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Quad Candle System

  • #2,821
  • Nov 22, 2018 9:11am Nov 22, 2018 9:11am
Quoting Masterrmind
{quote} Yes the testing part is certainly useful but plenty can be learnt from many other applications. A semi-auto approach is my preference but certainly full auto on very low risk could also be implemented. Lets see where we head with this concept. I certainly wish more traders were using MT5 for one reason it would mean far less coding to do, instead of currently doing 2 lots of everything which is verging on the crazy side. I think I may just have to make the decision and only code MT5 from here on ... hmmm. Masterrmind.............. ...
Yes, get alerted upon setup but allow discretion to be applied before taking the trade
Grind until you no longer have to introduce yourself. 4:30am club
  • #2,822
  • Nov 22, 2018 9:11pm Nov 22, 2018 9:11pm
Quoting Masterrmind
v1.04 in the making............. {image} No point though if the participation rate is missing the mark. All I see currently is plenty of downloads and no paticipation. I'm sure some of the alert traders out there can see the value in such a dashboard, especially with the continuing updates and then ofcourse the major upgrades. The columns in v1.04 show daily through to yearly data which provides those all important trading ranges. Color options are provided allowing preferred ranges to be set for any of the columns. Symbol anfd highlight toggle...
Hi Mastermind... I sorry I did not get back earlier with you with a question..However I was just figuring this out...does this column shows the price going up and down and will you have a white version of this awesome Dashboard?


Thank you so Very Much

Jeff
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Happily Married to MY College Sweet Heart!
  • #2,823
  • Nov 23, 2018 12:16am Nov 23, 2018 12:16am
A trade that could be potential is EUR-GBP short from as close as possible to 0.8900 and the stop loss around 0.8940 with a take profit around 0.8800.
The reason is the highs in the gray rectangle. If you notice they all stop in a very precise place, meaning that price area is very well protected and could hold.
However it's not per rules of the Quad System ( not at an extreme MML and not a quad ) so I don't know if it's going to be profitable.
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Forex - It's finger lickin' good
  • #2,824
  • Edited 12:51am Nov 23, 2018 12:28am | Edited 12:51am
AUD-CAD News Aspect to take in consideration:

Usually NOV Core Retail Sales m/m and CPI m/m come worse than expected.
*Closed my AUD-CAD for around 20 pips. Hope price goes up for another sell.


GBP-USD could provide an entry to buy but ahead there is still a lot of resistance, especially the 4/8 and again it's not per Quad/MML Rules.
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Forex - It's finger lickin' good
  • #2,825
  • Nov 23, 2018 12:50am Nov 23, 2018 12:50am
Another trade that could really prove to be nice is the

Short ZAR-JPY @8.189 SL 8.300 and TP 8.000.

Daily:

1) It's at the upper side of the ascending channel
2) 6/8 MML acts also as a resistance ( watch previous price reactions around 8.200 )
3) Price stopped under 78.6 FIB
4) Previous price behavior suggests some signs of exhaustion

Weekly:

1) On weekly the 8.20 also proves as an important resistance
2) We're at 50% Fib area that provides confluence as resistance
3) We're at the upper part of the range 5/8 -3/8. With so much resistance it could provide a reason to return into the range ( but NOT a guarantee ).
4) There is also at the upper part of a descending weekly channel ( second weekly chart, sorry for so many lines )

Monthly:

1) Price at 50% Fib
2) General downtrend but we notice the formation of an ascending one as well ( smaller )

The bad: It's an engulfing on monthly but the green bar creation is not over since the month has not ended.
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Forex - It's finger lickin' good
  • #2,826
  • Nov 23, 2018 3:01am Nov 23, 2018 3:01am
Quoting Jeff59FX
{quote} Hi Mastermind... I sorry I did not get back earlier with you with a question..However I was just figuring this out...does this column shows the price going up and down and will you have a white version of this awesome Dashboard? Thank you so Very Much Jeff {image}
The ADR (Average Daily Range) column:

Remains static for the current day (meaning the values will not change).
As a new D1 bar commences an instanteous calculation is performed and an updated ADR value printed to the dashboard.

ADR values are calculated for each symbol by summing the D1 ranges in pips (starting from the previous D1 bar and working backwards in time) over the user input number of days (ADR_periods) and dividing by number of days (ADR_periods).

eg.

if ADR_periods set = 5;

c = ignore current days pips
1= 100 pips (high-Low)
2= 80 pips (high-low)
3= 90 pips (high-low)
4= 120 pips (high-low)
5= 110 pips (high-low)

ADR for Symbol X = (100+80+90+120+110)/5 = 100.

'DR' (Daily Range) Column:

All values represent the number of pips covered in the current D1 bar or simply the current trading range.
Newer updated versions may have very different data display but I'll outline the differences at the appropriate time.

White version:

You can make one yourself if you wish by making changes to the current one and then saving it as a tpl file.

Let me know if you get stuck and I'll upload one.

Note: I strongly advise checking Post 1 and noting the upload date for the QuadCandleDashboard often because I do make changes to the code and upload an updated version with or without a change in the version number.

Thank you for asking a question.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,827
  • Nov 23, 2018 3:16am Nov 23, 2018 3:16am
Quoting pipsandkfc
Another trade that could really prove to be nice is the Short ZAR-JPY @8.189 SL 8.300 and TP 8.000. Daily: 1) It's at the upper side of the ascending channel 2) 6/8 MML acts also as a resistance ( watch previous price reactions around 8.200 ) 3) Price stopped under 78.6 FIB 4) Previous price behavior suggests some signs of exhaustion Weekly: 1) On weekly the 8.20 also proves as an important resistance 2) We're at 50% Fib area that provides confluence as resistance 3) We're at the upper part of the range 5/8 -3/8. With so much resistance it could...
Very nice informative post.

Great use of trendlines (could be a bit neater) and channels that address additional confluence or at least some form of expectation.

Without showing and outlining the expectation then there really is no way of knowing where to make an entry, where to place the stop and where to put the target.

I see that you are still considering the 'exotics' which will certainly provide more than a few lessons in some unexpected wild moves.

Really appreciate the time you have taken to post such detailed charts and commentary.

Great work!

Masterrmind..............
Master your Mind then Master your Trades
  • #2,828
  • Nov 23, 2018 4:05am Nov 23, 2018 4:05am
I will be considering buying Crude at around 45$....... It also aligns with other TA. I bought at 62.9 and exited with $8K loss (one contract) this week.....
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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #2,829
  • Nov 23, 2018 4:09am Nov 23, 2018 4:09am
Quoting Masterrmind
{quote} Very nice informative post. Great use of trendlines (could be a bit neater) and channels that address additional confluence or at least some form of expectation. Without showing and outlining the expectation then there really is no way of knowing where to make an entry, where to place the stop and where to put the target. I see that you are still considering the 'exotics' which will certainly provide more than a few lessons in some unexpected wild moves. Really appreciate the time you have taken to post such detailed charts and commentary....

Thank you for the input. I opted for the "exotics" as the others suggestions I posted are not very clear in my mind. This is why for those I didn't post an exact entry/stop loss/take profit.
I have a plan when I will trade live for exotics and as a matter of fact for all pairs: split my trading amount into 2 accounts with the same broker. One large and one small inside which I will really place trades. the small one will cover margin + 1 stop loss for the trade I'll be in. This way I should be protected by ESMA regulations against the negative balance. I have contacted ESMA to confirm about this but in an auto-reply, it said I should expect answers in up to 2 months. I'll do my best to read the regulations before going live anyway ( hopefully in January ) and will post the official point of view in the thread.

Regarding trendlines, your clarification would be greatly appreciated. I've noticed several explanations across my readings:

a) use the highs, lows only
b) use only the closes, opens
c) doesn't really matter, just draw a line uniting as many points as possible

When I look at the charts I think I'm using a very loose method as sometimes I unite highs, lows otherwise opens ,closes mostly to make it look decent, but haven't got set rules.
Forex - It's finger lickin' good
  • #2,830
  • Nov 23, 2018 4:15am Nov 23, 2018 4:15am
Just applying my weird logic
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  • #2,831
  • Nov 23, 2018 4:34am Nov 23, 2018 4:34am
Quoting OAPDave
Just applying my weird logic {image} {image}
I also noticed that 0.9558 support area proves to be a tough nut to crack...
Forex - It's finger lickin' good
  • #2,832
  • Edited 6:56am Nov 23, 2018 6:27am | Edited 6:56am
Quoting pipsandkfc
{quote} I also noticed that 0.9558 support area proves to be a tough nut to crack...
We have only used 22 pips of the 63 pip ADR that means in a normal day we have around 40 pips to add to the present High or low, the question is which way ?
Also do you think the weekly as got more range left in it ?
Radical solution could be
BUY High, SELL Low off the Daily Hmmmmmmmmmmmmmm WHAT
or Just wait to get the CAD News out of the way
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  • #2,833
  • Edited 7:37am Nov 23, 2018 7:26am | Edited 7:37am
Quoting OAPDave
{quote} We have only used 22 pips of the 63 pip ADR that means in a normal day we have around 40 pips to add to the present High or low, the question is which way ? Also do you think the weekly as got more range left in it ? Radical solution could be BUY High, SELL Low off the Daily Hmmmmmmmmmmmmmm WHAT or Just wait to get the CAD News out of the way {image}
Thank you for your input. It's just my newbie opinion, not sure if what I'm saying is right. It should go down but first, the news should pull it a little higher.
The break of the downside channel has completed since it took the same height in profit. Price rejection from the upper side was more violent and it seems the low of the previous bar has been taken. Also please note the price growth, it's too abrupt to continue the same way in the ascending channel.
Now I'm out and will try to look around and after news, time to see if a re-entry should be taken.


On my chart now appeared a low of 0.9522 so I guess the down path is getting cleared probably due to some profit taking
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Forex - It's finger lickin' good
  • #2,834
  • Nov 23, 2018 7:58am Nov 23, 2018 7:58am
Quoting pipsandkfc
{quote} Thank you for your input. It's just my newbie opinion, not sure if what I'm saying is right. It should go down but first, the news should pull it a little higher. The break of the downside channel has completed since it took the same height in profit. Price rejection from the upper side was more violent and it seems the low of the previous bar has been taken. Also please note the price growth, it's too abrupt to continue the same way in the ascending channel. Now I'm out and will try to look around and after news, time to see if a re-entry...
I try to keep my charts simple with just combinations of Murrey Octaves & Range expectation
ps Glad you mentioned the problems of working within these ESMA rules, its not fun
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  • #2,835
  • Nov 23, 2018 8:01am Nov 23, 2018 8:01am
Quoting OAPDave
{quote} I try to keep my charts simple with just combinations of Murrey Octaves & Range expectation ps Glad you mentioned the problems of working within these ESMA rules, its not fun {image}
I'm at newbie level, using all sorts of analysis for confluence, except indicators
About ESMA I think that if they took leverage, they must also give something in return to traders and that is the negative account balance protection Granted that by limiting the leverage there won't be many cases of negative account balance but still... Once they answer I'll post here.
Forex - It's finger lickin' good
  • #2,836
  • Nov 23, 2018 8:06am Nov 23, 2018 8:06am
Quoting pipsandkfc
{quote} I'm at newbie level, using all sorts of analysis for confluence, except indicators About ESMA I think that if they took leverage, they must also give something in return to traders and that is the negative account balance protection Granted that by limiting the leverage there won't be many cases of negative account balance but still... Once they answer I'll post here.
This not being a major would be at 10:1 and an account stop out of 50% so now I only look at Majors as they are 30:1
  • #2,837
  • Nov 23, 2018 8:47am Nov 23, 2018 8:47am
Hello,

Good job on dashboard, i love it !

There is one thing that i cant figure out, how to remove pairs that i do not want to see on dashboard?
Even in settings if i adjust pairs to my interest i still can see other ones, also after adjustment some weird symbols apairs.
Any advice?
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No One Ever Went Broke Taking a Profit ...
  • #2,838
  • Nov 23, 2018 9:20am Nov 23, 2018 9:20am
Quoting pipsandkfc
{quote} You're right, currently, price is going to rise. Further reassessment for a short must be considered.
Would not play today now range is in
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  • #2,839
  • Nov 23, 2018 9:30am Nov 23, 2018 9:30am
Quoting OAPDave
{quote} Would not play today now range is in {image}
That would be the best course of action. I just realized that news time has passed and it came with mixed results for CAD Let's see how the price behaves around 0.9600 area.
Good luck trading if you're going to select a side and again thank you for your input on the trades.
Related to ZAR-JPY I realized that people are usually buying not selling because of the swap Still a lot to learn...
Forex - It's finger lickin' good
  • #2,840
  • Nov 23, 2018 6:24pm Nov 23, 2018 6:24pm
Quoting heispark
I will be considering buying Crude at around 45$....... It also aligns with other TA. I bought at 62.9 and exited with $8K loss (one contract) this week..... {image}{image}
Oil
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I strongly suggest putting a full analysis into context considering at least the following:

1. Technical levels (Quad, MML, S&R, key round numbers especially 50.0);
2. Fundamental (whats causing oil to drop?, when is it likely to slow down?, under what conditions is it likely to rebound?);
3. Political (unfolding recent events in the middle east and their impact);
4. Economic (supply and demand scenarios, oil production rate variations, shale impact, expected changes in consumtion patterns (global)
5. Mathematical (statistical predictions and theoretical predictions);
6. Form a bias and apply low risk on initial entries, only add contracts on favorable progress applying D1 MML levels as future price entries and 2 Octive stops with targets around the 4/8 Central Pivot (62.50) if going long;
7. Risk is that price continues to dive lower into other longer term support levels and breaks through them.
8. Monitor 'Oil' news in all forms and adjust positions accordingly.

Oil price is notoriously difficult to predict so keep the traded volume low initially to minimize your exposure to a rather risky asset.

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