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Quad Candle System

  • #521
  • Jun 26, 2017 8:23am Jun 26, 2017 8:23am
Quoting Masterrmind
{quote} Yes so a trader has to either position themselves well in the market in advance or wait until after the ECB speech. Its all a question about risk versus reward. Entered early (an hour or so prior to the ECB speech) the trade could literally rocket up the chart in ones favor. But the risk is that whatever he says could drive this instrument down the chart instead closer, ever so closer to the SL. Is it worth it? Considering that my GBPCHF long is currently about -0.3% down and to add a risky trade on top ... well that would be rather foolish...
I agree, all about risk/reward...regarding your decision to not take the trade because already in the market with GBP-CHF I have some doubts. If your money managment is to have a max of 2% exposure, ok, I understand. Indeed if your money managment is to have a max of 4/5% exposure and the eventual stop loss of the new trade would allow you to stay within it, I think you should not be conditioned by the status of the other living trade ( of course the two trades have not to be correlated ). In a few words, if you see a good opportunity for a trade that matches your strategy you should take it if according to your money managment. If you think it is too risky, you should think the same, even if in profit with the other trade. Am I wrong? Thank you Masterrmind
  • #522
  • Jun 26, 2017 11:36am Jun 26, 2017 11:36am
Hi .. nice systme .. AUDUSD my be a good one

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  • #523
  • Jun 26, 2017 3:54pm Jun 26, 2017 3:54pm
Quoting nozzer
@dave...is there a good website were I can read up on murrey maths more? ..thanks in advance
See I told you this is the thread to be if you are interested in MurreyMaths if you look at Post 1 Mastermind as put up the official MurreyMath manual in slide form its called Trade with me, its only 395 pages long its a MUST read, no excuses now my friend, the boss as done it for you, all you have to do is read it.
  • #524
  • Jun 26, 2017 5:59pm Jun 26, 2017 5:59pm
Quoting Eldero
{quote} I agree, all about risk/reward...regarding your decision to not take the trade because already in the market with GBP-CHF I have some doubts. If your money managment is to have a max of 2% exposure, ok, I understand. Indeed if your money managment is to have a max of 4/5% exposure and the eventual stop loss of the new trade would allow you to stay within it, I think you should not be conditioned by the status of the other living trade ( of course the two trades have not to be correlated ). In a few words, if you see a good opportunity for...
The main issue was not the risk exposure because I could have entered the XAUEUR trade by applying a realistic SL and remained within 5% risk.

I consider the 1K account as very small and in that regardwould apply a maximum risk of all trades on the account running at the same time <=5%.

The issue with not taking the trade was the increased uncertainty brought about by knowing that the ECB speech could swing the trade against me and potentially take out my stop well before I've given the trade time to unfold.

A trader should consider all open positions when attempting to enter a new trade so they have a clear picture about instrument risk across the account.

Masterrmind..........
Master your Mind then Master your Trades
  • #525
  • Jun 26, 2017 6:05pm Jun 26, 2017 6:05pm
Quoting yako47
Hi .. nice systme .. AUDUSD my be a good one {image}
Thanks yako47.

It is meant to be a very simple system but even with a very simple system it requires some homework.

The homework is all about covering the points in Post#1.

After several trades it will become almost second nature or automatic in your thinking.

After the homework has been completed one should then ask themselves;

"Does it make good trading sense to enter this trade at this time? Y/N".

ps. Your TP and SL are not correct for a D1 entry! SL at least below the previous swing lows and at least a 1 to 1 SL to TP ratio.

Enjoy the journey,

Masterrmind............
Master your Mind then Master your Trades
  • #526
  • Jun 26, 2017 6:27pm Jun 26, 2017 6:27pm
Quoting yako47
Hi .. nice systme .. AUDUSD my be a good one {image}
AUDUSD [D1 QUAD]

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Nice to see a move off the 4/8 Central MML.

But price could roll over and test the 3/8 level.

Also consider the fundamentals.

Its an interesting setup but how confident are you that it will work out?

Masterrmind...........
Master your Mind then Master your Trades
  • #527
  • Jun 26, 2017 6:42pm Jun 26, 2017 6:42pm
Quoting Masterrmind
{quote} AUDUSD [D1 QUAD] {image} Nice to see a move off the 4/8 Central MML. But price could roll over and test the 3/8 level. Also consider the fundamentals. Its an interesting setup but how confident are you that it will work out? Masterrmind...........
AUDUSD

Fibonacci potential retracement zones.

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@ yako47
Will the 38.2 Fib hold?

Fibonacci of the whole leg up:
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Masterrmind.............
Master your Mind then Master your Trades
  • #528
  • Jun 26, 2017 7:14pm Jun 26, 2017 7:14pm
Here is an update to the previous posted potential setup.

XTIUSD

Quad + MML

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Who would have thought to go long on this instrument under current conditions?

Unfortunately not many would be my guess as this instrument is rather risky with the danger of another leg down.

I did not trade it.

If I did I would have posted it in advance of the fact.

Great to see the Quad-MML setups starting to show on the charts.

Ultimately, a Quad-MML that completes its setup at least between the +1/8 to +2/8 OR -1/8 to -2/8 MMLs is even better since the Reward to risk ratio is greater.

Masterrmind...........
Master your Mind then Master your Trades
  • #529
  • Jun 27, 2017 2:33am Jun 27, 2017 2:33am
@Mastermind,how long have you been trading murreymaths for?
  • #530
  • Jun 27, 2017 4:39am Jun 27, 2017 4:39am
Quoting nozzer
@Mastermind,how long have you been trading murreymaths for?
I cannot claim to have traded the full Murrey Math Trading System.

In all fairness to make such a claim one would have needed to have purchased the software (including any updates) and completed all the training through the original source.

I simply took bits and pieces of it that appealed to me at the time and discarded most of it.

In terms of the Murrey Math component it forms only a very small part in my trading.

In fact only the MML indicator as I've mentioned before with the octaves and I like the 64 period on a D1, it just makes sense to me.

I actually went the Gann route decades ago because it appealed to me much more in my stock trading but that's another story.

Masterrmind..............
Master your Mind then Master your Trades
  • #531
  • Jun 27, 2017 4:44am Jun 27, 2017 4:44am
@ Masterrmind
I think the paire start rolling over to 3/8 level:
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  • #532
  • Jun 27, 2017 4:59am Jun 27, 2017 4:59am
D1 Quads

AUDJPY

AUDNZD

AUDSGD

AUDUSD

GBPAUD

Who is actually looking for a pair to trade?

Masterrmind............
Master your Mind then Master your Trades
  • #533
  • Jun 27, 2017 5:53am Jun 27, 2017 5:53am
Quoting yako47
@ Masterrmind I think the paire start rolling over to 3/8 level:{image}
It looks like price is stalling near the recent highs.

How are you planning to manage the trade from here?

Masterrmind............
Master your Mind then Master your Trades
  • #534
  • Jun 27, 2017 6:39am Jun 27, 2017 6:39am
Will the system work commodities?
  • #535
  • Jun 27, 2017 8:36am Jun 27, 2017 8:36am
Quoting billy123
Will the system work commodities?
Bro, look the last pages here ... you'll find the answer for sure !!
  • #536
  • Jun 27, 2017 10:44am Jun 27, 2017 10:44am
Quoting Masterrmind
{quote} It looks like price is stalling near the recent highs. How are you planning to manage the trade from here? Masterrmind............
Will wait the daily candle to close ...

Until now i have 3 SL : AUDCHF ; CADJPY ; GBPAUD and 2 others still active ...

the worst day in the market
  • #537
  • Jun 27, 2017 10:57am Jun 27, 2017 10:57am
the market makers use these 2 candle system and eat our huge sl easily eurjpy chfjpy we can see soon gbpusd also they will eat

so its another failure for retail traders

sorry mastermind as usual market maker hit quad candle also easily
  • #538
  • Jun 27, 2017 4:26pm Jun 27, 2017 4:26pm
Quoting yako47
{quote} Will wait the daily candle to close ... Until now i have 3 SL : AUDCHF ; CADJPY ; GBPAUD and 2 others still active ... the worst day in the market
I hope you are not taking trades purely based on a Quad pattern.

Remember to consider Post 1 and all the analysis before opening trades in the market.

Total risk across all trades open at the same time should be no greater than 2% to 5%.

Id suggest only 1 to 2 open trades at the same time.

I'm not sure if you are applying this or not.

If you could post charts of those trades clearly showing entry and exit levels it will make it easier to comment on.

This is longer term trading so appropriate stops need to be applied that are large enough to fit in with chart structure and MML zones if you are using these and importantly that fall inside total risk on the account.

Notice that on my account I only have the 1 trade open, I do not hurry into opening up multiple trades this would show impatience and I carefully think about which additional trades could be added.

My live account is only 1k so the risk needs to be managed.

Im not sure if you are trading a demo or live account or what the balance amount is but demo first would be the better option or a small live account.

Masterrmind.........
Master your Mind then Master your Trades
  • #539
  • Jun 27, 2017 4:52pm Jun 27, 2017 4:52pm
Quoting gopal33200
the market makers use these 2 candle system and eat our huge sl easily eurjpy chfjpy we can see soon gbpusd also they will eat so its another failure for retail traders sorry mastermind as usual market maker hit quad candle also easily
The unusual move can be attributed to the words that Draghi spoke not necessarily the MMs.

Please refer to Bloomberg or other source on Draghi speech to know more.

Masterrmind......
Master your Mind then Master your Trades
  • #540
  • Jun 27, 2017 5:48pm Jun 27, 2017 5:48pm
@Mastermind of cours bro money management first ..

I usually use basic analysis and price angles in trading which i simply ignored .

Pair traded :
AUDCHF
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CADJPY
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GBPAUD
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Obviously I'm still a beginner in this sysmet

Thanks for your help..
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