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Quad Candle System

  • #1,081
  • Aug 22, 2017 6:17am Aug 22, 2017 6:17am
Hello all,

I'm using the daily chart only. is this what you guys advise?
  • #1,082
  • Aug 22, 2017 6:36am Aug 22, 2017 6:36am
Quoting frenchy.fx
Hello all, I'm using the daily chart only. is this what you guys advise?
The main concept here is to look for Quad Candle Pattern setups on a D1 chart, so you are correct.

There is also the option to trade intraday MML setups on say an M15 TF but I have not yet outlined this methodology.

The reason for not yet showing the MML M15/5 system is due to starting this thread with a 1K live account which in my opinion is a very small account.

A very small account will struggle to trade more than a few trades with correctly placed stops on a big moving pair such as GJ and GN due to the larger pips involved in the stops and based on the assigned risk% to a given setup which should be anywhere from 0.5% to 5%.

The 1K account was meant to outline trade setups for the Quad Candle System.

After this current GN setup completes the plan was to then start with a much larger live trading account which would outline the MML intraday system and also continue to trade the D1 Quad Patterns.

The purpose for having a Quad Candle D1 method and an intraday MML M15/5 system is so that opportune trades can be taken whilst Quad pattern setups unfold.

The trader can at any time choose to trade 1 or the other method or indeed both at the same time.

Unfortunately due to the pitiful participation in this thread at this time it is becoming very likely that this will not be shown.

All the best,

Masterrmind............
Master your Mind then Master your Trades
  • #1,083
  • Aug 22, 2017 9:15am Aug 22, 2017 9:15am
Quoting Masterrmind
{quote} After this current GN setup completes the plan was to then start with a much larger live trading account which would outline the MML intraday system and also continue to trade the D1 Quad Patterns. The purpose for having a Quad Candle D1 method and an intraday MML M15/5 system is so that opportune trades can be taken whilst Quad pattern setups unfold. The trader can at any time choose to trade 1 or the other method or indeed both at the same time. Unfortunately due to the pitiful participation in this thread at this time it is becoming very...
VERY hard to combine D1 & M15 approaches within a single thread - even for a fellow of your descriptive talents ... Perhaps a new M15 thread is an answer that might bring more rewarding - & less confused - participation from the wider FF membership ?

  • #1,084
  • Aug 22, 2017 9:16am Aug 22, 2017 9:16am
Quoting OAPDave
{quote} Trade lost guys, (- 20 pips) but I will be staying focused on this pair now

I really appreciate showing your thinking and trade results over the course of the trade. As we all know, they don't all win, and some are educated guesses on PA. Still, much to learn from the not so successful trades . . . maybe more than on the winners.

FS
  • #1,085
  • Aug 22, 2017 9:19am Aug 22, 2017 9:19am
Quoting Masterrmind
{quote} GBPCHF [D1 Chart] A technical look at this pair. {image} The harmonic completion finishes at a very nice level in confluence with the extreme +2/8 MML. This completion assumes that price holds above the low shown on the screenshot and continues its way up the chart. If price breaks down lower than the low shown on the screenshot then we need to adjust our expectation. This simply means that our projected D point of the 1 to 1 harmonic completion will be a slightly lower price than it was before due to a deeper pullback. A long entry from...

So useful to me to disassemble each of your comments so as to understand the whole thought process. Great learning available here.

With appreciation, FS
  • #1,086
  • Aug 22, 2017 9:31am Aug 22, 2017 9:31am
Quoting Forest-Sea
{quote} I really appreciate showing your thinking and trade results over the course of the trade. As we all know, they don't all win, and some are educated guesses on PA. Still, much to learn from the not so successful trades . . . maybe more than on the winners. FS
Please see post 1079 I am still in the trade with my 3rd Buy @ 108.69 now locked the +40 in which I had lost, with my target still at 109.76, would look a little better if I had not done that 2nd trade (reasons mentioned)
Just spotted your post below, I was filled at 108.69 with a Pending Order I was not at my screen when filled !!
  • #1,087
  • Aug 22, 2017 9:31am Aug 22, 2017 9:31am
My life is making it pretty hard to log enough screen time to work on the M15 . . .if only. So I am trying to slide up to H1 which I presume MM would suggest is not as desirable as the M15. If this seems really off base please call me off of it. You get your signals slower and may wait longer for results but I am much more likely to get back on. the hourly basis. But available time is available time. For instance, I got virtually no time at the screen yesterday . . . a little unusual, but it happens.

And as I reside in North America, the optimal time to trade is over the London-NY overlap, my 0800 to 1200 leading up to London close. After lunch in NY is pretty tepid. Asia? . . . I do take a look sometimes but seems hit and miss to me dividing opportunities by time spent looking on this session.

Hey, this forum really still stands as a D1 venture with Quad-MML.

Your thoughts appreciated on my rambling above.

FS
  • #1,088
  • Aug 22, 2017 9:51am Aug 22, 2017 9:51am
Quoting Forest-Sea
{quote} I really appreciate showing your thinking and trade results over the course of the trade. As we all know, they don't all win, and some are educated guesses on PA. Still, much to learn from the not so successful trades . . . maybe more than on the winners. FS
Here is the update, see I have moved my stop to lock in + 40pips, its seems to be struggling to break clear off the 0/8ths
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYSBM15.png Size: 78 KB
  • #1,089
  • Edited 10:17am Aug 22, 2017 9:56am | Edited 10:17am
Here is what I am looking at, fire away at me. Note I have placed what I believe would have been my entry candles in light green. I am not saying these are optimal only that is where I believe I would have taken entry.

I do appreciate that these happened to be successful, but, no, I did not cherry pick them.

Notice that two of these possible entries were very late on London . . . while they turned out ok here, could an argument be made the time alone made them a bad idea?

I am also observing that price exits at 5/8 and 3/8 from the range trading is often successful.

Finally, I suspect I would have turned these into more scalping wins than otherwise. I am well persuaded of the utility of the long run on the D1 turns as one adds on additional positions . . . here, not too sure or confident, but I am learning.

I would like to make these H1s work for me even if not the optimal TF. I use the EJ as a starter since it seems to work tolerably well over most times of the day.

Attached Image (click to enlarge)
Click to Enlarge Name: EJ H1 22Aug.png Size: 56 KB
  • #1,090
  • Aug 22, 2017 11:13am Aug 22, 2017 11:13am
Quoting Masterrmind
{quote} The main concept here is to look for Quad Candle Pattern setups on a D1 chart, so you are correct. There is also the option to trade intraday MML setups on say an M15 TF but I have not yet outlined this methodology. The reason for not yet showing the MML M15/5 system is due to starting this thread with a 1K live account which in my opinion is a very small account. A very small account will struggle to trade more than a few trades with correctly placed stops on a big moving pair such as GJ and GN due to the larger pips involved in the stops...
Hi Masterrmind,

I think let this thread stick to D1 Quad/MML setups. I have done in last 45 days 3 setups based on MML. Two got me 900 pips and I lost 150 pips in another trade. Pairs traded were GBPJPY, GBPAUD (both winners) and GBPNZD (loser). The strike rate will further improve with time. I feel anyone practising D1 Quad/MML set up combined with risk management for a year or so can count himself/herself to be among top 5% of successful fx traders.
Practice makes a person perfect
  • #1,091
  • Aug 22, 2017 11:57am Aug 22, 2017 11:57am
Quoting simnz
{quote} Hi Masterrmind, I think let this thread stick to D1 Quad/MML setups. I have done in last 45 days 3 setups based on MML. Two got me 900 pips and I lost 150 pips in another trade. Pairs traded were GBPJPY, GBPAUD (both winners) and GBPNZD (loser). The strike rate will further improve with time. I feel anyone practising D1 Quad/MML set up combined with risk management for a year or so can count himself/herself to be among top 5% of successful fx traders.
I do have to agree, think you have to learn to walk before you can run, My trade will either hit target or stop me out now for +40 pips, If you guys want the thread to continue its only fair that you give Masterrmind a little more feedback, I have always tried to do this but was open and honest that although I am a big fan of Murrey I was not over keen on the Quad pattern itself, hence my scalping style posts of which I will cease now, so come on guys get the thread moving, do not think we will find a much better guy to learn this game from than Masterrmind
  • #1,092
  • Aug 22, 2017 3:02pm Aug 22, 2017 3:02pm
Moved SL up to lock in +60 so its +100 or +60 now
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYSBM15.png Size: 78 KB
  • #1,093
  • Aug 22, 2017 6:34pm Aug 22, 2017 6:34pm
Quoting OAPDave
Moved SL up to lock in +60 so its +100 or +60 now {image}
Closed out for +100 (-40) = +60
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYSBM15.png Size: 78 KB
  • #1,094
  • Aug 22, 2017 9:05pm Aug 22, 2017 9:05pm
Quoting jtrade
{quote} VERY hard to combine D1 & M15 approaches within a single thread - even for a fellow of your descriptive talents ... Perhaps a new M15 thread is an answer that might bring more rewarding - & less confused - participation from the wider FF membership ?
Still pondering the additional thread idea but not sure I will go down that path.

The idea to keep both methods separate has its merits but having them both run together for traders with larger accounts also has its merits.

For traders wanting to trade pure D1 Quad the M15/5 MML method might be a distraction or it could be viewed as a relevant add on to their trading methods.

At this stage Im not too keen to start another thread.

If the participation rate does not pick up convincingly by the end of this month then its very likely the thread will be closed.

Masterrmind.......
Master your Mind then Master your Trades
  • #1,095
  • Aug 22, 2017 9:08pm Aug 22, 2017 9:08pm
Quoting Forest-Sea
{quote} So useful to me to disassemble each of your comments so as to understand the whole thought process. Great learning available here. With appreciation, FS
Its simply many market factors coming together to form a logical opinion about a market that at times is far from being logical.

Pleased to hear that the post was useful.

Masterrmind.........
Master your Mind then Master your Trades
  • #1,096
  • Aug 23, 2017 1:03am Aug 23, 2017 1:03am
Quoting Masterrmind
{quote} Still pondering the additional thread idea but not sure I will go down that path. The idea to keep both methods separate has its merits but having them both run together for traders with larger accounts also has its merits. For traders wanting to trade pure D1 Quad the M15/5 MML method might be a distraction or it could be viewed as a relevant add on to their trading methods. At this stage Im not too keen to start another thread. If the participation rate does not pick up convincingly by the end of this month then its very likely the thread...
Nothing is distracting as long as the core principle of trading and recording it before the fact is strictly adhered to. Short-term MM setups will certainly be helpful as long as rationale for setups are provided right at the time or before trading.
Practice makes a person perfect
  • #1,097
  • Aug 23, 2017 1:13am Aug 23, 2017 1:13am
Quoting simnz
{quote} Nothing is distracting as long as the core principle of trading and recording it before the fact is strictly adhered to. Short-term MM setups will certainly be helpful as long as rationale for setups are provided right at the time or before trading.
Agreed.

Masterrmind............
Master your Mind then Master your Trades
  • #1,098
  • Aug 23, 2017 1:19am Aug 23, 2017 1:19am
Quoting simnz
{quote} Hi Masterrmind, I think let this thread stick to D1 Quad/MML setups. I have done in last 45 days 3 setups based on MML. Two got me 900 pips and I lost 150 pips in another trade. Pairs traded were GBPJPY, GBPAUD (both winners) and GBPNZD (loser). The strike rate will further improve with time. I feel anyone practising D1 Quad/MML set up combined with risk management for a year or so can count himself/herself to be among top 5% of successful fx traders.
Yes I have been perusing some of your trades and some very good results my friend.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,099
  • Aug 23, 2017 1:22am Aug 23, 2017 1:22am
Quoting OAPDave
{quote} Closed out for +100 (-40) = +60 {image}
A very nice recovery indeed.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,100
  • Aug 23, 2017 1:31am Aug 23, 2017 1:31am
Quoting OAPDave
{quote} I do have to agree, think you have to learn to walk before you can run, My trade will either hit target or stop me out now for +40 pips, If you guys want the thread to continue its only fair that you give Masterrmind a little more feedback, I have always tried to do this but was open and honest that although I am a big fan of Murrey I was not over keen on the Quad pattern itself, hence my scalping style posts of which I will cease now, so come on guys get the thread moving, do not think we will find a much better guy to learn this game from...
Appreciate the comments OAPDave.

Lets see how the participation unfolds through to the end of this month.

I will keep posting as per usual with commentary from time to time but if no improvements are made then I'll be calling it a day.

Pity really since there is much much more to these multiple trade setups which simply require patience and quite some time to unfold.

Traders could trade the QCS method as per Post 1 over the course of a year and then find out what type of returns can be made.

Not all months will be slow gainers I can assure you.
Since starting this 1K account I am yet to even get into a long trending market which is where all the $$$s are accumulated through the steady addition of trades.

These setups on a given pair do take time to show because not all setups move the way you would like them too.

Masterrmind..........
Master your Mind then Master your Trades
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