{quote} My favorite is the chart you posted being XAGUSD. {image} However, the chart I'm looking at is actually Silver versus the Euro. {image} Masterrmind..............
- #2,542
- Sep 11, 2018 3:45am Sep 11, 2018 3:45am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Look Close {image} {image}
Current levels are worthy of at least looking for a long entry though, but I need extra confluence.
In any case I'm not going to trade this at current Equity levels.
Masterrmind............
Master your Mind then Master your Trades
- #2,543
- Sep 12, 2018 7:28am Sep 12, 2018 7:28am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
EURNZD [D1; MML Short cycle]
Short cycle now in progress.
Positive swap.
Initial risk on first entry if stop gets taken out is about 0.8%.
Masterrmind..............
Short cycle now in progress.
Positive swap.
Initial risk on first entry if stop gets taken out is about 0.8%.
Masterrmind..............
Master your Mind then Master your Trades
- #2,544
- Sep 13, 2018 4:54am Sep 13, 2018 4:54am
- | Joined Sep 2006 | Status: howard | 1,693 Posts
EURNZD [D1; MML Short cycle] {image} Short cycle now in progress. Positive swap. Initial risk on first entry if stop gets taken out is about 0.8%. Masterrmind..............
I attach my EURNZD chart here, can you think of any reason why the mm lines are different from your chart?
P64
Regards
- #2,545
- Sep 13, 2018 6:10am Sep 13, 2018 6:10am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hello Masterrmind I attach my EURNZD chart here, can you think of any reason why the mm lines are different from your chart? P64 {image}
The setup I took was correct at the time and the new MML Grid levels also match your chart so all is good.
I now have the liberty of extending out my SL if I wish but for the time being I will leave it as it is and monitor trade progress.
If you enter EN or another pair please post your charts as it would be nice to see other traders using this approach.
Masterrmind.............
Master your Mind then Master your Trades
- #2,546
- Sep 13, 2018 6:18am Sep 13, 2018 6:18am
- | Joined Sep 2006 | Status: howard | 1,693 Posts
{quote} A reset of the octive gap has since occurred resulting in a doubling of the previous octive. The setup I took was correct at the time and the new MML Grid levels also match your chart so all is good. I now have the liberty of extending out my SL if I wish but for the time being I will leave it as it is and monitor trade progress. If you enter EN or another pair please post your charts as it would be nice to see other traders using this approach. Masterrmind.............
Thank you
Regards
- #2,547
- Sep 13, 2018 6:32am Sep 13, 2018 6:32am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Great Thank you
Masterrmind..............
Master your Mind then Master your Trades
- #2,548
- Sep 18, 2018 8:00pm Sep 18, 2018 8:00pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Taking a closer look at the target level and what it might mean for the gain on the account.
EN [D1 cycle only]
Current cycle comprises 5 trades (2 open and 3 pending Sell Stops).
Current $/lot/pip = $6.59 or $0.0659 per 0.01 lots per pip
Trade 1 $0.0659 * 0.01 lots/0.01 * 686.3 pips = $45.23
Trade 2 $0.0659 * 0.02 lots/0.01 * 610.2 pips = $80.42
Trade 3 $0.0659 * 0.03 lots/0.01 * 488.3 pips = $96.54
Trade 4 $0.0659 * 0.05 lots/0.01 * 366.3 pips = $120.70
Trade 5 $0.0659 * 0.08 lots/0.01 * 244.2 pips = $128.74
Potential target profit = $471.63
Current Balance = $1418.34
Target Balance = $1889.97 ( = $1418.34 + $471.63)
Potential EN cycle gain = +33.25%
Initial Risk from entry 1 was 0.8%
Current Risk of 2 positions is ~2.2%
So what has to happen for the EN cycle gain to occur ?
1. Price has to stay below 1.78500; and
2. Price needs to drop down to at least 1.70898.
If price fails to continue lower and instead heads up and takes out my stops the account will lose about 2.2% (+/- swap and commission).
So the risk is very reasonable for the potential reward, at this stage of the cycle at least.
As the cycle opens up more trades the risk profile will change and I will address this at the appropriate time.
Note that I have deleted 1 pending order which was at 0.07 lots and instead replaced it with 0.08 lots (identical entry, SL and TP).
This is to ensure that as the lot size of each trade increases so too will the gain even though the target pips per trade is reducing.
Please refer to Trade 1 through 5 above for clarification.
Since EN carries positive swap to the short side and this cycle is likely to last several weeks the swap will easily outweigh any commission cost and add to the overall gain on the cycle however, a value can not be assigned at this time since there is no way of predicting how long this cycle will last and whether it will be successful or not.
Time will give us the answer.
Good trading,
Masterrmind..............
EN [D1 cycle only]
Current cycle comprises 5 trades (2 open and 3 pending Sell Stops).
Current $/lot/pip = $6.59 or $0.0659 per 0.01 lots per pip
Trade 1 $0.0659 * 0.01 lots/0.01 * 686.3 pips = $45.23
Trade 2 $0.0659 * 0.02 lots/0.01 * 610.2 pips = $80.42
Trade 3 $0.0659 * 0.03 lots/0.01 * 488.3 pips = $96.54
Trade 4 $0.0659 * 0.05 lots/0.01 * 366.3 pips = $120.70
Trade 5 $0.0659 * 0.08 lots/0.01 * 244.2 pips = $128.74
Potential target profit = $471.63
Current Balance = $1418.34
Target Balance = $1889.97 ( = $1418.34 + $471.63)
Potential EN cycle gain = +33.25%
Initial Risk from entry 1 was 0.8%
Current Risk of 2 positions is ~2.2%
So what has to happen for the EN cycle gain to occur ?
1. Price has to stay below 1.78500; and
2. Price needs to drop down to at least 1.70898.
If price fails to continue lower and instead heads up and takes out my stops the account will lose about 2.2% (+/- swap and commission).
So the risk is very reasonable for the potential reward, at this stage of the cycle at least.
As the cycle opens up more trades the risk profile will change and I will address this at the appropriate time.
Note that I have deleted 1 pending order which was at 0.07 lots and instead replaced it with 0.08 lots (identical entry, SL and TP).
This is to ensure that as the lot size of each trade increases so too will the gain even though the target pips per trade is reducing.
Please refer to Trade 1 through 5 above for clarification.
Since EN carries positive swap to the short side and this cycle is likely to last several weeks the swap will easily outweigh any commission cost and add to the overall gain on the cycle however, a value can not be assigned at this time since there is no way of predicting how long this cycle will last and whether it will be successful or not.
Time will give us the answer.
Good trading,
Masterrmind..............
Master your Mind then Master your Trades
- #2,549
- Sep 19, 2018 12:12pm Sep 19, 2018 12:12pm
- Joined Sep 2018 | Status: Complete acceptance of probability | 306 Posts
Maybe in time when other traders will read this thread will wonder why to choose this system. My reasons were:
1) It seems to be universally accepted in the forex world that higher timeframes provide a clearer view of the market direction.
2) Higher timeframes allow a smaller number of trades. I know this can be bad for some traders that love action but based on my newbie assumption: I'm starting not knowing how to trade, a smaller number of trades on a live account ( when the time will come ) will limit the potential losses. Plus aiming 10-20 pips and paying 1-4 pips to a broker puts me with a start-up cost of 5-40%. In a regular business having these added costs would, in most cases make you consider if it's worth it. I know that some traders have laser precision and are very profitable with these costs, but this won't apply to a newbie like me.
3) What I really like in this thread and hope to master is the skill of keeping the money on the table. I know that most starting traders just want to close their transactions, but I think that once the mentality of keeping trades open longer is acquired results will be incredible. Plus I feel this is a good skill in the daily activities
as well.
4) A big plus I must say is the fact that the thread starter, Masterrmind has traded since the 80s. I have not listed this as the first reason since in the beginning, I feel one must resonate with the system, then with the teacher. Please don't take this as an offense Mastermind.
5) Time in front of the pc strictly for trading seems to be limited and this is a plus for me.
6) The fact that this thread advises fundamental analysis is also a plus. This is also a skill useful in other places, not just in the forex world.
7) To sum up I've chosen this system because I consider it won't just teach me how to trade, but will provide an improvement in daily activities as well.
The plan on starting:
1) Reading the entire thread and focusing on the charts posted as examples twice.
2) Do some backtesting to test if I understood the system. In this part I don't think that I can apply/gain fundamental analysis skills
3) Open a demo and trade it until Masterrmind approves I'm ready for a live account
4) Trade until I'm feeling comfortable on a small live account
5) Deposit more funds and take it slow
I think the whole process will take at least 1 year to finish the first 4 steps.
Congratulations to Masterrmind for starting and maintaining this thread, to all the traders that already gained the skills and are profitable.
To the other followers that still struggle, don't worry, it's not over until we quit
1) It seems to be universally accepted in the forex world that higher timeframes provide a clearer view of the market direction.
2) Higher timeframes allow a smaller number of trades. I know this can be bad for some traders that love action but based on my newbie assumption: I'm starting not knowing how to trade, a smaller number of trades on a live account ( when the time will come ) will limit the potential losses. Plus aiming 10-20 pips and paying 1-4 pips to a broker puts me with a start-up cost of 5-40%. In a regular business having these added costs would, in most cases make you consider if it's worth it. I know that some traders have laser precision and are very profitable with these costs, but this won't apply to a newbie like me.
3) What I really like in this thread and hope to master is the skill of keeping the money on the table. I know that most starting traders just want to close their transactions, but I think that once the mentality of keeping trades open longer is acquired results will be incredible. Plus I feel this is a good skill in the daily activities
as well.4) A big plus I must say is the fact that the thread starter, Masterrmind has traded since the 80s. I have not listed this as the first reason since in the beginning, I feel one must resonate with the system, then with the teacher. Please don't take this as an offense Mastermind.
5) Time in front of the pc strictly for trading seems to be limited and this is a plus for me.
6) The fact that this thread advises fundamental analysis is also a plus. This is also a skill useful in other places, not just in the forex world.
7) To sum up I've chosen this system because I consider it won't just teach me how to trade, but will provide an improvement in daily activities as well.
The plan on starting:
1) Reading the entire thread and focusing on the charts posted as examples twice.
2) Do some backtesting to test if I understood the system. In this part I don't think that I can apply/gain fundamental analysis skills
3) Open a demo and trade it until Masterrmind approves I'm ready for a live account
4) Trade until I'm feeling comfortable on a small live account
5) Deposit more funds and take it slow
I think the whole process will take at least 1 year to finish the first 4 steps.
Congratulations to Masterrmind for starting and maintaining this thread, to all the traders that already gained the skills and are profitable.
To the other followers that still struggle, don't worry, it's not over until we quit
Forex - It's finger lickin' good
- #2,550
- Sep 20, 2018 2:57am Sep 20, 2018 2:57am
- Joined Sep 2018 | Status: Complete acceptance of probability | 306 Posts
Upon starting reading the thread I've got a few questions:
1) The chart shown as example at: https://www.forexfactory.com/showthr...11#post9931211 it first generates a sell signal ( the one in the red area). Why is that classified as a fake signal? ( at that moment, not when seeing more of the chart )
- the pattern is in the +2/8-8/8 area
- it looks like a double top so that would be a good thing for considering a sell, no?
- it's not on friday since the signal could be traded at: 9 May 2017 and it was not a Friday
2) This is a question related to OAPDave post available at: https://www.forexfactory.com/showthr...85#post9928785 .
I am not sure I understood your statement: " Mastermind talks of the extreme MM levels, another area to have a look at is the Breakout of the 3/8th 5/8th Trading zone, depending on which way out look at the 1st attack of the 6/8ths or 2/8ths and what happens gives constant 1 -1 risk reward using 4/8ths as stop "
In these situations you mean that we're looking for BUY setups at the first break of 3/8th to 5/8th with a SL around 2/8th and SELL setups at the first break from 6/8th to 2/8th with SL around 7/8th?
In these situations as well we should consider the quad candle patterns as well, no?
Sorry, if these questions sound basic, but all my skills consist of finishing the Babypips school
More questions will come as I progress with the reading.
1) The chart shown as example at: https://www.forexfactory.com/showthr...11#post9931211 it first generates a sell signal ( the one in the red area). Why is that classified as a fake signal? ( at that moment, not when seeing more of the chart )
- the pattern is in the +2/8-8/8 area
- it looks like a double top so that would be a good thing for considering a sell, no?
- it's not on friday since the signal could be traded at: 9 May 2017 and it was not a Friday
2) This is a question related to OAPDave post available at: https://www.forexfactory.com/showthr...85#post9928785 .
I am not sure I understood your statement: " Mastermind talks of the extreme MM levels, another area to have a look at is the Breakout of the 3/8th 5/8th Trading zone, depending on which way out look at the 1st attack of the 6/8ths or 2/8ths and what happens gives constant 1 -1 risk reward using 4/8ths as stop "
In these situations you mean that we're looking for BUY setups at the first break of 3/8th to 5/8th with a SL around 2/8th and SELL setups at the first break from 6/8th to 2/8th with SL around 7/8th?
In these situations as well we should consider the quad candle patterns as well, no?
Sorry, if these questions sound basic, but all my skills consist of finishing the Babypips school
More questions will come as I progress with the reading.
Forex - It's finger lickin' good
- #2,551
- Sep 20, 2018 5:02am Sep 20, 2018 5:02am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Maybe in time when other traders will read this thread will wonder why to choose this system. My reasons were: 1) It seems to be universally accepted in the forex world that higher timeframes provide a clearer view of the market direction. 2) Higher timeframes allow a smaller number of trades. I know this can be bad for some traders that love action but based on my newbie assumption: I'm starting not knowing how to trade, a smaller number of trades on a live account ( when the time will come ) will limit the potential losses. Plus aiming 10-20 pips...
Reading through your post it appears to me that you have your head in the right place and that's a good thing.
Just remember that thread popularity does not often translate into profitability or longer term trader success.
The trader decides this to a very large extent based on the quality of their training and how determined and committed they are to achieving success in the markets no matter how many times they get knocked down.
A big plus in my threads is the transparency I provide in the form of before the fact trade setups, some of the reasons why I'm trading that pair, what my trade setups look like and how much I stand to lose should price go against my favored direction and then what my target might achieve.
Often this transparency is totally lacking from the vast majority of other threads which make empty claims.
If they can't provide a live account, a TE or a myfxbook or outline trades in anvance of the end result then you need to question why ?
A confident trader skilled in their trading techniques should not hesitate to provide at least a few before the fact trade setup examples.
My threads provide this and much much more.
Masterrmind.............
Master your Mind then Master your Trades
- #2,553
- Sep 20, 2018 8:07pm Sep 20, 2018 8:07pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Thank you for your warm welcome. I totally agree with what you've mentioned and hope you'll bear with me as I'll have plenty of questions. Additional questions, besides the previous 2: 1) What do you advise regarding the trades quality? Class 1 Entry = Quad + MML (8/8 to +2/8 or 0/8 to -2/8 extreme zone entry & Rejection candle) defined as: "Ideally what I like to see say in the case of a Quad short setup is a Why Bar piercing 8/8 or +1/8, the next bullish candle with a much smaller range showing some form of exhaustion near the +2/8 then...
And to keep them focused on what type of entry they were making.
The main concept is that trades are entered satisfying as many factors as possible to give the entry a 'higher probability of success" whilst applying a minimal SL in terms of the target level (TP).
Since these trades are taken on a D1 TF and that they remain active usually for several weeks it should be clear that the economic and political news must be followed constantly (focus on the main fundamental drivers here, the issues that play a larger role in currency movement).
You may not have access to all fundamental information so focus on what you do have access too.
The idea of an entry is to sell from an OB zone (upper MML's) or buy from an OS zone (lower MML's) and looking for RR of at least 1 to 4.
Risk 2 octives and shoot for 2 to 8 octives and ajust stops in line with your ongoing analysis of impacting type factors (major news etc).
The trader must decide which entry on which pair and at what level to trade.
Always consider zones of longer term support or resistance shown in the chart structure.
Focus on the D1 TF only and not the lower TF's.
I introduced the M5/M15 for a short while to keep the thread active mainly because traders were a little impatient.
Please use D1 only as this thread is all about longer term trading so smaller TF's will not be used except where a trader might wish to get into an entry applying the PA of a smaller TF and thats fine.
If you view a higher level of risk by keeping the trade open through the weekend then by all means close it.
However, since you know trades are meant to run for weeks if not months then by closing and then re-opening the trades on Monday you are adding broker commission every time.
What I do is form an opinion firstly based on weekend gapping over historical data for a pair of interest and then consider the SL pips in my open trade.
If the average weekend gap on Pair A was 50 pips and my SL is 150 pips away and the economic calendar (or political) does not suggest any major currency moving news on the weekend OR on Monday and Tuesday then I may run the trades through the weekend having considered the likely risk to my account should that trade get stopped out Monday morning.
Remember, everything in trading is relative including how much risk one trader might take compared to another.
Start trading with very low relative risk as I have shown on the 1K live account trading usually 0.01 lots and simply building into positions with higher lots as trade moves in my favored direction.
Take your time to absorb the information, it will not happen in a single week I assure you.
Masterrmind.............
Master your Mind then Master your Trades
- #2,554
- Sep 20, 2018 9:58pm Sep 20, 2018 9:58pm
- Joined Sep 2018 | Status: Complete acceptance of probability | 306 Posts
Thank you again for the input Masterrmind. I'm currently at page 39, first read. I expect at least two more weeks to finish reading the thread 2 times. The I will come to this thread and post back tested maps and ask practical questions. Until then all inquires are going to be made to understand the thread content.
To be honest I like the ideea that you recommend only higher timeframe trades, as this is what I also want. I read somewhere (in a blog, can't find the link) that you must have trades intraday and long term as well to get the exact market feeling. I'd settle only for long term and as you mentioned it's possible.
At first I must say the learning curve seems a little bit steep, but the information inside is top quality and I guess it's because it teaches you to analyze the market not just push the green button that fills the account with pips as Oapdave joked
As a practical question:
1) The chart shown as example at:https://www.forexfactory.com/showthr...11#post9931211 it first generates a sell signal ( the one in the red area). Why is that classified as a fake signal? ( at that moment, not when seeing more of the chart )
- the pattern is in the +2/8-8/8 area
- it looks like a double top so that would be a good thing for considering a sell, no?
- it's not on friday since the signal could be traded at: 9 May 2017 and it was not a Friday
How should I have analyzed to decide to open later and not in the red area the trade?
As for the spread/weekend position, once i'll finish reading the thread i'll look for gaps and make a statistic. If a 50 gap occurs at around 5 weeks than it's probably better to pay the spread, as it'll be 5x2 pips for example. I'll presume that all gaps go against me, for this analysis, but that's a future task, first I must read more.
To be honest I like the ideea that you recommend only higher timeframe trades, as this is what I also want. I read somewhere (in a blog, can't find the link) that you must have trades intraday and long term as well to get the exact market feeling. I'd settle only for long term and as you mentioned it's possible.
At first I must say the learning curve seems a little bit steep, but the information inside is top quality and I guess it's because it teaches you to analyze the market not just push the green button that fills the account with pips as Oapdave joked
As a practical question:
1) The chart shown as example at:https://www.forexfactory.com/showthr...11#post9931211 it first generates a sell signal ( the one in the red area). Why is that classified as a fake signal? ( at that moment, not when seeing more of the chart )
- the pattern is in the +2/8-8/8 area
- it looks like a double top so that would be a good thing for considering a sell, no?
- it's not on friday since the signal could be traded at: 9 May 2017 and it was not a Friday
How should I have analyzed to decide to open later and not in the red area the trade?
As for the spread/weekend position, once i'll finish reading the thread i'll look for gaps and make a statistic. If a 50 gap occurs at around 5 weeks than it's probably better to pay the spread, as it'll be 5x2 pips for example. I'll presume that all gaps go against me, for this analysis, but that's a future task, first I must read more.
Forex - It's finger lickin' good
- #2,555
- Sep 21, 2018 3:45am Sep 21, 2018 3:45am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Thank you again for the input Masterrmind. I'm currently at page 39, first read. I expect at least two more weeks to finish reading the thread 2 times. The I will come to this thread and post back tested maps and ask practical questions. Until then all inquires are going to be made to understand the thread content. To be honest I like the ideea that you recommend only higher timeframe trades, as this is what I also want. I read somewhere (in a blog, can't find the link) that you must have trades intraday and long term as well to get the exact market...
I do not nor shall I ever provide a green and red programmed tool.
This would take all the fun out of trading not to mention creating a string of dependent traders.
Strive to be an independent and intelligent trader who is supremely risk oriented.
The CHFJPY chart you refer too was an example chart I posted looking for comments from any interested traders.
Reading a little further shows not much interest so I did not take it further.
Based on the chart setup though yes a short could have been had or you might have waited a little longer to see if price approached the recent highs.
Idea is to attempt to get into a short at as high a price as the market allows based on your entry criteria.
This does not suggest that the trade will end as a success though and so risk needs to be assessed and managed throughout from the 1st entry to all other entries on a given cycle of trades.
If after everything the 1st trade gets stopped out then take it as a loss, look for any mistakes in your setup, journal them and correct them.
Nothing is guaranteed in this business, it is fraught with danger almost everywhere you care to look so the one thing you must take care of very strictly is risk control and trade mangement.
The losing trades should be minor in comparison to the winners since we shoot for much greater than 1 to 1 RR.
Read the thread a few times and make notes.
Then ask me any questions you like and I'll answer them.
Masterrmind..............
Master your Mind then Master your Trades
- #2,557
- Sep 21, 2018 7:39am Sep 21, 2018 7:39am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Thank you very much for the input. Sorry to insist but I don't see on the chart what would have made me wait. "Based on the chart setup though yes a short could have been had or you might have waited a little longer to see if price approached the recent highs." I think that understanding why I should have waited for the price to move further up would help me in getting at better prices in all the trades. Is it because of the highs in December-February that need to be re-tested? I can't pinpoint the reason that made you wait until the next quad,...
If you look across to the left side of the chart you can see where price has gone up high and then the sellers have come in and pushed price lower on multiple occasions.
This activity by price builds up what we call a resistance level, price has trouble trying to breakup to higher levels...market dynamics at play.
I was not necessarily planning to trade it.
Indeed I did not trade it, I looked elsewhere.
The post was to get some feedback from traders to get their opinion and to see what might be their considerations.
There are always several options, so yes you could have shorted it at current levels at that time, or waited for price to push up a bit higher and get into a short at a 'better' price.
Traders choice as always.
Masterrmind............
Master your Mind then Master your Trades
- #2,558
- Sep 21, 2018 12:11pm Sep 21, 2018 12:11pm
- Joined Sep 2018 | Status: Complete acceptance of probability | 306 Posts
Thank you for the answer. I've stopped all my activities to read the thread as it is very captivating. I'm at page 96 and I think I finally understood what it's all about. Partial Conclusions:
1) Never trade under pressure. When you organized the contest with Eldero you were forced to take setups that were putting you mostly in the breakeven area of profit. When you were free of pressure you doubled the 100k account and Eldero resumed good trades. If pressure affects experienced traders I can think what it does to those just starting.
2) As you mentioned, accuracy is on the higher timeframes. I've seen that the M15 trades look more like a struggle. The only thing that worries for D1 is keeping the trades open when a black swan is possible to occur. However, that is the cost of business. After weighing in I'd like to take a chance with a black swan possibility than with the pressures of lower time frames, at least for the near future.
3) The MML+quad is the pretext to look at the charts, it's not exclusive. The keywords are confluence + money/risk management. As for confluence, I must say I never thought about it but it's the best indicator. If a group of traders sells because of MML, others do so because of AB=CD harmonics, others do so because of Fibonacci or fundamentals it puts probabilities in our favor to move the market in our direction. If the sellers > buyers than we rule the market if we sell. Upon understanding this I must say it is kind of a revelation. This is what makes trends, confluence. When there is confluence a majority of money in the market takes one direction and a trend is born
4) Learn more about money management as the hidden power is adding lots to winning trades. To be honest, I have no feeling on how to do it, but I don't worry too much. I plan to start testing with just fixing the main entry with quad+mml and looking for confluence and identifying a reasonable TP > SL. Once more trades are placed I'll simulate at the same time on another account by placing additional positions.
5) Quite a lot of work to become proficient but it's nothing to worry about, you laid out the plan to do it and most of the times finding the instructions is the hard part, not the work. It would take much more time to find out what works by trial and error rather than understanding how to apply the concepts.
A big thanks to Eldero, Oapdave, Forest-Sea for keeping the thread alive when you left. Of course, thanks to you for returning.
To sum things up: THIS THREAD IS BRILLIANT
1) Never trade under pressure. When you organized the contest with Eldero you were forced to take setups that were putting you mostly in the breakeven area of profit. When you were free of pressure you doubled the 100k account and Eldero resumed good trades. If pressure affects experienced traders I can think what it does to those just starting.
2) As you mentioned, accuracy is on the higher timeframes. I've seen that the M15 trades look more like a struggle. The only thing that worries for D1 is keeping the trades open when a black swan is possible to occur. However, that is the cost of business. After weighing in I'd like to take a chance with a black swan possibility than with the pressures of lower time frames, at least for the near future.
3) The MML+quad is the pretext to look at the charts, it's not exclusive. The keywords are confluence + money/risk management. As for confluence, I must say I never thought about it but it's the best indicator. If a group of traders sells because of MML, others do so because of AB=CD harmonics, others do so because of Fibonacci or fundamentals it puts probabilities in our favor to move the market in our direction. If the sellers > buyers than we rule the market if we sell. Upon understanding this I must say it is kind of a revelation. This is what makes trends, confluence. When there is confluence a majority of money in the market takes one direction and a trend is born
4) Learn more about money management as the hidden power is adding lots to winning trades. To be honest, I have no feeling on how to do it, but I don't worry too much. I plan to start testing with just fixing the main entry with quad+mml and looking for confluence and identifying a reasonable TP > SL. Once more trades are placed I'll simulate at the same time on another account by placing additional positions.
5) Quite a lot of work to become proficient but it's nothing to worry about, you laid out the plan to do it and most of the times finding the instructions is the hard part, not the work. It would take much more time to find out what works by trial and error rather than understanding how to apply the concepts.
A big thanks to Eldero, Oapdave, Forest-Sea for keeping the thread alive when you left. Of course, thanks to you for returning
.To sum things up: THIS THREAD IS BRILLIANT
Forex - It's finger lickin' good
- #2,560
- Edited 3:56pm Sep 21, 2018 3:36pm | Edited 3:56pm
- Joined Jan 2015 | Status: Trader | 5,144 Posts
