Quad Candle System

Quoting Masterrmind

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{quote} Risk does not necessarily need to increase when adding positions to your assigned risk percentage. It will to your limit say 2% to 5% as the case may be but always remain at or under your risk limit and never exceed it. This will force you to trade carefully and not be trigger happy with wanting to add in numerous positions. Check current risk per SL levels and only add extra positions if you have the extra margin on risk. Im sure you are learning plenty from these extra trades you are adding into a given symbol. Masterrmind........

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Quoting OAPDave

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My view of GU for what its worth {image}

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Quoting OAPDave

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Another example of what to me is the last swing {image}

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Quoting Eldero

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{quote} Also in this case I think you are correct and I would also look at the most evident swings {image}

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Quoting Eldero

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{quote} Thank you for your opinion If I open a new position moving the stop of the previous position at BE, I will always have only 1 candle risk and for only 1 position ( so not a large stop, surely within the risk tolerance ) . The last previous trade will be at be and all the other previous trades looked in profit The question is: in which conditions, this strategy will lead to big drowdowns? I tried to simulate ( manually ) through the past charts to look for bad situation and yes, there are periods where price remain in a range and it is possible...

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Quoting OAPDave

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Another example of what to me is the last swing {image}

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Quoting Masterrmind

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{quote} I would have drawn it as below. GBPAUD {image} {image} Masterrmind............

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Quoting Masterrmind

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{quote} Notice how I draw the fibs either as a full AD retracement or as an intermediate retracement where the BC leg pulls back from the AB leg. The intermediate Fib is only to show a ratio where price is likely to pull back to before it continues down the chart in this case. The AD Fib retracement is showing the likely TP level that price might hit so ideally we look to place our TP just shy of this level so as to hit our TP. Masterrmind...........

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Quoting OAPDave

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{quote} I am back in the class room with this stuff, I am just taking what I see as the last swing and then watching how price reacts Need to get my head around this stuff because even if I am doing it wrong when you get confluence of Gann, Fibs & Murrey things happen {image} {image}

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Quoting Masterrmind

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{quote} There are so many ways to add in additional trades. On a demo account you might like to test out different approaches over a longer period of time and eventually settle on a method of adding in trades that suits you. Several examples should be traded though to form some type of opinion and not just 1 or 2 trades you need dozens. With your stop just below the previous candle (if I understood you correctly) might mean you get stopped out quite often but the loss will be much smaller than of the larger stop gets taken out. Logical enough but...

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Quoting Eldero

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{quote} Yes, I understand what you mean and I agree with you. This is exactly the logic I usually use In the last days I am looking for a way to add positions but without adding risk It is a bit difficult to me to explain in English what I mean Anyway, in the next days, I will try to explain it with some live charts

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Quoting OAPDave

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Masterrmind, based on what we have looked at, have thes on the radar ? yours, mine and another one. Left MM off just to give a clar view {image} {image} {image}

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Quoting Masterrmind

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{quote} Now some charts showing MML would be great to look for any additional confluence. Masterrmind..........

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Quoting DerBerliner

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Hi Dave ! So, could you plz attach (if possible) this fib indi ?

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Quoting OAPDave

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{quote} No problem at all but i will wait for Masterrminds permission first, hope thats ok with you.

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