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Quad Candle System

  • #1,001
  • Aug 11, 2017 4:26am Aug 11, 2017 4:26am
Quoting Eldero
{quote} I stopped adding positions, but lowered the stops of teh existing 5 trades Trade #1 stop @ +186 Trade #2 stop @ +154 Trade #3 stop @ +58 Trade #4 stop @ +29 Trade # 5 stop @ -23 I have the same stop for all the positions at 120 pips from current price and with locked profit of 404 pips I have to confess that I am tempted to close now with approx + 1000 pips, it would be a great result. But I am forcing myself to resist, because I want to respect my original plan that is follow the trend until it rotate, securing the most possible profit...
Now you see the power of adding in additional positions as the pips really start to build up with price on your side.

It would not be such a bad thing to close out the setup at +1000 pips considering the weekend is almost here and this result is very good.

However, you have locked in over 400 pips so as you have said why not stick to your plan and find out what your final pip count will be.

With 5 positions for every 100 pip drop in price you gain 500 pips so the potential for many thousands of pips is possible.

Nice work.

Masterrmind.........
Master your Mind then Master your Trades
  • #1,002
  • Aug 11, 2017 4:59am Aug 11, 2017 4:59am
Quoting OAPDave
{quote} Both my MM read 78.1 {image} {image}
Thank you OAPDave
And what is your octive gap for GBP-NZD?
  • #1,003
  • Aug 11, 2017 5:00am Aug 11, 2017 5:00am
Quoting Eldero
{quote} Thank you OAPDave And what is your octive gap for GBP-NZD?
sorry, i saw just now....thank you
  • #1,004
  • Aug 11, 2017 5:05am Aug 11, 2017 5:05am
I don't know why it happened, but now I also have the correct octive at GBP-NZD...thank you
For a moment I was thinking that I was referring for all the time to wrong data...
  • #1,005
  • Aug 11, 2017 5:14am Aug 11, 2017 5:14am
Quoting Eldero
I don't know why it happened, but now I also have the correct octive at GBP-NZD...thank you For a moment I was thinking that I was referring for all the time to wrong data...
With all the pips you are gathering it must be weighing heavy on your chart, just refresh from time to time by changing timeframes to and fro
  • #1,006
  • Aug 11, 2017 5:15am Aug 11, 2017 5:15am
Quoting Masterrmind
{quote} Now you see the power of adding in additional positions as the pips really start to build up with price on your side. It would not be such a bad thing to close out the setup at +1000 pips considering the weekend is almost here and this result is very good. However, you have locked in over 400 pips so as you have said why not stick to your plan and find out what your final pip count will be. With 5 positions for every 100 pip drop in price you gain 500 pips so the potential for many thousands of pips is possible. Nice work. Masterrmind.........
yes, I considered to close because usually after a long red weekly candle, it is probable a pullback at the beginning of the next candle. But, my stop is above the 50% of the weekly candle, so maybe it is worth to remain in the trade hoping the bears will remain in control and why not, push the price lower again...it however is a doubt that I would like to have every day
  • #1,007
  • Aug 11, 2017 7:33am Aug 11, 2017 7:33am
Quoting OAPDave
Just posted for interest ?, will delete later, will or won't it hold {image}
Im in favor of it holding.

Time will give us the answer though.

Does look good for a long.

Perhaps re-assess early next week as price has started to pullback a little on the GN pair but not unexpected considering the nice rally.

Masterrmind........
Master your Mind then Master your Trades
  • #1,008
  • Aug 11, 2017 8:15am Aug 11, 2017 8:15am
Quoting Eldero
{quote} yes, I considered to close because usually after a long red weekly candle, it is probable a pullback at the beginning of the next candle. But, my stop is above the 50% of the weekly candle, so maybe it is worth to remain in the trade hoping the bears will remain in control and why not, push the price lower again...it however is a doubt that I would like to have every day
Yes this type of luxury is most welcome on every setup.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,009
  • Aug 11, 2017 8:44am Aug 11, 2017 8:44am
I will be on holiday for the next two weeks so I will not be so active in the thread. I will however read your posts when I can
Good luck to everybody
  • #1,010
  • Aug 11, 2017 8:47am Aug 11, 2017 8:47am
Quoting Eldero
I will be on holiday for the next two weeks so I will not be so active in the thread. I will however read your posts when I can Good luck to everybody
Enjoy your holiday Eldero.

I'm sure the thread will have plenty of reading material for you so if you get a chance do take a look.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,011
  • Aug 11, 2017 8:53am Aug 11, 2017 8:53am
GBPNZD
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB

Price struggling to remain above the 1.79 handle and its been a long time since the 1.80 handle has been met (all the way back to the start of June).

What I'd like to see is price hitting the 2/8 MML.

This does not look that simple at this stage.

As mentioned earlier a pullback is in progress but lets hope for a minor one and then a continuation up the chart.

As more D1 candles print across the chart and form support levels it is not uncommon to add in another trade.
But this will need to fit with risk so if this pair offers such an opportunity later next week then I will outline my course of attack.

ps. Check out that screenshot for current price!

Masterrmind............
Master your Mind then Master your Trades
  • #1,012
  • Aug 11, 2017 12:29pm Aug 11, 2017 12:29pm
Quoting Masterrmind
{quote} GN A quick look at where the stop for Trade 3 would go soon tells me how many pips I need to allocate. A logical place for the stop of Trade 3 is just under a recent swing low or the 0/8 MML and from current price thats about 300 to 330 pips. I welcome any opinions so feel free to post away. Masterrmind..........

Really useful analysis of adding the third position consistent with maintaining the risk level. And possible trade offs required to do so.

FS
  • #1,013
  • Aug 11, 2017 12:33pm Aug 11, 2017 12:33pm
Quoting Masterrmind
{quote} Now you see the power of adding in additional positions as the pips really start to build up with price on your side. It would not be such a bad thing to close out the setup at +1000 pips considering the weekend is almost here and this result is very good. However, you have locked in over 400 pips so as you have said why not stick to your plan and find out what your final pip count will be. With 5 positions for every 100 pip drop in price you gain 500 pips so the potential for many thousands of pips is possible. Nice work. Masterrmind.........

This thinking and pip potentials boggles my mind. I've been in an alternate forex universe of single or low double digit wins. Still wrapping my mind around your guidance, but I see the results and how they were secured. I am far behind you on this trail, but I think I am now at least walking the same path.

FS
  • #1,014
  • Aug 11, 2017 12:36pm Aug 11, 2017 12:36pm
Quoting Eldero
{quote} I stopped adding positions, but lowered the stops of teh existing 5 trades Trade #1 stop @ +186 Trade #2 stop @ +154 Trade #3 stop @ +58 Trade #4 stop @ +29 Trade # 5 stop @ -23 I have the same stop for all the positions at 120 pips from current price and with locked profit of 404 pips I have to confess that I am tempted to close now with approx + 1000 pips, it would be a great result. But I am forcing myself to resist, because I want to respect my original plan that is follow the trend until it rotate, securing the most possible profit...

Really impressive trading with your 5 positions. Better get your new Swiss bank account open.

FS
  • #1,015
  • Aug 11, 2017 12:51pm Aug 11, 2017 12:51pm
Thanks everyone for an enjoyable educational week. got a lot out of it. Thank you. have a great weekend everyone.
Just trying to put a kiss on the cheek of success
  • #1,016
  • Aug 11, 2017 6:13pm Aug 11, 2017 6:13pm
Quoting Forest-Sea
{quote} Really useful analysis of adding the third position consistent with maintaining the risk level. And possible trade offs required to do so. FS
Indeed.

Controlling risk effectively is a very big part of being a longer term consistently profitable trader.

Throw away risk control and you are no longer a smart trader but rather a gambler.

Masterrmind.........
Master your Mind then Master your Trades
  • #1,017
  • Aug 11, 2017 6:54pm Aug 11, 2017 6:54pm
Quoting Forest-Sea
{quote} This thinking and pip potentials boggles my mind. I've been in an alternate forex universe of single or low double digit wins. Still wrapping my mind around your guidance, but I see the results and how they were secured. I am far behind you on this trail, but I think I am now at least walking the same path. FS
Post 1 is a general outline of many factors to consider.

After a trader becomes very familiar with the contents of the first post and can apply them to live trading then it is not unusual for them to focus on the points that they find are key and they may not need to consider every component.

However, I have included many components and for good reason since I see them all as important in forming an opinion of which symbol to trade, at what level to start looking for an entry, where to place the stop and TP and to gain as much confluence as possible such that any entries fall within the assigned risk limit.

Post 1 is the beginning and the learning part comes from watching my live accounts progress and my thought processes (good and bad) and ultimately being able to apply the QCS methodology all by themselves in a consistent manner that favors positive growth.

Good trading,

Masterrmind.........
Master your Mind then Master your Trades
  • #1,018
  • Aug 11, 2017 8:10pm Aug 11, 2017 8:10pm
Quoting pet3250
Thanks everyone for an enjoyable educational week. got a lot out of it. Thank you. have a great weekend everyone.
Pleased to hear that it is of some benefit to you.

See you next week.

Masterrmind.........
Master your Mind then Master your Trades
  • #1,019
  • Aug 11, 2017 10:17pm Aug 11, 2017 10:17pm
Quoting Forest-Sea
{quote} Really useful analysis of adding the third position consistent with maintaining the risk level. And possible trade offs required to do so. FS
Its easy enough to then realize that each setup of X trades will be unique.

Hopefully several examples of SL placements on a few different setups will demonstrate some of the key points to be aware of above and beyond the obvious one which is controlling risk across all current trades.

It is a journey of discovery.

Masterrmind.........
Master your Mind then Master your Trades
  • #1,020
  • Edited Aug 13, 2017 12:07am Aug 12, 2017 11:47pm | Edited Aug 13, 2017 12:07am
Hi Masterrmind,

Because of my extensive experience in options trading (selling directionless positions based on mean-reversion or range trading and doing adjustments to prevent options going into in-the-money ) I don't have any experience with trading with stop loss.

In other words, closer to extremes, I would buy back near ITM options covering with premium from sold OTM options . As volatility is high at extremes, it was not difficult to manage EurUsd even during the Brexit time. Even a consecutive rise/fall of 10 days (in an adverse situation) can be managed this way without sustaining any loss.

Timing (except when the volaitility was very low) is never an issue and it was not really important to enter only when closer to the mean reversion (like in spot fx) and managment of drawdowns can be done with the help of adjustments. The returns can be 80% -100% in a year for trading currency futures options with this technique of Inverted Strangle trading. Rolling over and adjustments is vital part of it. It needs extreme patience and minimum of 120 days to see the gains. You can see the gains only during the last 10 days of the options expiry.

Those interested may look up for Inverted Strangles in options trading. You will not find even ONE single article on currency futures instrument using this strategy. You might find not more than 10 links on this strategy using stocks. It is a speciality trading strategy developed by a medical practitioner.

However, in spot fx, if someone exercises that kind of patience and finds ways to manage drawdowns (without having deep pockets or stuffing constantly equity) and turn over the trades several times the returns can be from 600% to 1000% in a year.

I am aiming at gaining 300% pa of the returns (with less frequency and turnover of trades) and it looks like Quad candle system +MML can deliver.

I hope to learn from Masterrmind the judicious use of stoploss and minimisation of drawdown rather than turning over the trades frequently and face psychological roller-coaster.

Quad candle, combined with MML, I hope, will take me into that direction.

I learned a lot from your QAM thread.

QAM exposed me to the use of EA for shooting trades and honed my discretionary money management skill, particularly those of using lots in a limited martingale way.
But now i will stick to constant lot trading for at least a year before putting varying lots to any use.

I hope Masterrmind designs an EA which can combine best of the both worlds - auto trading and discretionary risk/drawdown management.
Practice makes a person perfect
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