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Quad Candle System

  • #2,501
  • Aug 28, 2018 10:38am Aug 28, 2018 10:38am
As per P.M. but I think the best I will do is have Fish with my Chips, think these non Majors are just not going to be worth it with the ESMA rules
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  • #2,502
  • Aug 28, 2018 5:53pm Aug 28, 2018 5:53pm
Quoting OAPDave
{quote} I understand why you want to stay with your long term trade, Mr T will eventually weaken the dollar, lets hope it is not at the same time we wave bye bye with Brexit, but you are only looking to scalp Buys on a short cycle, have you considered scalping shorts just in case we have a waterfall, at least you will lock in a fixed loss until you see a another Buy signal to release the hedge
Yes that is also an option.

My bias overall is for the pound to appreciate however, longs have been difficult of late due to a combination of Brexit news, political news, data flow and political commentary.

Although a short term short cycle could be planned it is not at the top of my list.

I would probably use a hedge type cycle only if the account is over a certain %DD and its nowhere near that yet so I'm only looking for longs.

Masterrmind...............
Master your Mind then Master your Trades
  • #2,503
  • Aug 28, 2018 5:56pm Aug 28, 2018 5:56pm
Quoting OAPDave
As per P.M. but I think the best I will do is have Fish with my Chips, think these non Majors are just not going to be worth it with the ESMA rules {image}
Lets see how your GN shorts pan out but currently you have about an octive in profit and thats great.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,504
  • Aug 28, 2018 6:12pm Aug 28, 2018 6:12pm
GU

I may well have to set up some longs from near the 1.28500 level.
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I need at least a 4% Gain in Equity before the end of this week.

No pressure !

May have to drop down in TF's to find the gain I need.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,505
  • Aug 28, 2018 6:51pm Aug 28, 2018 6:51pm
GBPUSD [D1 Short Term Long Cycle]

The chart shows the basic setup for a short term long setup.

The plan is to collect profit on favorable movement over a single octive.
Attached Image

The next post will show an M5 Chart for better viewing of the actual trading levels I will be using on this setup.

Masterrmind...............
Master your Mind then Master your Trades
  • #2,506
  • Aug 28, 2018 8:40pm Aug 28, 2018 8:40pm
Quoting Masterrmind
GBPUSD [D1 Short Term Long Cycle] The chart shows the basic setup for a short term long setup. The plan is to collect profit on favorable movement over a single octive. {image} The next post will show an M5 Chart for better viewing of the actual trading levels I will be using on this setup. Masterrmind...............
GU [M5 Chart]

M5 Chart for better viewing of the D1 single Octave setup.
Attached Image (click to enlarge)
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Lets consider lot size progression for this cycle of trades.

What we wish to do is make a minimum 4% profit from closed trades to offset the current months loss so that August registers greater than 0% gain in Equity.

BuyStop #3 0.04 lots over 1 octive = 0.04*15.3 pips*10 = $6.12
BuyStop #2 0.03 lots over 2 octives = 0.03*30.6 pips*10 = $9.18
BuyStop #1 0.02 lots over 3 octives = 0.02*45.9 pips*10 = $9.18

Market Entry 0.01 lots over 5 octives = 0.01*76.5 pips*10 = $7.65

Limit Order #1 0.01 lots over 6 octives = 0.01*91.8 pips*10 = $9.18
Limit Order #2 0.01 lots over 7 octives = 0.01*107.1 pips*10 = $10.71
Limit Order #3 0.01 lots over 8 octives = 0.01*122.4 pips*10 = $12.24

Assumed Gain if all trades are triggered and hit Target Level is about $64.26

Assumed Gain if Buy Stops are triggered but NO limit Orders are triggered is $32.13

Current Account Balance is $1153.89
4% of $1153.89 = $46.15 (our short term target gain)

If only the Buy Stops trigger and hit the target we are still short of the mark in the order of $14.02 ($46.15 - $32.13).

To compensate for this short fall we can either enter our long trades from lower levels or adjust some of the lot sizes.

Increase 'at market' entry to 0.02 lots provides as additional $7.65
Increase BuyStop #1 entry to 0.03 lots provides an additional $4.59
Increase BuyStop #2 entry to 0.04 lots provides an additional $3.06

Important to understand here that I only increased the volume for orders in the direction of positive progress (not for the Limit Orders !).

Lot increase has now added $7.65 + $4.59 + $3.06 for $15.30 > $14.02 needed to meet our minimum short term gain.

Note that the 3 Buy Stops may be entered 1 MML level lower depending on market price level of the 'at market' entry.

Do not forget to determine the total initial cycle risk (as % of account) for the setup and also consider its likely impact on all other trades !

Masterrmind.............
Master your Mind then Master your Trades
  • #2,507
  • Aug 28, 2018 9:09pm Aug 28, 2018 9:09pm
Quoting Masterrmind
{quote} GU [M5 Chart] M5 Chart for better viewing of the D1 single Octave setup. {image} Lets consider lot size progression for this cycle of trades. What we wish to do is make a minimum 4% profit from closed trades to offset the current months loss so that August registers greater than 0% gain in Equity. BuyStop #3 0.04 lots over 1 octive = 0.04*15.3 pips*10 = $6.12 BuyStop #2 0.03 lots over 2 octives = 0.03*30.6 pips*10 = $9.18 BuyStop #1 0.02 lots over 3 octives = 0.02*45.9 pips*10 = $9.18 Market Entry 0.01 lots over 5 octives = 0.01*76.5 pips*10...
GBPUSD
Attached Image (click to enlarge)
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Short Term Long Cycle is now active ('at market' entry is also active).

All I am doing here is trading a setup within 1 octave of a D1 Chart but showing it on an M5 TF (with smaller octives).

Depending on what price does the Buy Stop orders may be dropped by 1 lower active level.

The Buy Limit orders will not be modified.

Now all I need is for price to tag the 1.29395 level by the end of this week !

ps. AS Buy Stops get triggered the stops will be tightened.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,508
  • Aug 29, 2018 4:26am Aug 29, 2018 4:26am
Short Term Long Cycle (Update)
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Market entry ofcourse in action.

1 Buy Limit Order triggered.

1 Buy Stop Order triggered.

Now all I need is price to move 3 little octives up the chart and it will be mission accomplished !

Good progress.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,509
  • Aug 29, 2018 5:03am Aug 29, 2018 5:03am
Quoting Masterrmind
Short Term Long Cycle (Update) {image} Market entry ofcourse in action. 1 Buy Limit Order triggered. 1 Buy Stop Order triggered. Now all I need is price to move 3 little octives up the chart and it will be mission accomplished ! Good progress. Masterrmind..............
Yes looking good, as you say just need that one more push, me not so good today I seem to be stuck in a bad morning good afternoon trade, well at least I hope this afternoon is kind to me (UK Time)
  • #2,510
  • Aug 29, 2018 5:24am Aug 29, 2018 5:24am
Quoting OAPDave
{quote} Yes looking good, as you say just need that one more push, me not so good today I seem to be stuck in a bad morning good afternoon trade, well at least I hope this afternoon is kind to me (UK Time)
Yes may the good trades be with you always.

Masterrmind............
Master your Mind then Master your Trades
  • #2,511
  • Aug 29, 2018 8:52am Aug 29, 2018 8:52am
Well no fish with my chips, in fact not even any chips, The only real damage is my total lack of interest in trading since these new ESMA rules have come into effect, lots of other things give just as good a return for a lot less funding. might be wrong in my thinking but the edge as gone now.
  • #2,512
  • Aug 29, 2018 3:32pm Aug 29, 2018 3:32pm
Quoting OAPDave
Well no fish with my chips, in fact not even any chips, The only real damage is my total lack of interest in trading since these new ESMA rules have come into effect, lots of other things give just as good a return for a lot less funding. might be wrong in my thinking but the edge as gone now.
Yes the pound appreciated rather aggressively I'm afraid.

At least I hope minimal damage occurred to your account if all lot sizings were modest.

Masterrmind...............
Master your Mind then Master your Trades
  • #2,513
  • Aug 29, 2018 3:37pm Aug 29, 2018 3:37pm
Quoting Masterrmind
{quote} Yes the pound appreciated rather aggressively I'm afraid. At least I hope minimal damage occurred to your account if all lot sizings were modest. Masterrmind...............
No problem with the account, by luck even tightened my stop loss, but as i have said a few times now I see no edge @ 10:1 in non majors or 30:1 majors , time to move on now I think
  • #2,514
  • Aug 29, 2018 3:40pm Aug 29, 2018 3:40pm
Quoting Masterrmind
Short Term Long Cycle (Update) {image} Market entry ofcourse in action. 1 Buy Limit Order triggered. 1 Buy Stop Order triggered. Now all I need is price to move 3 little octives up the chart and it will be mission accomplished ! Good progress. Masterrmind..............
Short Term Long Cycle Outcome

This cycle was a blinding success made possible by aggressive pound appreciation.
Attached Image (click to enlarge)
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Could not have asked for a better or faster cycle.

All short term targets were hit.

The market entry was allowed to run on to a much higher target and it too was hit.

Recovery of a sagging monthly gain has now been achieved and then some !

Masterrmind..............
Master your Mind then Master your Trades
  • #2,515
  • Aug 29, 2018 4:14pm Aug 29, 2018 4:14pm
Quoting OAPDave
{quote} No problem with the account, by luck even tightened my stop loss, but as i have said a few times now I see no edge @ 10:1 in non majors or 30:1 majors , time to move on now I think
At 10:1 leverage on a small account attempting to trade the volatile minors is not advisable in my opinion.
I'm assuming that half your funds are tied up doing nothing under these 'crazy' rules.
So the situation just got far worse for you.

Under the current ESMA 'rules' it is very much a question about your available account funds for trading.

Seriously a trader needs to be very well funded.

However, a very well funded trader would be very smart to move from an FX OTC Retail Broker to a futures broker (eg Ninja Trader) or a professional broker (eg Interactive Brokers among many others).

Basically, the little guy/girl is being given such horrendous entry conditions that ultimately they will be forced to either save up huge amount of funds or leave retail FX forever.

Or you could migrate to another country !

Sometimes the available options may not be options at all.

Masterrmind...............
Master your Mind then Master your Trades
  • #2,516
  • Aug 29, 2018 4:23pm Aug 29, 2018 4:23pm
GBPUSD

I have decided to take profit on the other 2 previous pending orders at the 1.29395 level (the 0.01 and 0.07 lot orders).
Attached Image (click to enlarge)
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Closed out at 1.30229.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,517
  • Aug 29, 2018 4:27pm Aug 29, 2018 4:27pm
Current Account
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Now in far better shape heading towards the end of this month.

Masterrmind............
Master your Mind then Master your Trades
  • #2,518
  • Aug 29, 2018 4:44pm Aug 29, 2018 4:44pm
GBPUSD

Potential Harmonic Reversal unfolding in the cable.
Attached Image (click to enlarge)
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Especially after such a bullish run recently some type of a pullback is expected.

No guarantee that a pullback will occur though.

Nevertheless, a good enough reason to exercise caution for taking longs in this zone.

Confluence should include, harmonics, chart structure, psych levels and news outlook among others.

Good trading,

Masterrmind..............
Master your Mind then Master your Trades
  • #2,519
  • Aug 30, 2018 6:37am Aug 30, 2018 6:37am
Attached Image (click to enlarge)
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  • #2,520
  • Aug 30, 2018 2:56pm Aug 30, 2018 2:56pm
Could be interesting, it's either heading for a 256 Chart shift or a bounce ?
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