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Quad Candle System

  • #1,561
  • Oct 9, 2017 8:08pm Oct 9, 2017 8:08pm
EURAUD [M15/M5 MML]

I am now short.
Attached Image (click to enlarge)
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Pay attention to the setup and all the finer details.

There will be better setups but this is a text book type setup for intraday technique when applying M15/M5 MML System.

As good as it is a trader needs to be watching carefully for any sudden changes in the flow of PA across the chart.

If price drives up above the most recent highs then the option is always there to cut the loss quickly and then re-enter at the next key resistance.

Be effective but consistent.

Be patient but quick to act.

SL @ 25 pips but will be reduced as trade progresses favorably (if it does).
TP @ 25 pips which falls within the 1 to 1 completion of the harmonic move to the downside (also at 6/8 MML).

Risk < 0.6%; be aware of your risk on every trade you ever take, there is no room for guessing.

ps. In the intraday session trading smaller stops be prepared for losing trades.

pps. I have 2 recorded losses so far on this live account which I will address in detail later today.

Masterrmind............
Master your Mind then Master your Trades
  • #1,562
  • Oct 9, 2017 8:37pm Oct 9, 2017 8:37pm
The 2 losses to date are as follows:

Pair: GBPUSD
Direction: Long
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 73 KB

Loss: Trade 1 @ -19.2 pips & Trade 2 @ -7.7 pips for about a 0.9 % loss

Masterrmind............
Master your Mind then Master your Trades
  • #1,563
  • Oct 9, 2017 8:43pm Oct 9, 2017 8:43pm
Quoting Masterrmind
EURAUD [M15/M5 MML] I am now short. {image} Pay attention to the setup and all the finer details. There will be better setups but this is a text book type setup for intraday technique when applying M15/M5 MML System. As good as it is a trader needs to be watching carefully for any sudden changes in the flow of PA across the chart. If price drives up above the most recent highs then the option is always there to cut the loss quickly and then re-enter at the next key resistance. Be effective but consistent. Be patient but quick to act. SL @ 25 pips...
EA

Stop now moved to BE+5 pips
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 70 KB

Masterrmind.............
Master your Mind then Master your Trades
  • #1,564
  • Oct 9, 2017 8:53pm Oct 9, 2017 8:53pm
Quoting Masterrmind
{quote} EA Stop now moved to BE+5 pips {image} Masterrmind.............
EA

+4.9 pips
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 68 KB

PA took out my trailing stop.

Onto the next setup.

Masterrmind...........
Master your Mind then Master your Trades
  • #1,565
  • Oct 9, 2017 8:56pm Oct 9, 2017 8:56pm
Quoting Masterrmind
The 2 losses to date are as follows: Pair: GBPUSD Direction: Long {image} Loss: Trade 1 @ -19.2 pips & Trade 2 @ -7.7 pips for about a 0.9 % loss Masterrmind............
So after this hit of 0.9% loss how did I handle it ?

Answer coming up very soon !

Masterrmind............
Master your Mind then Master your Trades
  • #1,566
  • Oct 9, 2017 9:01pm Oct 9, 2017 9:01pm
Quoting Masterrmind
{quote} EA +4.9 pips {image} PA took out my trailing stop. Onto the next setup. Masterrmind...........
EA

My bias is still down ... right ?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 65 KB

So why not look for a pullback up into a Fib zone and look to short this pair again.

Observation only at this stage.

Masterrmind..........
Master your Mind then Master your Trades
  • #1,567
  • Oct 9, 2017 9:10pm Oct 9, 2017 9:10pm
Quoting Masterrmind
{quote} EA My bias is still down ... right ? {image} So why not look for a pullback up into a Fib zone and look to short this pair again. Observation only at this stage. Masterrmind..........
EA

Short again but half position size due to assessment of trade risk.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 69 KB

Price started to flatten out in and around the 50 Fib zone suggesting to me that a higher price might not be immediately possible.

So I decided to short the pair understanding that the risk is somewhat higher than normal and hence applied a lower position size and overall lower initial risk% (<0.2%).

Masterrmind..........
Master your Mind then Master your Trades
  • #1,568
  • Oct 9, 2017 9:29pm Oct 9, 2017 9:29pm
Quoting Masterrmind
{quote} So after this hit of 0.9% loss how did I handle it ? Answer coming up very soon ! Masterrmind............
Recovery trades after the 2 GU losses
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 63 KB

ps. Ignore the MML lines as they may or may not be valid at this point in time.

Masterrmind............
Master your Mind then Master your Trades
  • #1,569
  • Oct 9, 2017 9:41pm Oct 9, 2017 9:41pm
Quad Candle System Live account (profit chart)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 38 KB

Very tame trading nothing over aggressive.

In the days and weeks ahead I will look for an opportunity to open up a 3-5% risk trade.

This trade will be outlined well before the fact.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #1,570
  • Oct 9, 2017 10:04pm Oct 9, 2017 10:04pm
Quoting Masterrmind
{quote} EA Short again but half position size due to assessment of trade risk. {image} Price started to flatten out in and around the 50 Fib zone suggesting to me that a higher price might not be immediately possible. So I decided to short the pair understanding that the risk is somewhat higher than normal and hence applied a lower position size and overall lower initial risk% (<0.2%). Masterrmind..........
EA

+5.1 pips
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 67 KB

If no additional setups taken soon I will wait for London Open.

Masterrmind.............
Master your Mind then Master your Trades
  • #1,571
  • Oct 9, 2017 10:23pm Oct 9, 2017 10:23pm
Welcome back Masterrmind!!!
I will read carefully your posts later...and will return with my questions/consideration
  • #1,572
  • Oct 9, 2017 10:33pm Oct 9, 2017 10:33pm
Quoting Eldero
Welcome back Masterrmind!!! I will read carefully your posts later...and will return with my questions/consideration
A hive full of activity makes for an intersting place to 'bee'.

Ha ha ha.

Lets get busy.

Masterrmind............
Master your Mind then Master your Trades
  • #1,573
  • Oct 9, 2017 10:53pm Oct 9, 2017 10:53pm
Quoting OAPDave
{quote} Phew thank heavens that there as been no misunderstanding, Staying on the Gbp/Usd as per your posts, we have looked at the M W D to get a big picture to see if we can get into a trending move worth a few pips, so lets drop down to say a 60min with the standard Murrey 64, now do you think that to convince you to Buy we would have to see a chart shift up, hence blow through the 8/8ths +1/8th and +2/8ths ? or if we think the Sell is on what would be the size of risk we would need to take to be proved right or wrong ? We have Octave level prices...
Hi OAPDave, I will answer within a couple of hours...
  • #1,574
  • Oct 9, 2017 11:12pm Oct 9, 2017 11:12pm
Hi, I came across this thread several days ago. The method caught my interest but I guess I have a lot of studying to do. Sorry if I asked a very noob question, but is the base of this trading strategy looking only to trade the Quad Candle formations at MML extremes such as +2/8, +1/8 and 8/8 (look to go short) and 0/8, -1/8, -2/8 (look to go long)? And you do that in Daily charts?

I have another question about the MML levels, if I apply it in Daily Charts, does the level changes everyday or weekly? I asked this cause I wanted to be sure the Quad candles I noticed few days back on the chart that I am viewing today is valid. Am I making sense? Also I noticed the MML Level in the Daily charts are different than the levels in H4 charts.

Looking forward to learning more from all of you. Cheers.
  • #1,575
  • Oct 9, 2017 11:31pm Oct 9, 2017 11:31pm
Attached Image (click to enlarge)
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  • #1,576
  • Oct 9, 2017 11:34pm Oct 9, 2017 11:34pm
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  • #1,577
  • Oct 9, 2017 11:45pm Oct 9, 2017 11:45pm
Quoting Masterrmind
{quote} EA +5.1 pips {image} If no additional setups taken soon I will wait for London Open. Masterrmind.............

Masterrmind, is my chart the same as yours? Do you use different settings for the Daily charts and m5 for the MML?
Attached Image (click to enlarge)
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  • #1,578
  • Oct 9, 2017 11:55pm Oct 9, 2017 11:55pm
Quoting valerie2
Hi, I came across this thread several days ago. The method caught my interest but I guess I have a lot of studying to do. Sorry if I asked a very noob question, but is the base of this trading strategy looking only to trade the Quad Candle formations at MML extremes such as +2/8, +1/8 and 8/8 (look to go short) and 0/8, -1/8, -2/8 (look to go long)? And you do that in Daily charts? I have another question about the MML levels, if I apply it in Daily Charts, does the level changes everyday or weekly? I asked this cause I wanted to be sure the Quad...
Its ok to ask any questions you wish.

We were all newby's at one stage.

Take note of the following:

I will update Post 1 again with explanatory notes so keep an eye out for that when it happens.

There are 2 trading systems being applied here namely:

1. D1 Quad Candle System (longer term setups) and
2. M15/M5 MML System (intraday setups)

#1 The D1 Quad Candle System is the key trading method in this thread.

#2 The M15/M5 MML System can be traded at the discretion of the trader.

Primary focus should be on mastering the D1 Quad Candle System because its a 'safer' trading method in general.

It is expected that the M15/M5 MML System will have a higher % of losing trades when compared to the D1 Quad Candle System.

Traders are always welcome to test out both styles of trading in demo mode before contemplating a live approach.

Masterrmind..............
Master your Mind then Master your Trades
  • #1,579
  • Oct 10, 2017 12:06am Oct 10, 2017 12:06am
Thank you for your reply Masterrmind, I longed EA just now, tped 9 pips. I like that,
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDmicroM5.png Size: 65 KB
  • #1,580
  • Oct 10, 2017 12:07am Oct 10, 2017 12:07am
Quoting valerie2
Hi, I came across this thread several days ago. The method caught my interest but I guess I have a lot of studying to do. Sorry if I asked a very noob question, but is the base of this trading strategy looking only to trade the Quad Candle formations at MML extremes such as +2/8, +1/8 and 8/8 (look to go short) and 0/8, -1/8, -2/8 (look to go long)? And you do that in Daily charts? I have another question about the MML levels, if I apply it in Daily Charts, does the level changes everyday or weekly? I asked this cause I wanted to be sure the Quad...
Only use D1 charts with 64 setting on all pairs unless otherwise advised for the Quad Candle System.
Only use M15/M5 charts with P=64 and MMP=60 and StepBack=0 unless otherwise advised.

For the lower TF charts it is very possible that I may apply different settings in a situation when the octave gap is not ideal when considering the pairs ADR.

I do not generally recommend H4 charts unless you have mastered the D1 approach and even then its not really necessary to be trading H4.

Higher TF charts such as W1 and MN may be used in the Quad Candle System but please realize that these setups may incur many thousands of pips as a 'realistic' SL as per the teachings of this method which might suggest that a smaller trading account might not be able to place such a stop since even at minimal lot sizing they may well exceed their assigned risk% (typically not greater than 5%).

Please have a good read through the thread, look at my posted charts and note the settings shown on the screenshots, big clues.

Note 1: MML same settings on different TF Charts will produce different MML levels in general.
Note 2: Risk management forms a very important role in this strategy and under no circumstances should you breach your assigned risk% over all currently 'in the market' trades.

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