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Quad Candle System

  • #161
  • Jun 6, 2017 5:25am Jun 6, 2017 5:25am
Quoting OAPDave
{quote} Mastermind, I have tried to go back to basic Murrey and because I use 2 Brokers charts one that treats Sunday as a stand alone bar and one that adds it to Monday I have dismissed the time element of his work and just focused in Price so I am making an effort to get to grips with just putting price in the relevant trade frame, shown in powerpoint presentation I posted that I guess few have bothered to look at, from this I reducing it down in the correct manner to give me an Octave size that is both meaningful and tradable, if I can master...
Im also big on ranges too.

For example on a pair I recently looked at but the name evades me at this time it was on a D1 Chart with the 64, 0 settings as per normal but multiple D1 candles showed a range as big as the octave gap, with many larger.

This makes entries a little interesting but what I did was simply try a different setting that fitted the general chart structure.

The setting was 64, 64......

Octave Gap was about 300 pips from memory.

TP hitting 2 octaves for 600 pips would be nice.

Anyway, I also notice several emerging and repeatable patterns on a Quad Formation.

If 2 red D1 candles complete with much larger ranges than the candles prior then look to go long on 2 smaller range blue candles.

Its like the bears have made 2 last final attempts to go lower but have exhausted themselves only to be taken over by the bulls.

The run in these types of setups has many hundreds of pips.

Plenty of examples in the charts.

Masterrmind..........
Master your Mind then Master your Trades
  • #162
  • Jun 6, 2017 5:35am Jun 6, 2017 5:35am
Quoting Masterrmind
{quote} Im also big on ranges too. For example on a pair I recently looked at but the name evades me at this time it was on a D1 Chart with the 64, 0 settings as per normal but multiple D1 candles showed a range as big as the octave gap, with many larger. This makes entries a little interesting but what I did was simply try a different setting that fitted the general chart structure. The setting was 64, 64...... Octave Gap was about 300 pips from memory. TP hitting 2 octaves for 600 pips would be nice. Anyway, I also notice several emerging and...
Very good observation, that is the benefit of trying to keep the charts as clutter free as possible, I will keep that in mind when eye balling my charts, thanks
  • #163
  • Jun 6, 2017 5:35am Jun 6, 2017 5:35am
Dave,

Another trader was interested in my view of USDCAD.

Not me at this time.

Im looking at the ones shown on the watch list I posted.

Masterrmind..........
Master your Mind then Master your Trades
  • #164
  • Jun 6, 2017 5:37am Jun 6, 2017 5:37am
Quoting OAPDave
{quote} Very good observation, that is the benefit of trying to keep the charts as clutter free as possible, I will keep that in mind when eye balling my charts, thanks
The charts do not need to have an octave gap as big as 300 pips either but there should be some relationship between the candle range and an ideal octave gap.

Thinking about this one ......

Masterrmind.........
Master your Mind then Master your Trades
  • #165
  • Jun 6, 2017 6:01am Jun 6, 2017 6:01am
AUDJPY

This pair is worth a look.

Very good level to get into the long side IF lower support holds.

Will lower support hold.

Zoom out to view the lower levels if this support level gives way.

Quad is triggered for a long and the current candle being the entry candle has pulled back down nicely opening up the opportunity for a smaller SL.

Masterrmind..........
Master your Mind then Master your Trades
  • #166
  • Jun 6, 2017 6:36am Jun 6, 2017 6:36am
Quoting Masterrmind
AUDJPY This pair is worth a look. Very good level to get into the long side IF lower support holds. Will lower support hold. Zoom out to view the lower levels if this support level gives way. Quad is triggered for a long and the current candle being the entry candle has pulled back down nicely opening up the opportunity for a smaller SL. Masterrmind..........
AJ

Price has now broken down below the low of the Quad Candle Cluster.

Price has dropped below the 82 handle.

A general weakness in the AUD data.

A shift to the JPY.

Question is how long will this trend last before we see the AUD start to gain something back.

Observation time for now.

Masterrmind.........
Master your Mind then Master your Trades
  • #167
  • Jun 6, 2017 5:51pm Jun 6, 2017 5:51pm
Mastermind
You have really put your heart and soul into this thread the openness and detail which you show is quite amazing, but now I must admit that sometimes I go off on a tangent , my latest being my hand made Murrey charts, after a little thinking tonight my thoughts are that it must appear that I appear a little disrespectful to you and your work on the thread, so I have decided to get back in line and only post pure Murrey charts as per indicator we both use and not to confuse the onlookers, to be honest it's all that's needed any way. So once again a big thanks for your help in solving the MurreyMaths Trading Method
  • #168
  • Jun 6, 2017 7:21pm Jun 6, 2017 7:21pm
Quoting OAPDave
Mastermind You have really put your heart and soul into this thread the openness and detail which you show is quite amazing, but now I must admit that sometimes I go off on a tangent , my latest being my hand made Murrey charts, after a little thinking tonight my thoughts are that it must appear that I appear a little disrespectful to you and your work on the thread, so I have decided to get back in line and only post pure Murrey charts as per indicator we both use and not to confuse the onlookers, to be honest it's all that's needed any way. So...
Don't worry about that Dave you have my blessing.

I'm all for thinking outside the box at times so if you think it will benefit the thread then please keep posting your ideas.

I will always welcome your input to this thread.

I must admit that I have not got into your posts as much as I'd like due mainly to time and being very busy these last few weeks but also trying to get the basics down in the thread.

Once the basics are all sorted and those traders who are keen to continue this journey are on the same page and understand how it works then a little thinking outside the box will be highly desirable if it adds value to the process.

Masterrmind.............
Master your Mind then Master your Trades
  • #169
  • Jun 6, 2017 7:24pm Jun 6, 2017 7:24pm
My motto in trading is basically to keep everything as simple as it can be but to be sure to include all that is necessary without over-complicating.

Masterrmind............
Master your Mind then Master your Trades
  • #170
  • Jun 7, 2017 3:27am Jun 7, 2017 3:27am
Quoting Masterrmind
My motto in trading is basically to keep everything as simple as it can be but to be sure to include all that is necessary without over-complicating. Masterrmind............
Morning Sir
Thanks for your reply, here is something to think about just might help with the use of range expectation, I am showing the AJ in 64 & 4 format and the Pair I have taken a few pips from EN again in 64 & 4 format the idea of the 4 is to see how many mini octaves price travels through and because you will get more chart shifts it should tell you the trend ? Octave size shown in information panel
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AUDJPYSBDaily4day.png Size: 72 KB
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Click to Enlarge Name: EURNZDSBDaily4day.png Size: 53 KB
  • #171
  • Jun 7, 2017 4:08am Jun 7, 2017 4:08am
Quoting OAPDave
{quote} Morning Sir Thanks for your reply, here is something to think about just might help with the use of range expectation, I am showing the AJ in 64 & 4 format and the Pair I have taken a few pips from EN again in 64 & 4 format the idea of the 4 is to see how many mini octaves price travels through and because you will get more chart shifts it should tell you the trend ? Octave size shown in information panel {image} {image} {image} {image}
Nice charts.

Perhaps mini octaves could be viewed as fractals of the higher order octave.

Waiting for a textbook Quad D1 setup in sync with MML is certainly testing the patience.

I don't mind waiting but Im sure there are some other traders that might be getting a little restless.

In any case the very first trade taken will be as close as I can get to the ideal entry.

After which Ill look for less confluent entries.

Masterrmind..........
Master your Mind then Master your Trades
  • #172
  • Jun 7, 2017 4:16am Jun 7, 2017 4:16am
Quoting Masterrmind
{quote} Nice charts. Perhaps mini octaves could be viewed as fractals of the higher order octave. Waiting for a textbook Quad D1 setup in sync with MML is certainly testing the patience. I don't mind waiting but Im sure there are some other traders that might be getting a little restless. In any case the very first trade taken will be as close as I can get to the ideal entry. After which Ill look for less confluent entries. Masterrmind..........
Walk yourself through a (hindsight) trade, once you get your initial entry see if you can milk it for all its worth off the 4day,
  • #173
  • Jun 7, 2017 5:11am Jun 7, 2017 5:11am
Quoting OAPDave
{quote} Walk yourself through a (hindsight) trade, once you get your initial entry see if you can milk it for all its worth off the 4day,
Yes indeed.

I suppose on a D1 Chart and depending a little on the instrument being traded if you manage to take more than 100 to 200 pips thats ok, 201 to 300 pips thats very good and more than 300 pips is excellent.

I know that 500 to 1000 pip take profits are always possible but they are extremely rare and very difficult to achieve.

That wont stop any of us from trying though will it!

ps. Haha ... best I get myself into a trade to have any chance at all.

Masterrmind.........
Master your Mind then Master your Trades
  • #174
  • Jun 7, 2017 5:13am Jun 7, 2017 5:13am
Mastermind your Murrey x indicator seems best for the 4 format because you can see the Octave numbers better and also can custom the line colour and thickness
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYSBDaily.png Size: 62 KB
  • #175
  • Jun 7, 2017 5:29am Jun 7, 2017 5:29am
Quoting OAPDave
Mastermind your Murrey x indicator seems best for the 4 format because you can see the Octave numbers better and also can custom the line colour and thickness {image}
The custom line color and weightings is certainly visually appealing but these could be added to your indicator too.

Masterrmind.........
Master your Mind then Master your Trades
  • #176
  • Jun 7, 2017 6:38am Jun 7, 2017 6:38am
Guys any thoughts how I could have re entered the EN again off a Daily set to 4 ???
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDSBDaily.png Size: 45 KB
  • #177
  • Jun 7, 2017 7:46am Jun 7, 2017 7:46am
Quoting OAPDave
Guys any thoughts how I could have re entered the EN again off a Daily set to 4 ??? {image}
Do you believe in MAGIC ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURNZDSBDaily now.png Size: 45 KB
Click to Enlarge Name: EURUSDSBDaily.png Size: 43 KB
  • #178
  • Jun 7, 2017 8:26am Jun 7, 2017 8:26am
Look at it another way, Murrey 4 day cycle = 24hrs in a day x 4 days = 96, so set your 60min chart to 96
Attached Image (click to enlarge)
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  • #179
  • Jun 7, 2017 2:56pm Jun 7, 2017 2:56pm
@mastermind,so do you enter on the reversal on the 7/8 ,8/8 ,+1/8 and + 2/8 murray lines with the quad pattern or is all reversal on the murray lines are considered,thank you in advance...
  • #180
  • Jun 7, 2017 8:51pm Jun 7, 2017 8:51pm
Quoting nozzer
@mastermind,so do you enter on the reversal on the 7/8 ,8/8 ,+1/8 and + 2/8 murray lines with the quad pattern or is all reversal on the murray lines are considered,thank you in advance...
Good question.

My preference is for taking trades from the following:
1. +1/8, -1/8, 0/8, 8/8, +2/8 and -2/8;
2. Internal MMLs 1/8 to 7/8.
3. The 4/8 MML can also be used with trade ideas generated from the price action in and around this zone since it is the central pivot of a defined MML trading frame.

Chart structure should be considered in all cases, support and resistance levels.

I tend to like trades from the extreme MMLs being +-1/8 and +-2/8 levels because these represent the extreme zones of a given trading range which can translate into smaller SLs being used and potentially a higher reward to risk ratio.

The SL for a trade taken from the +2/8 or -2/8 would only be at 50% of the octave gap up to a maximum of an octave gap. If price continues to break out the market is telling you that either higher or lower prices are likely depending if the MML is + or - 2/8 so getting out of the trade makes sense due to the implied higher risk involved.

Although the preference is to take trades that meet Quad criteria in combination with MML it is perfectly ok to take trades based only on the Quad Pattern or only on the MML levels but these setups may or may not be at a higher risk.

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