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Quad Candle System

  • #721
  • Jul 17, 2017 7:52am Jul 17, 2017 7:52am
Quoting OAPDave
{quote} The magic MM64 on a 60min picks your levels of interest as well {image}
Yes indeed.

Just going to wait until this H4 candle completes to force some additional patience and then let loose with another trade to the long side.

SL will have to be 200 pips
TP at the same price as the 1st trade.

Although Trade #1 is net positive it needs to be said that the risk is still at least where the SL lies which is at 2% since I have not reduced this SL as yet but will do so when I believ the time is right.

Trade #2 at 200 pips and 0.01 lots means another 2% of risk is added to the running trades across the account.

Total risk then will be close to 4% < 5% limit.

Next step if the trade runs favorably is to reduce some of this 4% risk.

News: GBP: CPI y/y tomorrow followed by BOE speech by Carney

Masterrmind.........
Master your Mind then Master your Trades
  • #722
  • Jul 17, 2017 8:09am Jul 17, 2017 8:09am
GBPCHF

Additional position added.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 55 KB

Now 2 long trades in action.

H4 analysis for the second trade which coincided nicely with the D1 3/8 MML zone which means going long off a bounce of this MML.

Masterrmind............
Master your Mind then Master your Trades
  • #723
  • Jul 17, 2017 8:25am Jul 17, 2017 8:25am
I notice on the other thread trading a 2 up 2 down method that they appear to have totally lost their way.

This often happens when the 'vultures' start appearing and start to pick the death out of what is actually a very simple method.

Looks like 1 trader is attempting to run his/her own ideas and completely confusing everyone in the process.

Thats a real pity.

Perhaps those confused might like to come join this thread as everyone is always welcome here and all trades are laid out before the fact on a live account.

Masterrmind...........
Master your Mind then Master your Trades
  • #724
  • Jul 17, 2017 8:34am Jul 17, 2017 8:34am
When I find the need to scalp off the 60min I have 3 templates
Look back at a Month of data MM512
Look back at a Week of data MM128
Then the common place MM 64
Here is the 60min with the MM512
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFSBH1.png Size: 67 KB
  • #725
  • Jul 17, 2017 8:47am Jul 17, 2017 8:47am
Quoting OAPDave
When I find the need to scalp off the 60min I have 3 templates Look back at a Month of data MM512 Look back at a Week of data MM128 Then the common place MM 64 Here is the 60min with the MM512 {image}
If you were to trade the GBPCHF at which level would you have entered or waited for to enter if going long ?

Masterrmind...........
Master your Mind then Master your Trades
  • #726
  • Jul 17, 2017 9:10am Jul 17, 2017 9:10am
Quoting Masterrmind
{quote} If you were to trade the GBPCHF at which level would you have entered or waited for to enter if going long ? Masterrmind...........
l would wait for a chart shift up on at least a 60min MM64 then start looking, that as happened on the 64, but not on the 128 or 512 so to be honest it does not convince me its a home run just yet, as the last chart shifts on the 128 and 512 are down, so I would be only happy to scalp
This is taking no account of Quads
  • #727
  • Jul 17, 2017 5:51pm Jul 17, 2017 5:51pm
Quoting Masterrmind
{quote} If you were to trade the GBPCHF at which level would you have entered or waited for to enter if going long ? Masterrmind...........
I would trade this off the Daily, to me if we break yesterdays high we are seeing good momentum and we could be clearing the big down candle of June 9th, also it takes us into the so called Normal Trading Range Zone
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFSBDaily.png Size: 59 KB
  • #728
  • Jul 17, 2017 7:16pm Jul 17, 2017 7:16pm
Quoting OAPDave
{quote} I would trade this off the Daily, to me if we break yesterdays high we are seeing good momentum and we could be clearing the big down candle of June 9th, also it takes us into the so called Normal Trading Range Zone {image}
So in terms of price level you would have waited to enter long at close to the 1.26500 level.

With the entry I took it was on a pullback and subsequent bounce off the D1 3/8 MML which if price continues up it will be within the normal trading range of 3/8 MML to 5/8 MML.

This was also in confluence with chart structure but certainly not the strongest support on the chart.

Quads may or may not be part of additional entries on the same symbol but they certainly will be used if applicable.

Masterrmind.........
Master your Mind then Master your Trades
  • #729
  • Jul 17, 2017 8:09pm Jul 17, 2017 8:09pm
Masterrmind (and OAPDave) -- I have been away from trading and FF for a number of weeks with a failing parent who has now passed. Owing to that I just discovered the Quad Candle forum today and am working at taking it in. Fortunately, I have had some positive exposure to MML from other postings of Masterrmind in other FF locations.

This is an overlong way of saying I deeply appreciate this work and hope I will grow into a more useful member of the site. The big picture I have now taken on board . . . and I am trying to catch enough of the smaller details to do something here.

I certainly observe what OAPDave has mentioned about the extraordinary detail and thinking found herein.

This forum and MML use in general deserve more attention from the retail trader for sure.

Let me say 'thanks' again and get back to reading and 'practicing' with it.

Every good regard, FS
  • #730
  • Jul 17, 2017 8:29pm Jul 17, 2017 8:29pm
Quoting Forest-Sea
Masterrmind (and OAPDave) -- I have been away from trading and FF for a number of weeks with a failing parent who has now passed. Owing to that I just discovered the Quad Candle forum today and am working at taking it in. Fortunately, I have had some positive exposure to MML from other postings of Masterrmind in other FF locations. This is an overlong way of saying I deeply appreciate this work and hope I will grow into a more useful member of the site. The big picture I have now taken on board . . . and I am trying to catch enough of the smaller...
Appreciate the kind comments.

Enjoy the journey,

Masterrmind..............
Master your Mind then Master your Trades
  • #731
  • Jul 17, 2017 9:43pm Jul 17, 2017 9:43pm
Masterrmind -- what a great chart you have created on post 95 in describing Confluence.

I knew generally what it is but seeing all the components stationed on a chart . . . most helpful!

Pulls a lot of things together.

Double thanks, FS
  • #732
  • Jul 18, 2017 6:25am Jul 18, 2017 6:25am
Quoting Forest-Sea
Masterrmind -- what a great chart you have created on post 95 in describing Confluence. I knew generally what it is but seeing all the components stationed on a chart . . . most helpful! Pulls a lot of things together. Double thanks, FS
No problem at all.

Great to hear that it is useful.

Always think risk first then confluence.

Masterrmind.........
Master your Mind then Master your Trades
  • #733
  • Jul 18, 2017 6:40am Jul 18, 2017 6:40am
AUDUSD [MML]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB

Masterrmind...........
Master your Mind then Master your Trades
  • #734
  • Jul 18, 2017 6:40am Jul 18, 2017 6:40am
Quoting Forest-Sea
Masterrmind -- what a great chart you have created on post 95 in describing Confluence. I knew generally what it is but seeing all the components stationed on a chart . . . most helpful! Pulls a lot of things together. Double thanks, FS
GREAT page actualy..SO much on it..one to read again and again..double THKS from me too..
  • #735
  • Jul 18, 2017 6:54am Jul 18, 2017 6:54am
GBPNZD [QUAD]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB

Deep pullback on the D1 entry candle (todays D1)

Not without some risk but if going long place the SL at a minimum of 50% below next octave lower as shown on chart.

Risk is that price might head lower down into the next octave or 2 in confluence with chart structure.

On a larger account if 2% risk can be applied with a SL halfway between the -1/8 and -2/8 MMLs then all the better.

However, waiting for a far better entry might be best considering that a long from this level is NOT in the best of locations (chart-wise).

Masterrmind...........
Master your Mind then Master your Trades
  • #736
  • Jul 18, 2017 7:06am Jul 18, 2017 7:06am
Quoting danc
{quote} GREAT page actualy..SO much on it..one to read again and again..double THKS from me too..
Many thanks to you too.

Welcome here anytime.

Masterrmind...........
Master your Mind then Master your Trades
  • #737
  • Jul 18, 2017 7:11am Jul 18, 2017 7:11am
USDCAD and USDCHF also worth a look.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 49 KB

Be careful with these 2 though if going long.

Test the waters with a shorter SL to reduce overall risk since price could drive right through your stop loss.

Might take 2 bites at the cherry to get into these pairs BUT I am watching them with great interest.

Masterrmind.............
Master your Mind then Master your Trades
  • #738
  • Jul 18, 2017 7:22am Jul 18, 2017 7:22am
Quoting Masterrmind
GBPCHF Additional position added. {image} Now 2 long trades in action. H4 analysis for the second trade which coincided nicely with the D1 3/8 MML zone which means going long off a bounce of this MML. Masterrmind............
GBPCHF [update]
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 60 KB

An aggressive pullback to the downside with price unable to hold above the 3/8 MML which became a very weak support level.

SL on Trade #2 extended lower to just under the 1/8 MML and under a recent swing low.

SLs on both trades now at maximum but just under the 5% limit.

Unlikely that another SL adjustment will be made but if it is it will be a tightening of trade 1 to give a little more slack to the stop on trade 2.

Masterrmind..............
Master your Mind then Master your Trades
  • #739
  • Jul 18, 2017 7:42am Jul 18, 2017 7:42am
AUDJPY [MML]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB

GBPAUD [QUAD Long (outer formation) + MML]
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 52 KB

Very interesting setup for a possible long.

Perhaps a trade only for the brave.

Masterrmind...........
Master your Mind then Master your Trades
  • #740
  • Jul 18, 2017 7:52am Jul 18, 2017 7:52am
Quoting Masterrmind
AUDJPY [MML] {image} GBPAUD [QUAD Long (outer formation) + MML] {image} Very interesting setup for a possible long. Perhaps a trade only for the brave. Masterrmind...........

target...+2/8 ?
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