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Quad Candle System

  • #41
  • May 31, 2017 11:59am May 31, 2017 11:59am
Quoting OAPDave
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 {image}
So much wonderful material to cover.

One point I will also put in post 1 is that when D1 charts are setting up we will be looking for smaller intra day setups on M15 TF and below with an expectation of grabbing some additional pips.

Smaller pip count on lower TFs in general but they all add up.

ps. I will have free time in Thursdays trading session so the plan is to get some charts and much needed material added to the thread ... been very busy at present so I will be looking forward to getting up to date soon.

Masterrmind........
Master your Mind then Master your Trades
  • #42
  • Jun 1, 2017 1:11am Jun 1, 2017 1:11am
Quoting Masterrmind
{quote} So much wonderful material to cover. One point I will also put in post 1 is that when D1 charts are setting up we will be looking for smaller intra day setups on M15 TF and below with an expectation of grabbing some additional pips. Smaller pip count on lower TFs in general but they all add up. ps. I will have free time in Thursdays trading session so the plan is to get some charts and much needed material added to the thread ... been very busy at present so I will be looking forward to getting up to date soon. Masterrmind........
Morning,
Could I just check with you that our 15min charts match with levels ?
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  • #43
  • Jun 1, 2017 1:35am Jun 1, 2017 1:35am
Quoting OAPDave
{quote} Morning, Could I just check with you that our 15min charts match with levels ? {image}
EN

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Masterrmind............
Master your Mind then Master your Trades
  • #44
  • Jun 1, 2017 1:44am Jun 1, 2017 1:44am
Quoting Masterrmind
{quote} EN {image} Masterrmind............
Setting as per Post 12 except its a 15min chart, our charts agree now thank heavens
  • #45
  • Jun 1, 2017 1:44am Jun 1, 2017 1:44am
I think it looks reasonably close.

Masterrmind............
Master your Mind then Master your Trades
  • #46
  • Jun 1, 2017 1:47am Jun 1, 2017 1:47am
Quoting OAPDave
{quote} Setting as per Post 12 except its a 15min chart, our charts agree now thank heavens
Yes I usually trade on a H4 octave at 64 but on the M15.

Simple case of using 64 and 0 and the charts look good.

New Account added to TE so all is well.

A small 1K start so its realistic across the board however additional funds may be added over time to get it up to speed so to speak.

Needless to say the lot sizes on D1 Charts will be minimal initially.

The setups are key.

Masterrmind............
Master your Mind then Master your Trades
  • #47
  • Jun 1, 2017 1:57am Jun 1, 2017 1:57am
Trading EN I would view that octave gap on your chart as a bit tight based on the candle structure.

Octave Gap is about 15-16 pips approx.

However, if you get the entry spot on the DD may be very very small.

I look forward to an entry you may take on this setup.

ps. I am assuming you are trading on these settings or was it just to compare our charts?

Masterrmind............
Master your Mind then Master your Trades
  • #48
  • Jun 1, 2017 2:16am Jun 1, 2017 2:16am
Quoting Masterrmind
Trading EN I would view that octave gap on your chart as a bit tight based on the candle structure. Octave Gap is about 15-16 pips approx. However, if you get the entry spot on the DD may be very very small. I look forward to an entry you may take on this setup. ps. I am assuming you are trading on these settings or was it just to compare our charts? Masterrmind............
Yes can be different from pair to pair dependant on ranges but in general 60min much better
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  • #49
  • Jun 1, 2017 2:20am Jun 1, 2017 2:20am
I have to go out soon, have a meeting at the Care Home were my mum is, so be back just after lunch to catch up with things
  • #50
  • Jun 1, 2017 2:21am Jun 1, 2017 2:21am
UJ - EXAMPLE SETUP ON D1 CHART

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Check the stop distance first.

Check the reward to risk (initially look at >1 to 1 otherwise consider passing on the trade).

What I'm looking for is a pair where PA is close to the 0/8, 8/8 and the -+ 1/8 MMLs.

The internal MMLs can be traded but the better setups usually come from these 'outer' levels.

On a D1 setup a trader has to show patience and look for an ideal setup.

This means that the D1 Charts with the template provided should be checked and any charts that have PA near these outer MMLs given a much closer looking over.

Masterrmind.............
Master your Mind then Master your Trades
  • #51
  • Jun 1, 2017 2:25am Jun 1, 2017 2:25am
Quoting OAPDave
I have to go out soon, have a meeting at the Care Home were my mum is, so be back just after lunch to catch up with things
No worries.

Masterrmind............
Master your Mind then Master your Trades
  • #52
  • Jun 1, 2017 2:41am Jun 1, 2017 2:41am
Quoting Masterrmind
UJ - EXAMPLE SETUP ON D1 CHART {image} Check the stop distance first. Check the reward to risk (initially look at >1 to 1 otherwise consider passing on the trade). What I'm looking for is a pair where PA is close to the 0/8, 8/8 and the -+ 1/8 MMLs. The internal MMLs can be traded but the better setups usually come from these 'outer' levels. On a D1 setup a trader has to show patience and look for an ideal setup. This means that the D1 Charts with the template provided should be checked and any charts that have PA near these outer MMLs given a much...
When price is closer to the extreme -+ 2/8 MML levels a shorter stop may be needed.

Based on the period settings for the MML indicator and where price is in relation to the -+ 2/8 MMLs (in other words price has extended past) it will reset and produce a new set of MMLs.

Often it is useful to think of these -+ 2/8 MML levels as the last place for a stop.

After a breakout from these levels often price races away and its up to the trader to either trade into the unknown or to exit their trade.

If price does reverse off these outer MMLs then often a much larger TP can be sought (example would be trading back to the 4/8 MML but trailing the stop as price moves or even deeper MMLs can be used as a guide to taking TPs).

Masterrmind..............
Master your Mind then Master your Trades
  • #53
  • Jun 1, 2017 2:48am Jun 1, 2017 2:48am
Live, but I never trade anything with Chf in it do not forget to check bigger timeframes, Mastermind do you remember the post by Xcalibur ?
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  • #54
  • Jun 1, 2017 2:55am Jun 1, 2017 2:55am
Murrey Math Line Dashboard is also a useful tool that can expedite potential trade setups.

It can be used for currency pairs, indices, soft and hard commodities and in fact most of what your broker offers on the trading platform.

The Dash
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The Chart
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There are likely to be multiple versions floating around but the following link might be useful.

https://www.forexfactory.com/showthr...30#post8985530

A smart trader would then setup multiple Dash templates that display the order of their symbols in an easy to see format.

Masterrmind.............
Master your Mind then Master your Trades
  • #55
  • Jun 1, 2017 2:59am Jun 1, 2017 2:59am
Quoting OAPDave
Live, but I never trade anything with Chf in it do not forget to check bigger timeframes, Mastermind do you remember the post by Xcalibur ? {image}
Leave you to look at the Bigger timeframe but here is a 60min, right off now see you later
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  • #56
  • Jun 1, 2017 3:00am Jun 1, 2017 3:00am
Quoting OAPDave
Live, but I never trade anything with Chf in it do not forget to check bigger timeframes, Mastermind do you remember the post by Xcalibur ? {image}
Please refresh my memory?

Masterrmind.............
Master your Mind then Master your Trades
  • #57
  • Jun 1, 2017 3:11am Jun 1, 2017 3:11am
GJ - D1 Example

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If the setup is not from an extreme MML then you need to look for confluence (this can be as simple as searching the chart structure).

Half the battle is being ready to take the tyrade when they setup!

Even on a D1 Chart it is easy to miss opportunities so you need to be watching closely.

Masterrmind............
Master your Mind then Master your Trades
  • #58
  • Jun 1, 2017 3:14am Jun 1, 2017 3:14am
Quoting Masterrmind
{quote} Please refresh my memory? Masterrmind.............
Post 2149
https://www.forexfactory.com/showthr...52#post4201852
  • #59
  • Jun 1, 2017 3:27am Jun 1, 2017 3:27am
CHFJPY [D1 Chart]

On my watchlist

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Look at the yellow circle on the chart.

This is an example where being late to the party may translate into a smaller DD.

Look left to the previous Quad Pattern.

Based on the technicals we will be looking for a short setup...right?

Fundamentally is this a good idea?

Masterrmind............
Master your Mind then Master your Trades
  • #60
  • Jun 1, 2017 3:29am Jun 1, 2017 3:29am
It is my hope that given time other traders will share potential D1 trade setups.

Or at least identify a possible setup unfolding.

Team effort is what this is all about.

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