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Quad Candle System

  • #2,841
  • Nov 23, 2018 6:48pm Nov 23, 2018 6:48pm
Quoting WooDex
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? {image}
Thanks for the compliment.

To remove unwanted symbols do the following:
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1. Open indicator settings window and click on 'Input' tab if not already open;
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2. Double click inside the 'Value' tab of the Symbols parameter;
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3. Delete any unwanted symbols using '<-- backspace' key or 'delete' key;
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4. Add additional symbols making sure to separate them using a comma ',' ;
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5. Click 'Ok' twice then click 'Close' and the chart will appear as folows:
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And your done !

ps. Always use a ',' to separate Symbol names eg AUDUSD,EURUSD,GBPUSD (last entry does not require a ',' at the end so leave it blank).

pps. Note the Dashboard can be applied to any Symbol chart and any TF it does not matter !

Masterrmind............
Master your Mind then Master your Trades
  • #2,842
  • Nov 23, 2018 7:38pm Nov 23, 2018 7:38pm
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}
If you go to the download section in Post 1 you will now have access to a White version.

Just thought I'd add one in to make life a little easier.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,843
  • Nov 23, 2018 8:12pm Nov 23, 2018 8:12pm
Quoting pipsandkfc
{quote} 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...
At least the spread will not be a major concern trading the exotics on a D1 TF, but certainly a different story on lower TF's.

The fact that you are already devising a plan and you have reasons for adding in exotics is very pleasing.

Yes a pity many of you guys have to contend with those 'drastic' ESMA rules which makes trading on a small funded account a rather difficult venture, not so much on the risk side per se but more so in the ability to generate some fast profit.

Imagine two traders, Trader A and Trader B both experienced traders but one uses 30:1 and the other 500:1.
Provided both accounts remain afloat the 500:1 trader will run circles around the 30:1 trader, making profit faster and much larger on average over the same period of time.

However, both traders can take advantage of compounding and seek to reach their goals over the longer term but it will likely take a little longer for the restricted 30:1 trader to reach the same goal as the 500:1 trader.

You just have to work with what you have been given and find ways to make it work to your advantage as much as possible.

Find a way to make it work or move onto other speculative ventures or investments.

I trade mostly with Interactive Brokers on my primary private trading account and I assure you the leverage is very low however, its geared towards a stock portfolio (dividends) with options and futures contracts making constant adjustments across the entire portfolio as required.

It generates good returns on low leverage at minimal risk so it fits with my goals over the medium to longer term horizons.

Traders simply need to assess their own situations, speculative and investment wise and find a balance between them.

I only use a portion of profits gained off the Stock portfolio to trade retail FX because of the inherent risks involved.

Alot depends on where a trader is at financially and I know from the vast PM's I receive that many are attempting to do things the wrong way around.

Instead of using capital from profits gained via 'solid' investments they are using funds that they cannot afford to lose in the first place and trading retail FX which as we all know carries a high level of risk.

Nevertheless, traders are free to make their own choices in life and all I'm attempting to show in the Quad Candle System is the possibility that larger equity levels can be achieved by applying some well thought out analysis, starting with low relative risk entries and building into favorable trade entries to increase growth rate under favorable market movements.

Keep in mind that there are no guarantees in FX trading so my little 1K real account may not make the ultimate goal.

Time will provide the answer.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,844
  • Nov 23, 2018 8:21pm Nov 23, 2018 8:21pm
Quoting OAPDave
Just applying my weird logic {image} {image}
All logic has its benefits and I don't see yours as weird, its simply interesting.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,845
  • Nov 23, 2018 8:40pm Nov 23, 2018 8:40pm
Quoting Masterrmind
{quote} Oil {image} 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...
Yes, I lowered my leverage this time. I put a pending buy order at $45.25 with one mini contract (QM). It can survive unless it hits below $25, which is unlikely considering fundamentals.... I expect I recoup my previous loss and make some profit in 3 months of period. The risk is price bounces back strongly before hitting my pending order which I think 50:50 chance.....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #2,846
  • Nov 24, 2018 6:12am Nov 24, 2018 6:12am
Quoting heispark
{quote} Yes, I lowered my leverage this time. I put a pending buy order at $45.25 with one mini contract (QM). It can survive unless it hits below $25, which is unlikely considering fundamentals.... I expect I recoup my previous loss and make some profit in 3 months of period. The risk is price bounces back strongly before hitting my pending order which I think 50:50 chance.....
Good call and I agree with you.

Oil very unlikely to hit 25 but always possible.

Getting long between the 45 and 50 handles with a series of smaller contracts via Buy Limit orders spaced out at buck intervals would not be a bad move in my opinion.

Staggered stops from 25 to 35.

Target around 62.50.

Tighten stops as price moves in your favor to reduce risk further.

Masterrmind..............
Master your Mind then Master your Trades
  • #2,847
  • Nov 24, 2018 12:41pm Nov 24, 2018 12:41pm
I found this about MML:

Horizontal MMTLine:
We are looking to trade a market Long when it is reversing off its:
A Best odds potential = 1/8ths MMTLine
B 2nd Best odds potential = 0/8ths or 2/8ths MMTLines
C 3rd Best odds potential = -1/8ths MMTLine
D 4th Best odds potential = -2/8ths MMTLine
We are looking to trade a market Short when it is reversing off its:
A Best odds potential = 7/8ths MMTLine
B 2nd Best odds potential = 8/8ths or 6/8ths MMTLines
C 3rd Best odds potential = +1/8ths MMTLine
D 4th Best odds potential = +2/8ths MMTLine

Can you please advise your opinion Masterrmind? Are these statements accurate? I've found it at:
http://bonniehill.net/pages.aux/murr...th%20Rules.pdf
Forex - It's finger lickin' good
  • #2,848
  • Nov 24, 2018 2:07pm Nov 24, 2018 2:07pm
Quoting pipsandkfc
I found this about MML: Horizontal MMTLine: We are looking to trade a market Long when it is reversing off its: A Best odds potential = 1/8ths MMTLine B 2nd Best odds potential = 0/8ths or 2/8ths MMTLines C 3rd Best odds potential = -1/8ths MMTLine D 4th Best odds potential = -2/8ths MMTLine We are looking to trade a market Short when it is reversing off its: A Best odds potential = 7/8ths MMTLine B 2nd Best odds potential = 8/8ths or 6/8ths MMTLines C 3rd Best odds potential = +1/8ths MMTLine D 4th Best odds potential = +2/8ths MMTLine Can you...
Hi,
If you check out Masterrmind's Post 1 you will find some good learning material under MML Sources , my favourite is the Powershow one
  • #2,849
  • Nov 24, 2018 5:56pm Nov 24, 2018 5:56pm
Quoting pipsandkfc
I found this about MML: Horizontal MMTLine: We are looking to trade a market Long when it is reversing off its: A Best odds potential = 1/8ths MMTLine B 2nd Best odds potential = 0/8ths or 2/8ths MMTLines C 3rd Best odds potential = -1/8ths MMTLine D 4th Best odds potential = -2/8ths MMTLine We are looking to trade a market Short when it is reversing off its: A Best odds potential = 7/8ths MMTLine B 2nd Best odds potential = 8/8ths or 6/8ths MMTLines C 3rd Best odds potential = +1/8ths MMTLine D 4th Best odds potential = +2/8ths MMTLine Can you...
What I would advise is the following:

1. Read the presented theory at least a few times over to gain an initial understanding;

2. Starting with a D1: 64 EURUSD chart make observations about PA at the various MML levels along the length of the Trading Frame as follows:

i) what was price doing before during and after an MML level (short, med, long term consolidation; reversal/breakthrough/pullback/continuation);
ii) take a bar count of when price remains within MML levels eg 3/8 to 5/8, Upper&Lower MMLs etc;
iii) repeat the process over different pairs such as AUDUSD, GBPUSD, USDJPY etc and tabulate your observations in Excel;
iv) analyze your findings with those of the presented theory and draw conclusions about any similarities;
v) if plenty of observations are taken you may apply a statistical measure by using a Null Hypothesis Significance Test (accept or reject);
vi) elaborate statistical analysis is not really needed here because a manual observation of the data is good enough in forming an opinion about the thoery and if it holds any truth on the chart you are analyzing in front of you or if its garbage;
vii) be very careful about drawing conclusions on the 'garbage' side without having analyzed hundreds of charts;

What you can do is start with 1 or 2 stated observations in the theory and test these first over multiple charts to see if at least 1 holds true.

If your observations and analysis show that 3 in a row are false thoeries then you'll see a problem starting to unfold.

The process is time consuming in manual mode (EA can be developed here) but its a very useful exercise and you will gain the benefit of observing PA on many charts.

An aside note:

The use of MML in the Quad Candle System (QCS) is limited to the 13 MML lines as per the MML indicator provided in Post 1.

QCS does not apply any of the Murrey Math Trading System methodologies at all (none).

QCS uses a series of D1 bar patterns in combination with extreme MML zones as an initial technical trigger that warrants additional fundametal, economic and political research about the symbol of interest leading to a bias in direction (long or short) and seeking out confluence prior to entry.

Note 1: The use of the MML term was only in keeping with the indicator name but really I prefer to think of it as 12 octives spaced out between a High and a Low as in Gann.

Note 2: It is very possible that I will code my own indicator for the MML lines but it will not be called anything like MML !

Masterrmind............
Master your Mind then Master your Trades
  • #2,850
  • Nov 25, 2018 12:46am Nov 25, 2018 12:46am
Thank you both for the input. I will revise again the rules from the powerpoint presentation and will also begin to look on charts to see how price reacted against the locations.
I think the ranking of potential has been made based on the following assumption: 1/8 is the entry and since 0/8 is considered the strongest support stop loss should go under it under normal conditions since the -1 and -2 are extremes.
Forex - It's finger lickin' good
  • #2,851
  • Nov 25, 2018 3:51am Nov 25, 2018 3:51am
Quoting pipsandkfc
Thank you both for the input. I will revise again the rules from the powerpoint presentation and will also begin to look on charts to see how price reacted against the locations. I think the ranking of potential has been made based on the following assumption: 1/8 is the entry and since 0/8 is considered the strongest support stop loss should go under it under normal conditions since the -1 and -2 are extremes.
What I provided above is a rather comprehensive approach to your question but it is the right approach.

Nevertheless, a simplified approach could be applied as follows:

1. Read through the MML PowerPoint SlideShow several times taking notes as you go;

2. Understand that the current price of the symbol influences the choice of the fractal value used in the calculations;

3. Understand how fractal choice is applied in the H-L range calculation;

4. Understand how to calculate for the 0/8 value;

5. Understand how the octive gap is determined;

6. Understand that the 8/8 level is simply 0/8 price + 8*(Octive gap);

7. Understand that all MML lines can be calculated from only knowing 0/8 and the octive gap since all 1/8's are equidistant;

8. Then open a D1:64 chart and observe how "right' or 'wrong' the MML theory is over the pairs you analyze;

9. When you've analyzed enough samples at various MML levels draw your own conclusions.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,852
  • Nov 25, 2018 3:57am Nov 25, 2018 3:57am
seems promising but any real forward test yet? didnt see any trade explorer though
  • #2,853
  • Nov 25, 2018 4:11am Nov 25, 2018 4:11am
Quoting Selin
seems promising but any real forward test yet? didnt see any trade explorer though
Hi Selin,

You've come to the right thread.

Being a transparent trader is what I do here.

There is NO TE here for MT5 since FF has not provided access.

However, if you read through Post 1 (strongly advised) you will find a link to 2 verifiable trade analytic websites which provide my 'real' trading history open to the public.

1. myfxbook; and
2. FXBlue.

Not only that but I also post my trade setups to the thread at the time I take the trades or close to it.

It is a journey for all who wish to follow.

ps. previous months results via myfxbook are posted at the top of Post 1 at the end of every month ... ongoing.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #2,854
  • Nov 25, 2018 4:16am Nov 25, 2018 4:16am
Quoting Masterrmind
{quote} What I would advise is the following: 1. Read the presented theory at least a few times over to gain an initial understanding; 2. Starting with a D1: 64 EURUSD chart make observations about PA at the various MML levels along the length of the Trading Frame as follows: i) what was price doing before during and after an MML level (short, med, long term consolidation; reversal/breakthrough/pullback/continuation); ii) take a bar count of when price remains within MML levels eg 3/8 to 5/8, Upper&Lower MMLs etc; iii) repeat the process over different...
".... 12 octives spaced out between a High and a Low ..."

Correction !

There are 8 octive gaps between the H-L range with 2 octives above the 8/8 and 2 octives below the 0/8 for a total of 12 octive gaps.

The 2 octive gaps above 8/8 are simply the OB zone.

The 2 octive gaps below 0/8 are simply the OS zone.

Any OB/OS zone should be treated with caution and although relevant on the chart of interest it may not be relevant on a different TF chart !

Remember that we are dealing with a very large market and it can take price wherever it chooses.

All things in trading are relative !

Masterrmind.............
Master your Mind then Master your Trades
  • #2,855
  • Nov 25, 2018 5:02am Nov 25, 2018 5:02am
Roughly drawn 256 then a 64, how many times could we have sold ?
Attached Image(s) (click to enlarge)
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  • #2,856
  • Nov 25, 2018 5:11am Nov 25, 2018 5:11am
Quoting OAPDave
Roughly drawn 256 then a 64, how many times could we have sold ? {image} {image}
We could have sold at every retracement to resistance but to be on the safe side we could have done it in at the end of April 2018, Middle of September and Middle of October when there was also a price reaction to the trendline?

The big question that I can't really answer myself is when to take profit...? Like advised in the thread 1,2 octaves for 1 SL or even more? Or better trail it?
Forex - It's finger lickin' good
  • #2,857
  • Nov 25, 2018 7:23am Nov 25, 2018 7:23am
Checking your D1 bars are updated and refreshed is critical for the Quad Patterns to be valid

The following chart highlights how each D1 bar can be checked to ensure correct date sequence and that there are no missing bars.
Attached Image (click to enlarge)
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Dates flow above the D1 bars.

Days of the week (1 though 5 == M-F) flow above the D1 bars.

Market is closed on the weekend so we should not see Saturday or Sunday on our charts.

The chart shows D1 dates and days of the week over the whole Grid (65 D1 bars in total representing current D1 bar + 64 additional).

Although it does not take too long to perform a visual check of the dates on the 1 chart it is rather tedious for a trader looking over 20 charts.

So I will automate the checking process and eventually provide a means of forcing a refresh of data and a a series of checks to ensure that data has indeed been updated.

This process is not as straightforward as one might think.

I've included a brief discussion here because if the D1 bars are missing or have not updated then the Quad Candle Patterns will be void.

More to follow in this space as time allows including updating the QCD Dash with the appropriate checks.

Masterrmind.............
Master your Mind then Master your Trades
  • #2,858
  • Nov 25, 2018 7:15pm Nov 25, 2018 7:15pm
GBPNZD [D1 Chart]

Here is an example of a chart with a missing D1 bar for Nov 21 (last Wednesday).

A quick visual using the QCS_DateCheck indicator spots the missing bar reasonably quickly.

Check Bar number and corresponding dates to ID a missing bar.

Attached Image (click to enlarge)
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Here is the QuadCandleDashboard display
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Lets check the H1 TF and see if it contains any price bar data for last Wednesday.

GBPNZD [H1 Chart]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 67 KB

Yes it does contain all hourly bars for the entire Wednesday.
#3 refers to the Day of the Week in this case it is Wednesday.

So who stole my D1 bar ?

Masterrmind.............
Master your Mind then Master your Trades
  • #2,859
  • Nov 25, 2018 7:55pm Nov 25, 2018 7:55pm
Quoting Masterrmind
GBPNZD [D1 Chart] Here is an example of a chart with a missing D1 bar for Nov 21 (last Wednesday). A quick visual using the QCS_DateCheck indicator spots the missing bar reasonably quickly. Check Bar number and corresponding dates to ID a missing bar. {image} Here is the QuadCandleDashboard display {image} Lets check the H1 TF and see if it contains any price bar data for last Wednesday. GBPNZD [H1 Chart] {image} Yes it does contain all hourly bars for the entire Wednesday. #3 refers to the Day of the Week in this case it is Wednesday. So who stole...
Lets have a look in the Histrory Centre so we can check the data !
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 126 KB

Sure enough there is no D1 data for GN for Wed Nov 21.

So lets force a refresh of all our D1 data for the GN symbol by selecting all of the data, deleting it out and forcing the brokers servor to upload 'fresh data'.
Data now deleted out
Attached Image (click to enlarge)
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Data refresh in progress....... waiting...waiting..... waiting

Lets check all the D1 bars again !
Attached Image (click to enlarge)
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Ok now we have recovered the missing bar and the QuadCandleDashboard should now reflect the 'correct' patterns (if any are present).

Checking the colored D1 bar patterns on the Dash and the chart, they should be the same AND correct based on D1 Bar date check as above.
Attached Image (click to enlarge)
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Yes they are so all is well and good in the Land of QUAD ...

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Now then lets repeat this same process above for all symbols within the QuadCandleDashboard ... No ! No ! ... I hear you all scream !!

Well I definitely agree with you all.

It should be obvious by now (I hope) that an automated checking and updating approach is necessary here.

I've shared this information here because I want you all to know what is involved where I'm headed and that a solution is being developed.

If you think you can drag and drop a script that force loads data onto the chart and all is fixed ... Think again !

I have used several versions floating around and they all pretty much fail to complete the task, basically skimming through the process without correctly identifying 'all' missing bars and offering a solution.

In retail FX I use a few different brokers and the missing bar situation occurs in all of them but certainly not necessarily at the same time.

Likely to be different TFs on different symbols but the problem is there.

Does any trader know of a feed where missing D1 bars are virtually non-exisitant ? If so speak up.

Other than that I will reach a solution that does exactly what I have shown above but in fully automated mode (it saves time afterall).

Masterrmind..............
Master your Mind then Master your Trades
  • #2,860
  • Nov 25, 2018 9:05pm Nov 25, 2018 9:05pm
GN
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB

Settings at 5 to cover current D1 Bar and 4 previous bars for the Quad decider.

Note: clearly no valid Quad pattern in this example.

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