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Quad Candle System

  • #701
  • Jul 14, 2017 5:33am Jul 14, 2017 5:33am
To the guy that as just P.M. me, I cannot reply because I have a problem with me pm box that will not let me reply to any P.M,s
  • #702
  • Jul 14, 2017 5:47am Jul 14, 2017 5:47am
Quoting Masterrmind
{quote} GBPCHF -update {image} As price moves in my favored direction I take note of potential turning points (zones) in the chart structure. These zones are resistance levels that may form an obstacle to the movement of price UP the chart. Look for signs of reactions in and around these zones (especially in confluence with anticipated major economic/political news releases). Depending on how far into profit the trade is running look at tightening the stops a little. My position currently is to wait for price to get to about the +150 pips mark which...
Hi Masterrmind, GBP-CHF seems to go in the right way. I am also in the trade from the 15 June and after some days of up and down, now "seems" it has a good momentum and have gained ground...At this moment, price has reached the 3/8 MML and if it should close approx at the corrent levels it would have formed 3 hh and 3 lh...My stop is at 191 pips form the entry and now I am gaining 200 pips. I am thinking to move the stop just behind the 1/8 level ( at -50 pips from the entry ) that would be below the last hl. Do you think it would have a sense? Or maybe do you have other thoughts?
Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFDaily.png Size: 54 KB
  • #703
  • Jul 14, 2017 9:27am Jul 14, 2017 9:27am
Quoting OAPDave
Closed my USDCHF trade for breakeven
Hi OAPDave, can I ask you what considerations made you decide to close at BE? It was just because the price did not move fast as per your expectation or there are other elements ? Thank you
  • #704
  • Edited 10:41am Jul 14, 2017 10:09am | Edited 10:41am
Quoting Eldero
{quote} Hi OAPDave, can I ask you what considerations made you decide to close at BE? It was just because the price did not move fast as per your expectation or there are other elements ? Thank you
To me we are in a Daily Consolidation Zone and as yet we are showing no Momentum to move up with any real conviction, we are sitting on the bottom of the Weekly Normal trading range (5/8ths 3/8ths) so if that lets go ? on scalping type timeframes(1hr and under) the move up had done enough for this week, so you can see I use multi timeframes and dare I say Momentum, so all in all thought there was still a battle going on and with it being Friday decided to jump ship. As I have said in a recent post I am now going to wait until I see Momentum/Trend kick in then try and jump onboard and if I have to examine 1min to 1 month timeframes so be it, to be honest
my account is not really moving forward due to looking at so many pairs I like to think every trade will be a home run but if I have to scalp a few pips that was my style as from Monday on, it will be a lot less pairs but more detail examination (Timeframes) per pair and if there is a runner just take the pips my favorite levels give after all most pairs move 100 or more pips a day, this will not be what Masterrmind wants to hear but I am that frustrated with the poor response to all his efforts now going back to making pips with Murrey no matter what the timeframe is
I could add many charts to show my points but does not seem worth the effort anymore despite all Masterrmind fantastic efforts with this thread
  • #705
  • Jul 14, 2017 12:45pm Jul 14, 2017 12:45pm
Quoting OAPDave
{quote} To me we are in a Daily Consolidation Zone and as yet we are showing no Momentum to move up with any real conviction, we are sitting on the bottom of the Weekly Normal trading range (5/8ths 3/8ths) so if that lets go ? on scalping type timeframes(1hr and under) the move up had done enough for this week, so you can see I use multi timeframes and dare I say Momentum, so all in all thought there was still a battle going on and with it being Friday decided to jump ship. As I have said in a recent post I am now going to wait until I see Momentum/Trend...
Thank you OAPDave for your detailed answer
Have a nice weekend
  • #706
  • Jul 14, 2017 5:16pm Jul 14, 2017 5:16pm
Thanks for sharing this method, I am learning a lot : )
  • #707
  • Jul 14, 2017 8:12pm Jul 14, 2017 8:12pm
Quoting kar2wlan
hi i have just came acros this thread few days back. and i am still reading and understanding this. but i must say this really makes my concepts better about trading. i am gonna read more and more till i understand fully abut this system. thanks for sharing. for a bigger like me its too much to read in single shot. thanks again.
The more you read and digest the content in this thread the better the understanding.

The system is a little involved in terms of the analysis but becomes rather simple after running through the steps on several trades.

The actual trading part though is rather simple.

Patience is key and being prepared to trade over the longer term horizon meaning trades can run a week to months.

The trade Im currently in is starting to make some progress so other decisions will need to be made regarding locking in some profit, adding to the current symbol or trading another setup.

All this has to fall within a traders risk management plan which involves total risk% over all trades running across the account.

In time it should become second nature to you and other hard working traders.

Masterrmind..........
Master your Mind then Master your Trades
  • #708
  • Jul 15, 2017 2:38am Jul 15, 2017 2:38am
Quoting Eldero
{quote} Hi Masterrmind, GBP-CHF seems to go in the right way. I am also in the trade from the 15 June and after some days of up and down, now "seems" it has a good momentum and have gained ground...At this moment, price has reached the 3/8 MML and if it should close approx at the corrent levels it would have formed 3 hh and 3 lh...My stop is at 191 pips form the entry and now I am gaining 200 pips. I am thinking to move the stop just behind the 1/8 level ( at -50 pips from the entry ) that would be below the last hl. Do you think it would have a...
At the 3/8 MML notice chart structure to the far left.

Possible reversal zone so reducing risk by tightening the SL is a logical step to take.

For longer term trades I prefer to move the SL to BE + pips when the trade progresses enough to do so and if not then I may leave the SL at its initial location.

Depends on chart structure and any big news and its likely impact on the trade.

If you wish to tighten the stop do so.

I plan to wait and see what reaction the market takes in the first few days of trading next week.

I will post my trade management approach to the thread prior to making the move on the GBPCHF trade.

Nice to hear that you have some pips on the same trade.

Better yet if on the next symbol you trade that you continue with a similar approach.

Masterrmind..........
Master your Mind then Master your Trades
  • #709
  • Jul 15, 2017 3:40am Jul 15, 2017 3:40am
Quoting OAPDave
{quote} To me we are in a Daily Consolidation Zone and as yet we are showing no Momentum to move up with any real conviction, we are sitting on the bottom of the Weekly Normal trading range (5/8ths 3/8ths) so if that lets go ? on scalping type timeframes(1hr and under) the move up had done enough for this week, so you can see I use multi timeframes and dare I say Momentum, so all in all thought there was still a battle going on and with it being Friday decided to jump ship. As I have said in a recent post I am now going to wait until I see Momentum/Trend...
Many times on intraday trades I have preferred to close out on a Friday to reduce weekend risk but as always other factors are also considered.

If only every trade was a home run .....

This is where building on a position comes into play but a trader needs to be very patient and start the sequence at relatively low risk.

Eventually this will be shown on the current account.

Some traders can handle analysing multiple instruments while other traders prefer to keep it to only a few.

Either approach works fine however with limited choices the QUAD or MML setups on a D1 TF will be less frequent.

Once in a longer term trade an option is there to start building up positions to improve the final gain.

There is nothing wrong with taking scalping type trades as I too do this.

I suppose my intention with the current account is to show an almost pure type approach for longer term D1 setups applying Quad and MML.

In time though its possible that trades of an intraday nature trading M5 or M15 MML will be applied either during an active D1 trade or a non active D1 trade. Or indeed at any opportune time.

Feel free to post your multi time frame MML charts if you wish as these are always welcome.

Masterrmind............
Master your Mind then Master your Trades
  • #710
  • Jul 15, 2017 3:41am Jul 15, 2017 3:41am
Quoting alextavares
Thanks for sharing this method, I am learning a lot : )
Welcome and enjoy the journey.

Masterrmind.........
Master your Mind then Master your Trades
  • #711
  • Jul 15, 2017 4:40am Jul 15, 2017 4:40am
Quoting Masterrmind
{quote} Many times on intraday trades I have preferred to close out on a Friday to reduce weekend risk but as always other factors are also considered. If only every trade was a home run ..... This is where building on a position comes into play but a trader needs to be very patient and start the sequence at relatively low risk. Eventually this will be shown on the current account. Some traders can handle analysing multiple instruments while other traders prefer to keep it to only a few. Either approach works fine however with limited choices the...
Here is the chart that makes me believe in Murrey and the use of Multi Timeframes , I will not go into the Quad method, but to hunt for a pair to put on the radar my thoughts are we should look at the Monthly & Weekly then then fire the trade off the daily when its in confluence see the price action between 0/8ths and 1/8th for nearly 3years then it finally broke out once this happened we could have played it to our hearts content with a very strong stop, no need for my to show any smaller time frames as that's what we do now.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPCADSBWeekly.png Size: 67 KB
  • #712
  • Jul 15, 2017 6:41am Jul 15, 2017 6:41am
Here is one that as been mentioned and seems to be on the radar, notice the use of the Normal Trading Range 3/8ths - 5/8ths to me this can be used when we are not in the +/- 1/8th -2/8th zones its the Eur Jpy not going to show any timeframes less than a day but they need to be looked at ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYSBMonthly.png Size: 72 KB
Click to Enlarge Name: EURJPYSBWeekly.png Size: 61 KB
Click to Enlarge Name: EURJPYSBDaily.png Size: 70 KB
  • #713
  • Jul 15, 2017 8:18am Jul 15, 2017 8:18am
Quoting OAPDave
{quote} Here is the chart that makes me believe in Murrey and the use of Multi Timeframes , I will not go into the Quad method, but to hunt for a pair to put on the radar my thoughts are we should look at the Monthly & Weekly then then fire the trade off the daily when its in confluence see the price action between 0/8ths and 1/8th for nearly 3years then it finally broke out once this happened we could have played it to our hearts content with a very strong stop, no need for my to show any smaller time frames as that's what we do now. {image} {image}...
Confluence is a powerful tool.

For the MML approach a monthly to weekly down to a daily analysis for an entry makes good logical sense.

Masterrmind............
Master your Mind then Master your Trades
  • #714
  • Jul 16, 2017 9:36pm Jul 16, 2017 9:36pm
Quad and MML setups

Check some of the completed Quad patterns for some great opportunities.

MMLs are also in the line up.

As for the GBPCHF long trade I will outline my approach moving forward as it currently sits at over 250 pips in profit.

Possibly in the earlier stages of the London session will be an ideal time to re-check the trade and look to lock in profit, add to the position or add in another different instrument.

Please note that 5% maximum risk is the limit I am setting on this account for total running trades at the same time.

The idea though is to have on average about half this limit.

More information to come much later in the day.

Masterrmind............
Master your Mind then Master your Trades
  • #715
  • Jul 16, 2017 10:48pm Jul 16, 2017 10:48pm
GBPCHF [Current situation]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 53 KB

Masterrmind...........
Master your Mind then Master your Trades
  • #716
  • Jul 17, 2017 7:02am Jul 17, 2017 7:02am
Quoting Masterrmind
GBPCHF [Current situation] {image} Masterrmind...........
GBPCHF [Update]

Pullback in PA on todays D1 candle.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 34 KB

Not unexpected after such a nice run up the chart with 3 D1 candles increasing in range.

Eventually human psychology starts to enter the scene.

No action to be taken at this time since I want to monitor the PA and look for a potential zone to perhaps add in another long on this pair.

Masterrmind...........
Master your Mind then Master your Trades
  • #717
  • Jul 17, 2017 7:18am Jul 17, 2017 7:18am
Quoting Masterrmind
{quote} GBPCHF [Update] Pullback in PA on todays D1 candle. {image} Not unexpected after such a nice run up the chart with 3 D1 candles increasing in range. Eventually human psychology starts to enter the scene. No action to be taken at this time since I want to monitor the PA and look for a potential zone to perhaps add in another long on this pair. Masterrmind...........
Looking at the last week of data (MM 128) ?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFSBH1.png Size: 52 KB
  • #718
  • Jul 17, 2017 7:29am Jul 17, 2017 7:29am
Options include but are not limited to the following:

1. Look at changing sentiment and the fundamentals on this pair

2. Consider the PA and determine a 'suitable' zone for an entry to the long side

3. Wait for the pullback to slow in momentum and add another position to the long side if appropriate

4. Leave the 1 position to run and look at another instrument to trade (accounting for total risk across all running trades on the account)

In terms of adding in another position what I'm looking at now is for a sustained bounce off the 1.25400-500 zone.

Quite possible that another position may be added.

Lets see.

Masterrmind...........
Master your Mind then Master your Trades
  • #719
  • Jul 17, 2017 7:34am Jul 17, 2017 7:34am
Quoting OAPDave
{quote} Looking at the last week of data (MM 128) ? {image}
Thanks Dave.

Looking at the H1 TF the 1.25100 level looks good for adding in another long if the expectation is for a bounce to the upside, which is still the case.

GBPCHF [H4 Chart]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 50 KB

However, I will also look at entering slightly above this zone as mentioned above 1.25400 to 500 level.

This means that the return to the bullish trend will not be missed but if price drops lower then it means some DD will be encountered.

Yet the current long position is net positive so the situation is acceptable in my view.

ps. a buy limit order might be applied however, a few pips in DD is not the major concern in this case so market entry also possible.

Masterrmind............
Master your Mind then Master your Trades
  • #720
  • Jul 17, 2017 7:47am Jul 17, 2017 7:47am
Quoting Masterrmind
{quote} Thanks Dave. Looking at the H1 TF the 1.25100 level looks good for adding in another long if the expectation is for a bounce to the upside, which is still the case. GBPCHF [H4 Chart] {image} However, I will also look at entering slightly above this zone as mentioned above 1.25400 to 500 level. This means that the return to the bullish trend will not be missed but if price drops lower then it means some DD will be encountered. Yet the current long position is net positive so the situation is acceptable in my view. ps. a buy limit order might...
The magic MM64 on a 60min picks your levels of interest as well
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFSBH1.png Size: 55 KB
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