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Quad Candle System

  • #1,421
  • Sep 25, 2017 6:44pm Sep 25, 2017 6:44pm
Quoting pet3250
Its very interesting to read the last few posts and to relate them to the charts, I am managing to understand and to follow the reasoning quite well now, so again thank you both for the time and effort.
All this and more in an attempt to create an 'informed' decision about any given instrument.

Higher the confluence the higher the probability that the trade pans out in our favor.

A clear understanding that even if the highest confluence is achieved that the trade can still fail.

Yet with the confidence of knowing that over multiple trade setups and by managing the risk we will come out the other side well ahead.

Masterrmind............
Master your Mind then Master your Trades
  • #1,422
  • Sep 25, 2017 7:36pm Sep 25, 2017 7:36pm
D1 Quads
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Masterrmind............
Master your Mind then Master your Trades
  • #1,423
  • Sep 25, 2017 8:31pm Sep 25, 2017 8:31pm
M15/M5 MML System
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Applying an M5 TF with risk close to 1 octive and a TP of 1 octive.

Entry will be made as close as practicable to an MML level in either a long or short setup.

Masterrmind............
Master your Mind then Master your Trades
  • #1,424
  • Sep 25, 2017 9:08pm Sep 25, 2017 9:08pm
Quoting Masterrmind
M15/M5 MML System {image} Applying an M5 TF with risk close to 1 octive and a TP of 1 octive. Entry will be made as close as practicable to an MML level in either a long or short setup. Masterrmind............
UJ [M5 Chart]
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The far left swing denoted by the red trendline is nothing more than the intraday (current) high to low.

Note the internal pullback swing shown with the blue trendlines.

The blue trendlines are "floating" at least the CD leg is until the move is completed.

The purpose is to provide the trader with an expected projection of PA in the short term.

Smaller harmonic moves within larger harmonic moves .... on every TF on every instrument.

Looking for price to pull back nearer to the 4/8 MML and assess a possible short entry.

Masterrmind............
Master your Mind then Master your Trades
  • #1,425
  • Sep 25, 2017 9:37pm Sep 25, 2017 9:37pm
Quoting Masterrmind
{quote} UJ [M5 Chart] {image} The far left swing denoted by the red trendline is nothing more than the intraday (current) high to low. Note the internal pullback swing shown with the blue trendlines. The blue trendlines are "floating" at least the CD leg is until the move is completed. The purpose is to provide the trader with an expected projection of PA in the short term. Smaller harmonic moves within larger harmonic moves .... on every TF on every instrument. Looking for price to pull back nearer to the 4/8 MML and assess a possible short entry....
UJ [M5 Chart]
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Now short.

Price rolled over fairly quickly on me which has led to a non-ideal fill but I will have to live with it.

SL will be progressively shortened.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,426
  • Sep 25, 2017 9:52pm Sep 25, 2017 9:52pm
Quoting Masterrmind
{quote} UJ [M5 Chart] {image} Now short. Price rolled over fairly quickly on me which has led to a non-ideal fill but I will have to live with it. SL will be progressively shortened. Masterrmind...........
UJ [M5]

TP extended down nearer to the 2/8 MML at 111.340.

Masterrmind............
Master your Mind then Master your Trades
  • #1,427
  • Sep 25, 2017 10:09pm Sep 25, 2017 10:09pm
Quoting Masterrmind
{quote} UJ [M5] TP extended down nearer to the 2/8 MML at 111.340. Masterrmind............
UJ [M5 Chart]
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May lock in at BE+pips closer to the 3/8 MML.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,428
  • Sep 25, 2017 10:27pm Sep 25, 2017 10:27pm
Quoting Masterrmind
{quote} UJ [M5 Chart] {image} May lock in at BE+pips closer to the 3/8 MML. Masterrmind...........
UJ [M5 Chart]

Closed out.
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Mini suppport level starting to hinder the downward progression of the short.

As consolidation time increases so too the risk of price moving to higher price levels considering recent PA at this very same level (left side).

After more pips but I'm ok with that trade.

Masterrmind............
Master your Mind then Master your Trades
  • #1,429
  • Sep 25, 2017 10:53pm Sep 25, 2017 10:53pm
EU [M5 Chart]
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Price in a tight range in between the 4/8 MML and the 5/8 MML levels.

An harmonic projection taken from an intraday swing does not put a long at Point D anywhere near the next octive UP (5/8 MML).

So price could keep trading in the tight range or move up or move down.

My opinion is to leave it alone and go look elsewhere at this time.

There is another swing for EU that could be applied and who can tell me where it is and at what price it completes ?

Then tell me if its worthy of further analysis.

Masterrmind........
Master your Mind then Master your Trades
  • #1,430
  • Sep 25, 2017 11:11pm Sep 25, 2017 11:11pm
Quoting Masterrmind
EU [M5 Chart] {image} Price in a tight range in between the 4/8 MML and the 5/8 MML levels. An harmonic projection taken from an intraday swing does not put a long at Point D anywhere near the next octive UP (5/8 MML). So price could keep trading in the tight range or move up or move down. My opinion is to leave it alone and go look elsewhere at this time. There is another swing for EU that could be applied and who can tell me where it is and at what price it completes ? Then tell me if its worthy of further analysis. Masterrmind........ ...
Here it is....
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The D Point of the CD leg gives a potential price level where a reversal might occur.

But does this 'new' ABCD help us in an entry at this time?

Hints:
1. What session is it now ? Fast/Slow or Medium PA usually ?
2. EU ADR is what ?
3. How many pips before the next octave level gets hit (if in fact price reaches that far) ?
4. How likely is it that a short entry could be taken over the next few hours ?
5. Should we wait and look for a short or should we go long now as in trading a C-Buy or should we move on ?

Masterrmind............
Master your Mind then Master your Trades
  • #1,431
  • Sep 26, 2017 12:09am Sep 26, 2017 12:09am
No participation.

Masterrmind............
Master your Mind then Master your Trades
  • #1,432
  • Sep 26, 2017 2:44am Sep 26, 2017 2:44am
Quoting Masterrmind
{quote} Here it is.... {image} The D Point of the CD leg gives a potential price level where a reversal might occur. But does this 'new' ABCD help us in an entry at this time? Hints: 1. What session is it now ? Fast/Slow or Medium PA usually ? 2. EU ADR is what ? 3. How many pips before the next octave level gets hit (if in fact price reaches that far) ? 4. How likely is it that a short entry could be taken over the next few hours ? 5. Should we wait and look for a short or should we go long now as in trading a C-Buy or should we move on ? Masterrmind...............
Good morning, nice to see your approach to the short time frame
It is about the same like mine
For EU, I favour the bearish side. I am already in but with position took in the higher tf
In the short tf ( 5m ) the intraday trend seems short. I see low high and low low, so until when the previous low high is broken, I will have my bias down
Personally I prefer to operate in high tf, but the logic is the same. Starting from the most evident swings, I sign the low and high to establish the trend and then, wait for the price to retrace to a fibo level, possibily in confluence with a key area ( where price reacted in the past ), to enter in the direction of the trend. In fact, I expect the serie of high/low will continue...then, nobody knows what will happen, but the ebst we can do is to trade with the statistic in our favour and use a proper money management ( as you always reming to us )
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  • #1,433
  • Sep 26, 2017 3:12am Sep 26, 2017 3:12am
Here is an example of how I analize a chart ( daily )
Gold
I see there are higher high and higher low
So my bias is long
Now, I will try to have an idea of where I could open a long trade
Here, I agree with your thought that we should wait that price come to us instead to enter because of the fear to miss the train
So, since the price after the last high retraced, I look for an area where I am interested to enter
The first thing I do is to draw the fibo level. I mostly are interested in the 61,8% but also the 38,2 and 50% are good levels
Then, I look at the chart to see if at one of those levels there is an area where price reacted some times in the past.
In this case, I see thaa price reacted many times at 1258/1250. Just a note, 1250 is also a round number, so another thing to keep in consideration
That level woudl also correspond to the 0/8MML ( not bad ). And it woudl also be a 1/1 completion of the retracement ( another interesting thing )
So, I am convincing myself that if price will reach that area, I would have a lot of confluence to enter long.
My hope is that price reach that level, loosing strenght ( it would mean that sellers are finishing ). Then, I woudl wait for a bull candle in 4 hour tf or maybe in 1hour tf. At that point I would enter. The stop loss would be placed under the prevoius main low or if you want to be aggressive and increase the size, under the recent low ( before the bull candle that decided the entry )
It is what I expect, but of course it is not easy that it will happen like I wish. Anyway, I think it is very important to have a plan and be prepared in the rare occasion it will happen...It would be nice to know the opinion of other traders to compare the different ways to think and improve our strategies The possibility to share opinions with traders like Masterrmind and learn his thought process should be a priority for all the traders who don't have the same experience. I am a bit surprised that the most of the members just follows this thread without an effective participation...
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  • #1,434
  • Sep 26, 2017 3:54am Sep 26, 2017 3:54am
Quoting Eldero
{quote} Good morning, nice to see your approach to the short time frame It is about the same like mine For EU, I favour the bearish side. I am already in but with position took in the higher tf In the short tf ( 5m ) the intraday trend seems short. I see low high and low low, so until when the previous low high is broken, I will have my bias down Personally I prefer to operate in high tf, but the logic is the same. Starting from the most evident swings, I sign the low and high to establish the trend and then, wait for the price to retrace to a fibo...
Yes I do push the risk management side alot.

Masterrmind............
Master your Mind then Master your Trades
  • #1,435
  • Sep 26, 2017 4:12am Sep 26, 2017 4:12am
Quoting Eldero
Here is an example of how I analize a chart ( daily ) Gold I see there are higher high and higher low So my bias is long Now, I will try to have an idea of where I could open a long trade Here, I agree with your thought that we should wait that price come to us instead to enter because of the fear to miss the train So, since the price after the last high retraced, I look for an area where I am interested to enter The first thing I do is to draw the fibo level. I mostly are interested in the 61,8% but also the 38,2 and 50% are good levels Then, I...
With Gold try to keep up to date with any high risk associated world events.

Increased global risk = higher chance that Gold will become highly sought after and therefore increase greatly in value.

So a fundamental analysis is required not just technical.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,436
  • Sep 26, 2017 6:11am Sep 26, 2017 6:11am
EU [M5]
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Masterrmind...........
Master your Mind then Master your Trades
  • #1,437
  • Sep 26, 2017 6:36am Sep 26, 2017 6:36am
GJ [M5]
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Masterrmind...........
Master your Mind then Master your Trades
  • #1,438
  • Sep 26, 2017 6:55am Sep 26, 2017 6:55am
GA [M5]
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Masterrmind.............
Master your Mind then Master your Trades
  • #1,439
  • Sep 26, 2017 7:03am Sep 26, 2017 7:03am
Quoting Masterrmind
GJ [M5] {image} Masterrmind...........
Yes been playing it for a while taken a few trades best being 150 pips latest just banked 60
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  • #1,440
  • Sep 26, 2017 7:08am Sep 26, 2017 7:08am
Quoting OAPDave
{quote} Yes been playing it for a while taken a few trades best being 150 pips latest just banked 60 {image}
Its certainly far from being smooth PA.

Plenty of whipsawing going on.

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