmind...........
Master your Mind then Master your Trades
  • #487
  • Jun 23, 2017 6:55am Jun 23, 2017 6:55am
Mastermind just to make sure I have caused you no offence, the reason I trade mostly Class 5 (Pure Murrey) is only to the fact I try to build a picture of the reason to take a trade hence the use of Monthly, Weekly and Daily timeframes this means that the pure Quad (2up 2down) Daily pattern only plays a very small part in my trading decisions
  • #488
  • Jun 23, 2017 7:11am Jun 23, 2017 7:11am
Quoting OAPDave
Mastermind just to make sure I have caused you no offence, the reason I trade mostly Class 5 (Pure Murrey) is only to the fact I try to build a picture of the reason to take a trade hence the use of Monthly, Weekly and Daily timeframes this means that the pure Quad (2up 2down) Daily pattern only plays a very small part in my trading decisions
Unlikely that you will offend me OAPDave.

Looking at the different time frames is always a great idea.

Getting a hold of the bigger or smaller picture in a given instrument is critical.

I may delete out the Class criteria of trades as this could be viewed as misleading.

Misleading because a pure MML trade does not necessarily have to be worse than a Quad ... it may be better in some cases.

The main reason I introduced the Class of Trade criteria was in the hope that traders would look a bit deeper into their trades and consider more factors that can generate confluence.

It is confluence that is the winner in trading (and yes the risk management of course).

I'll have another look at the Class of Trade posted in Post 1 and re-design it over this weekend.

Masterrmind...........
Master your Mind then Master your Trades
  • #489
  • Jun 23, 2017 7:30am Jun 23, 2017 7:30am
Gold

Quad Long off the 4/8 MML Central Pivot

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 48 KB


Masterrmind.........
Master your Mind then Master your Trades
  • #490
  • Jun 23, 2017 7:34am Jun 23, 2017 7:34am
GBPUSD

Quad Long off the 4/8 MML Central Pivot

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #491
  • Jun 23, 2017 7:41am Jun 23, 2017 7:41am
Silver

Quad Long

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #492
  • Edited 8:04am Jun 23, 2017 7:53am | Edited 8:04am
Quoting Masterrmind
GBPUSD Quad Long off the 4/8 MML Central Pivot {image} Masterrmind...........
Hi Mastermind, in cases like this, where there is a quad short off from the 4/8MML and then a quad long off from the 4/8 MML, how do you consider them?
The stop for the first 4quad is still alive, so if you entered the first one, what action you take?
Thank you
  • #493
  • Jun 23, 2017 8:05am Jun 23, 2017 8:05am
Quoting Eldero
{quote} Hi Masterming, in cases like this, where there is a quad short off from the 4/8MML and then a quad long off from the 4/8 MML, how do you consider them? The stop for the first 4quad is still alive, so if you entered the first one, what action you take? Thank you
Since I'm already long on the GBP currency I may not consider the GU long.

For Gold and Silver they tend to follow eachother up and down the chart so I'd only pick one of them.

Silver is my favorite instrument to trade.

Being a Friday and end of the trading week I'll not trade them.

Charts might be useful for other traders looking at shorter term setups in which case an M5 TF to M15 TF would be more suitable.

Masterrmind...........
Master your Mind then Master your Trades
  • #494
  • Jun 23, 2017 8:08am Jun 23, 2017 8:08am
Quoting Masterrmind
GBPUSD Quad Long off the 4/8 MML Central Pivot {image} Masterrmind...........
Another way to play it with a tighter stop
Buy @ 1.2726 with a stop at 1.2664
If price reaches 1.2756 lock in B/E
Target 1.2786 gives you a 1 to 1 Risk/Reward
Qotave 1.2817 could be on your way
This way you have traded a 122 Octave with a 61 pip initial set up ?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDSBDaily.png Size: 69 KB
  • #495
  • Jun 23, 2017 8:09am Jun 23, 2017 8:09am
Quoting Masterrmind
{quote} Since I'm already long on the GBP currency I may not consider the GU long. For Gold and Silver they tend to follow eachother up and down the chart so I'd only pick one of them. Silver is my favorite pair to trade. Being a Friday and end of the trading week I'll not trade them. Charts might be useful for other traders looking at shorter term setups in which case an M5 TF to M15 TF would be more suitable. Masterrmind...........
Thank you
I wish you and all the other participants of this thread a nice and relaxing weekend
  • #496
  • Jun 23, 2017 8:12am Jun 23, 2017 8:12am
Quoting Eldero
{quote} Thank you I wish you and all the other participants of this thread a nice and relaxing weekend
Likewise to you Eldero and all other traders.

Have a great weekend.

Masterrmind............
Master your Mind then Master your Trades
  • #497
  • Jun 23, 2017 8:15am Jun 23, 2017 8:15am
Quoting OAPDave
{quote} Another way to play it with a tighter stop Buy @ 1.2726 with a stop at 1.2664 If price reaches 1.2756 lock in B/E Target 1.2786 gives you a 1 to 1 Risk/Reward Qotave 1.2817 could be on your way This way you have traded a 122 Octave with a 61 pip initial set up ? {image}
Very nice play.

Masterrmind...........
Master your Mind then Master your Trades
  • #498
  • Jun 23, 2017 8:30am Jun 23, 2017 8:30am
Quoting Eldero
{quote} Thank you I wish you and all the other participants of this thread a nice and relaxing weekend
I always attempt to form a bias as to a longer term direction and this comes from studying the fundamentals.

So in the case where 1 Quad was to short and one Quad was to go long I would consider the one that matched up with my bias at that time and consider all other factors as outlined in Post 1 before considering to short or long the Cable (GU).

Nothing is risk free in this business and the sentiment of a currency can change in the blink of an eye and send price smashing through your SL.

However, most of the time if you follow the guideline it will tend to get your trade started in the right direction ... after which it needs to be managed because it will be at the mercy of the market if its not.

Masterrmind............
Master your Mind then Master your Trades
  • #499
  • Jun 23, 2017 1:21pm Jun 23, 2017 1:21pm
he guys perhaps a 2 candle retrace may be worth looking into...or you can split it into 4 candles i suppose

its very easy
Attached Image (click to enlarge)
Click to Enlarge Name: the 2 candle retrace sample.png Size: 67 KB
  • #500
  • Jun 23, 2017 10:35pm Jun 23, 2017 10:35pm
Post 1 has now been updated so its worth reading through it.

Only 3 Classes of Trades now instead of 5 to make it simpler.

Quad or MML can be a Class 1 entry based on certain criteria.

Class 1 (Top entry rating) + (Outcome ratings: AAA, AA, A, B and Fail)

Class 2 (Good entry rating) + (Outcome ratings: AAA, AA, A, B and Fail)

Class 3 (Average entry rating) + (Outcome ratings: A, B and Fail)

and

Class IGNORE (the use of banned indicators and a non-related trade setup)

The intention of having a trade entry and trade result ranking system is so that 'good' traders take a more active role in finding ways to improve.

It also helps to faciltate a sound and accountable trading approach.

ps. overtime the use of trading analytics will be applied to assess trading performance.

Masterrmind...........
Master your Mind then Master your Trades
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