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Quad Candle System

  • #1,441
  • Edited 7:31am Sep 26, 2017 7:19am | Edited 7:31am
Quoting Masterrmind
{quote} Its certainly far from being smooth PA. Plenty of whipsawing going on. Masterrmind............
Yes has been testing at times but right or wrong, good or bad in sickness or health, I believe in the Murrey 64 on a Daily so if the S--t hits the fan I know when I have to throw the towel in, I trade on the same rules as the Pivot Method if yesterday was down look to sell off a retest
  • #1,442
  • Sep 26, 2017 7:51am Sep 26, 2017 7:51am
Quoting OAPDave
{quote} Yes has been testing at times but right or wrong, good or bad in sickness or health, I believe in the Murrey 64 on a Daily so if the S--t hits the fan I know when I have to throw the towel in, I trade on the same rules as the Pivot Method if yesterday was down look to sell off a retest
Yes the 64 is the magic number forsure.

The rest is up to the trader.

Masterrmind.............
Master your Mind then Master your Trades
  • #1,443
  • Sep 26, 2017 8:10am Sep 26, 2017 8:10am
EU [M5]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 65 KB

Closed out for a few pips.

PA not convincing at all.

Better to be out of that trade.

Masterrmind..............
Master your Mind then Master your Trades
  • #1,444
  • Sep 26, 2017 8:57am Sep 26, 2017 8:57am
I have to confess that I have some difficulties in trading both high tf and small tf
I know it is a problem of mine, but maybe for someone else it could be the same
It is not easy to keep the trades separated
If I am short with EU because of a daily chart and I expect that price go down further for the next few days, I should not do nothing or at least I can lower the stop if in profit. But, and this is the problem, if I see in the lower time frame that a 1 to 1 completion or a complex ABCD is finished, it begins difficult to me to remain in the trade. Especially if I am with multiple positions. One could say, this kind of analyze will allow you to exit and enter again gaining more than staying in the trade without doing nothing and it could be truth but it could also cause confusion and re-thinking. Soemtimes it happened to me.
At the writing moment, a case like this is happening for me
3 positions short EU with a total of + 325 pips. According to my daily strategy, I should wait for the close of the day and see what the today candle tells me to decide if 1) add a position 2) move the stop loss of the previous positions 3) close the positions 4) no action.
But in the short tf, I see that price is loosing strenght, a 1/1 completion is completed and the key level of 1,18 could work as support...now I am confused.... I will "try" to not be conditioned from the lower tf and I will focus only on the daily strategy, but I hope you can understand what I mean
For this reason, I think one ( or better to say, one like me ) should trade only high or short time frame. Of course, if other people have ( and not just think to have ) the total control of the situation without being conditioned it is a different history
  • #1,445
  • Edited 9:37am Sep 26, 2017 9:24am | Edited 9:37am
Quoting Eldero
I have to confess that I have some difficulties in trading both high tf and small tf I know it is a problem of mine, but maybe for someone else it could be the same It is not easy to keep the trades separated If I am short with EU because of a daily chart and I expect that price go down further for the next few days, I should not do nothing or at least I can lower the stop if in profit. But, and this is the problem, if I see in the lower time frame that a 1 to 1 completion or a complex ABCD is finished, it begins difficult to me to remain in the...
Will have to be very respectful how I answer, but I use the chart shift as my PA then add range expectation (M W D) to get a picture, its a 15min view of your pair but how many chart shifts do you see, so what direction do you want to play and how much range do you expect to see each day ? added the one I have been trading just added an update chart All Views have Murrey 64 be it 15min or 5mins
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  • #1,446
  • Sep 26, 2017 9:59am Sep 26, 2017 9:59am
Quoting Eldero
I have to confess that I have some difficulties in trading both high tf and small tf I know it is a problem of mine, but maybe for someone else it could be the same It is not easy to keep the trades separated If I am short with EU because of a daily chart and I expect that price go down further for the next few days, I should not do nothing or at least I can lower the stop if in profit. But, and this is the problem, if I see in the lower time frame that a 1 to 1 completion or a complex ABCD is finished, it begins difficult to me to remain in the...
Update on your pair 5min chart, no time to leave your screen on this timeframe, will we see another chart shift ?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDSBM5.png Size: 60 KB
  • #1,447
  • Sep 26, 2017 10:05am Sep 26, 2017 10:05am
Quoting OAPDave
{quote} Will have to be very respectful how I answer, but I use the chart shift as my PA then add range expectation (M W D) to get a picture, its a 15min view of your pair but how many chart shifts do you see, so what direction do you want to play and how much range do you expect to see each day ? added the one I have been trading {image} {image}
Ciao OAPDave, yes I understand your point of view. What I wanted to say is that if I focus my attention on the daily chart and open a trade according to my strategy, unless we are close to the target and consequentially we are looking for the better exit point, the small tf can be a factor of re-thinking that could disturb my daily strategy. It is just a my problem that I had sometimes in the past and that I wanted to share here with the intent to avoid the same problem to other traders
I actually think there is nothing bad in trading the small tf. I was not clear, sorry
  • #1,448
  • Sep 26, 2017 10:19am Sep 26, 2017 10:19am
Quoting Eldero
{quote} Ciao OAPDave, yes I understand your point of view. What I wanted to say is that if I focus my attention on the daily chart and open a trade according to my strategy, unless we are close to the target and consequentially we are looking for the better exit point, the small tf can be a factor of re-thinking that could disturb my daily strategy. It is just a my problem that I had sometimes in the past and that I wanted to share here with the intent to avoid the same problem to other traders I actually think there is nothing bad in trading the...
Let me give you an explanation with the chart
As you can see, I have three positions open ( I open them on the daily tf )
Today, viewing the 5 min chart I noticed factors that made think that I could have exit
I don't know if it was better to exit or better to remain ( as I did ). But I know that my daily strategy set the rule to wait the close for the day before taking any decision
So, to not be conditioned from the short tf, it is better for me that I skip them if I have trades open with daily criteria
Attached Image (click to enlarge)
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  • #1,449
  • Edited 10:34am Sep 26, 2017 10:21am | Edited 10:34am
Quoting Eldero
{quote} Ciao OAPDave, yes I understand your point of view. What I wanted to say is that if I focus my attention on the daily chart and open a trade according to my strategy, unless we are close to the target and consequentially we are looking for the better exit point, the small tf can be a factor of re-thinking that could disturb my daily strategy. It is just a my problem that I had sometimes in the past and that I wanted to share here with the intent to avoid the same problem to other traders I actually think there is nothing bad in trading the...
I would not change my point of view that I have taken from a Daily chart until I see Chart shifts happening on sensible smaller time frames, I would find it hard to trade with 7 pip levels hence I would use the whole Octave before thinking that I have to exit or reverse, either way you will have to give them a few pips back, also take it as read you have looked at your Wkly & Monthly levels
  • #1,450
  • Sep 26, 2017 10:34am Sep 26, 2017 10:34am
Quoting OAPDave
{quote} I would not change my point of view that I have taken from a Daily chart until I see Chart shifts happening on sensible smaller time frames, I would find it hard to trade with 7 pip levels hence I would use the whole Octave before thinking that I have to exit or reverse, either way you will have to give them a few pips back
Good, this is the right approach...I agree
Anyway, for many others is less easy than you think
When you have 6/7 positions, 50/60 pips means 350/400 pips
  • #1,451
  • Sep 27, 2017 5:35am Sep 27, 2017 5:35am
Quoting Eldero
I have to confess that I have some difficulties in trading both high tf and small tf I know it is a problem of mine, but maybe for someone else it could be the same It is not easy to keep the trades separated If I am short with EU because of a daily chart and I expect that price go down further for the next few days, I should not do nothing or at least I can lower the stop if in profit. But, and this is the problem, if I see in the lower time frame that a 1 to 1 completion or a complex ABCD is finished, it begins difficult to me to remain in the...
Its not necessarily a problem with you Eldero.

Some traders simply like one style or type of trading to another and end up focussing only on one.

As I've mentioned before most traders tend to be short or long term traders and not trade both.

Please do not feel pressured to trade the intraday style of MML when clearly the D1 Quad-MML is your preference.

The longer term setups should provide better results than the shorter term.

If your stops are positioned in a reasonable location then many swings in the market that take out a short term setup will be avoided by the deeper stops applied on D1 entries.

I'm only trading the M15/M5 MML System here to illustrate that an MML approach can also be added to a traders arsenal.

However, you will have noticed that I have not collected many pips applying this method to date on the live account.

This is due to my intense PA monitoring habits where trades are exited via a discretionary process.

The problem is that my discretionary ability and decision making processes will most likely be very different to any other traders.

Experience has alot to do with this considering the fact that I have been an avid PA trader for multiple decades.

It does not mean that losers will be avoided as they most surely will not but plenty of practise with charts over many many years certainly helps to fine tune ones ability to anticipate what is likely to occur next.

Sometimes I get it spot on other times I do not...no-one is 100% right all the time...no-one!

Afterall, we all have different views on what PA is telling us and how best to react to it.

The market direction is how all live traders are ultimately judged.

I would suggest that you simply remain focussed on D1 Quad-MML System for as long as you like.

Many months down the track you might like to test out the M15/M5 MML System but you might not need it at all since D1 collects serious pips.

Traders choice.

Masterrmind............
Master your Mind then Master your Trades
  • #1,452
  • Sep 27, 2017 6:00am Sep 27, 2017 6:00am
GU [M5]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 62 KB

Masterrmind...........
Master your Mind then Master your Trades
  • #1,453
  • Sep 27, 2017 6:10am Sep 27, 2017 6:10am
Quoting Masterrmind
GU [M5] {image} Masterrmind...........
GU [M5]

Pending order - Sell Limit
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 64 KB

Price racing down the chart might have missed the entry on this trade but that's ok there are plenty more on offer.

The pending orders are useful in getting into the market at my price which was at the 4/8 MML in this setup.

Masterrmind.............
Master your Mind then Master your Trades
  • #1,454
  • Sep 27, 2017 6:39am Sep 27, 2017 6:39am
GChf [M5]
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Click to Enlarge Name: Screenshot1.png Size: 64 KB

Masterrmind.............
Master your Mind then Master your Trades
  • #1,455
  • Sep 27, 2017 6:55am Sep 27, 2017 6:55am
Quoting Masterrmind
GChf [M5] {image} Masterrmind.............
GChf [M5]

Now short
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Masterrmind............
Master your Mind then Master your Trades
  • #1,456
  • Sep 27, 2017 7:03am Sep 27, 2017 7:03am
Quoting Masterrmind
{quote} GU [M5] Pending order - Sell Limit {image} Price racing down the chart might have missed the entry on this trade but that's ok there are plenty more on offer. The pending orders are useful in getting into the market at my price which was at the 4/8 MML in this setup. Masterrmind.............
GU [M5]

Pending Order timed out.

Masterrmind.............
Master your Mind then Master your Trades
  • #1,457
  • Sep 27, 2017 7:19am Sep 27, 2017 7:19am
Quoting Masterrmind
{quote} GChf [M5] Now short {image} Masterrmind............
GChf [M5]

Closed out in profit.
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Masterrmind............
Master your Mind then Master your Trades
  • #1,458
  • Sep 27, 2017 7:45am Sep 27, 2017 7:45am
NU [M5]
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Masterrmind.............
Master your Mind then Master your Trades
  • #1,459
  • Sep 27, 2017 8:08am Sep 27, 2017 8:08am
EU [M5]
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Masterrmind...........
Master your Mind then Master your Trades
  • #1,460
  • Sep 27, 2017 8:10am Sep 27, 2017 8:10am
GJ [M5]
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Masterrmind............
Master your Mind then Master your Trades
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