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Quad Candle System

  • #3,761
  • Nov 7, 2019 3:23pm Nov 7, 2019 3:23pm
Closed out the 2 last running trades in profit.

I have deleted the last remaining sell stop on Gold.

Time to rest the cycle activity temporarily on this symbol and why not after a great end to the week.

Future cycles on gold and other symbols will be analyzed next in preparation for more trading next week.

Summary of account progress will be posted over the weekend.

Good trading,

Masterrmind .........
Master your Mind then Master your Trades
  • #3,762
  • Nov 8, 2019 9:03am Nov 8, 2019 9:03am
Excellent results Masterrmind!
Had an additional GER30 short from 13282.6 and took profit at 13210.5.
The initial GER30 trade short from 13,139.9 remains in action. Will monitor the trade next week and will look for other ones once I close it.
Have a great weekend everyone!
Forex - It's finger lickin' good
  • #3,763
  • Nov 9, 2019 5:10am Nov 9, 2019 5:10am
Quoting pipsandkfc
Excellent results Masterrmind! Had an additional GER30 short from 13282.6 and took profit at 13210.5. The initial GER30 trade short from 13,139.9 remains in action. Will monitor the trade next week and will look for other ones once I close it. Have a great weekend everyone!
Yes going well at this stage.

Plenty of dangers ahead though so lets see how I manage the next setup in whatever symbol it might be.

I'll post the QCS account summary soon but as you say its doing great.

First account did in a year what this account has done in a little over a month and at lower DD.

So 1 year should be interesting.

Mssterrmind.........
Master your Mind then Master your Trades
  • #3,764
  • Nov 10, 2019 5:42am Nov 10, 2019 5:42am
Quad Candle System Account Update

TE
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myfxbook
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Masterrmind.............
Master your Mind then Master your Trades
  • #3,765
  • Nov 11, 2019 12:44pm Nov 11, 2019 12:44pm
Still in the GER30 short trade. Price seems to consolidate. If it fails to make a higher high it should make a lower low and reach my take profit

Some news to take in consideration for this trade:

https://www.nytimes.com/reuters/2019...omy-china.html - bad

https://www.ft.com/content/ac54ca56-...c-f3fa4e77dd47 - good

and probably the most important aspect:

https://www.reuters.com/article/us-u...-idUSKBN1XH2P7

This is somewhat a double edge sword from my opinion:

1) "You are speaking to a fully informed man." - this means the market has already digested the news
2) On the other side it depends on the quantity of criticism made by Trump... as it could raise other troubling aspects to worry the market
3) My belief is that Trump will put on hold the tariffs again on 14th Nov since he must deal with the Chinese negotiations then see how to react with the EU.

Time will tell, all of the above are just my opinions.
Forex - It's finger lickin' good
  • #3,766
  • Nov 13, 2019 3:09am Nov 13, 2019 3:09am
Closed another short in GER30 at TP. Sold it from 13245 and TP at 13179. Still one short left, will monitor it careful since 14th Nov could bring a violent move either direction. My hope is to close the last GER30 and look for other opportunities. Good trading everyone and a big thanks to Masterrmind for teaching me how to think in trading terms!
Still plenty of learning and practice to do but I hope my first year ( although had some absence in it ) will prove profitable.
Forex - It's finger lickin' good
  • #3,767
  • Nov 14, 2019 6:24am Nov 14, 2019 6:24am
Quad Candle Dashboard

Some potential symbols of interest.
Attached Image (click to enlarge)
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The QCS dashboard offers a preliminary analysis only, it is the task of the trader to conduct all other analysis in such a way as to garner a highly confluent setup.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #3,768
  • Nov 14, 2019 6:34am Nov 14, 2019 6:34am
Quoting pipsandkfc
Closed another short in GER30 at TP. Sold it from 13245 and TP at 13179. Still one short left, will monitor it careful since 14th Nov could bring a violent move either direction. My hope is to close the last GER30 and look for other opportunities. Good trading everyone and a big thanks to Masterrmind for teaching me how to think in trading terms! Still plenty of learning and practice to do but I hope my first year ( although had some absence in it ) will prove profitable.
I'm sure you will make great progress in your trading over time.

Just think carefully and do not be in a hurry to enter many trades.

Start with very small relative trading volume and as the market moves in your favor start to add in additional entries.

Be mindful of pullbacks that the market will perform at times and understand that monitoring trade progress across the entire account is vital.

Remain focused but act with a very cool head.

It is the longer term stayer in this business that proves to be a success and not the flash in the pan (here 1 minute and gone the next).

Use positive swap only when it aligns with all your other analysis.

Master your Mind and then master your trades !

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #3,769
  • Nov 14, 2019 6:42am Nov 14, 2019 6:42am
As for the QCS trading account I am yet to start the next cycle of trades.

In fact I am yet to choose a symbol.

As for Gold it has put in a Quad Long pattern on the D1 TF.
Attached Image (click to enlarge)
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I'm not really in any hurry to engage with the precious metal at this stage although that could change leading into the next week, time will tell.

In the meantime however, lets see if I can find something worthy of a setup.

Masterrmind.............
Master your Mind then Master your Trades
  • #3,770
  • Nov 14, 2019 7:05am Nov 14, 2019 7:05am
Consider this setup.

Silver

An Octive Long signal but not a Quad Long pattern.
Attached Image (click to enlarge)
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Idea is to keep a tight leash on the SL at lets say around the 16.60 level and a target up near 18 handle

Who thinks this trade is a reasonable setup ?

Masterrmind............
Master your Mind then Master your Trades
  • #3,771
  • Nov 14, 2019 7:19am Nov 14, 2019 7:19am
Quoting Masterrmind
Consider this setup. Silver An Octive Long signal but not a Quad Long pattern. {image} Idea is to keep a tight leash on the SL at lets say around the 16.60 level and a target up near 18 handle Who thinks this trade is a reasonable setup ? Masterrmind............
Silver [D1]
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Masterrmind.............
Master your Mind then Master your Trades
  • #3,772
  • Nov 14, 2019 7:23am Nov 14, 2019 7:23am
Quoting Masterrmind
{quote} Silver [D1] {image} Masterrmind.............
I see a potential interaction of PA with the Descending Gann Grid TL.

This means I will wait another few days for PA to unfold before considering engaging.

Masterrmind.............
Master your Mind then Master your Trades
  • #3,773
  • Nov 14, 2019 10:35am Nov 14, 2019 10:35am
can gime me your tpl and indi please??
  • #3,774
  • Nov 16, 2019 12:31am Nov 16, 2019 12:31am
Quoting Vyco11
can gime me your tpl and indi please??
Please refer to Post 1 for all the information you need.

Masterrmind............
Master your Mind then Master your Trades
  • #3,775
  • Nov 16, 2019 12:44am Nov 16, 2019 12:44am
Quoting Masterrmind
{quote} The 2 Up 2 Down D1 candle idea has been around probably as long as Japanese Candles have been in existance. I'll be trading my approach to the method on a live trading account starting very very soon. My approach will have full transparency. Do you think their approach can match that? I also do not use lagging moving averages, RSI, Stochastics or MACD. So none of these will form any part of the approach taken here. Fundamental analysis also forms part of the method which may be lacking from "their" method. Enjoy the journey. Masterrmind..............
Good luck my friend!
https://www.mql5.com/en/users/pannik
  • #3,776
  • Nov 16, 2019 12:50am Nov 16, 2019 12:50am
Recall Posts 3771 and then 3772.

The Silver Chart on a D1 TF showed some interaction with the descending Gann TL ... did it not.

Silver [D1: bare chart]
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Silver [D1]
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This interaction is what I wanted to see.

Question is am I ready to engage ?

Price is sitting within my long zone of the Master Octive but the risk is that price might roll over and head down lower nearer the OPL_BASE @ 16.406.

Would I want to endure this amount of DD trading this symbol ?

A few pitfalls to a long entry are evident so I'll update my assessment early next week.

Masterrmind.............
Master your Mind then Master your Trades
  • #3,777
  • Nov 16, 2019 6:39am Nov 16, 2019 6:39am
You could enter only half a position initially in silver and another one when price action suggests further upmove?
Forex - It's finger lickin' good
  • #3,778
  • Nov 16, 2019 6:38pm Nov 16, 2019 6:38pm
Quoting pipsandkfc
You could enter only half a position initially in silver and another one when price action suggests further upmove?
Yes indeed that is certainly a valid option to enter this setup on Silver.

Start small and add in volume on favorable progress.

However, on longer term setups, meaning days running into weeks and possibly months I need to be mindful of the ongoing costs associated with holding a long position.

Swap Long @ -1.51 (Swap Short @ +1.15)

Although the swap rate is not that critical here its still a reason for me to remain patient at least until early next week so I can see what another 2-3 D1 bars shows.

Having said that it is possible that I'll enter long but would be attempting to do so under momentum (if possible).

Typically momentum for this symbol occurs closer to the NY session or on major news.

Masterrmind..............
Master your Mind then Master your Trades
  • #3,779
  • Nov 19, 2019 9:42am Nov 19, 2019 9:42am
GER30 updates: I'm in the initial position for some time now and added another position but not at the most favourable price since I thought yesterday it will break the support.
However, price seems to confirm further bearish moves, especially if it closes today with a pinbar. Attaching D1 and W1 charts.

D1 - possible forming of a pinbar to push price lower
W1 - possible forming of an evening star to show a reversal

It will be a chain reaction by my thinking: if D1 closes as pinbar it will attract sellers that will push lower and that will shift the W1 pattern attracting more sellers

Time will tell if I nailed this trade or not, but among other things what I must work is what Masterrmind advised: timing the entry as paying swap is not everything but also it's not productive
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GER30.rWeekly.png Size: 57 KB
Click to Enlarge Name: GER30.rDaily.png Size: 48 KB
Forex - It's finger lickin' good
  • #3,780
  • Nov 21, 2019 12:46am Nov 21, 2019 12:46am
Out of the GER30 trades but not as good as I wish. I also notice that I have execution problems. I had no problems waiting when I was in drawdown since I knew that price was in the expectations, but out of the blue when price moved in my favour I closed the trades very early, although it reached my estimated TP some time later.

Masterrmind what do you think would be the best approach to this issue? Should I just move to the 4hr charts since there prices would reach faster my stop losses or take profits? Thank you for your input on the matter.
Forex - It's finger lickin' good
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