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Quad Candle System

  • #321
  • Jun 15, 2017 12:48am Jun 15, 2017 12:48am
Quoting Masterrmind
EURSGD {image} Check: 1. Swap Short 2. Spread 3. Quad Short Pattern (QSP) confirmed 4. Quality of QSP (candlestick patterns, harmonic completion zones and Fibs as appropriate to the given chart) 5. Location of the QSP to Chart Structure (up high, in the middle or elsewhere) 6. Location of the QSP to MML zones (near extreme MMLs or elsewhere) 7. SL location 8. TP location 9. Reward to risk ratio 10. Does the R:r fit in with recent PA and does it potentially offer at least a 1 to 1. 11. EURUSD + USDSGD D1 Charts (what can these charts tell you about...
What I do not like about this trade is the following:

1. Quad Candle 4 closed right on top of support
2. SL required is at least 120 pips (1.55500) and this does not even go beyond the recent swing highs which were close to the 1.56250 level.
3. So if the market decides to retest these highs the SL just above the QCP will get eaten.

I'm wanting price to close some of the distance between current levels and the 7/8 MML because this will drastically reduce my SL.

Not only that but it allows me to get into the short and gain some pips before any interaction with the current support level assuming PA holds true.

Lets see what happens.

Masterrmind.............
Master your Mind then Master your Trades
  • #322
  • Jun 15, 2017 1:20am Jun 15, 2017 1:20am
GBPCHF

Also on my radar.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 49 KB


But the GBP is full of risk at the moment.

QCP not in the most ideal location but there is some support off to the left.

ps. Also looking at GBPUSD (but long rejection from the 5/8 MML) and GBPCAD (running flat after that huge dump a few days prior) for longs just above the MML central pivot.

Masterrmind.............
Master your Mind then Master your Trades
  • #323
  • Jun 15, 2017 1:39am Jun 15, 2017 1:39am
Final choices are:

EURSGD

GBPCHF

Both are Class 5 setups since they fall outside the extreme MML zone.

Not looking good at this stage for a trade but lets see if London Open can move them.

Masterrmind.............
Master your Mind then Master your Trades
  • #324
  • Jun 15, 2017 2:38am Jun 15, 2017 2:38am
Quoting Kwt4x
{quote} EURNZD H1 starting point: 1.62341 (last top) levels: 1/8 (75 pips) cycle lines: 75 candles grid size: 1/8 (75 candles) grid angle: 10 (1*1) {image} best regards,
Thank you for your reply and screen shots, I no nothing at all about Gann Grids and how to set them but I would like to know a lot more I feel its a little unfair on the thread to go down that route on here at present, but if you would be so kind as to point me to a link I would be grateful
  • #325
  • Jun 15, 2017 2:52am Jun 15, 2017 2:52am
Quoting Masterrmind
Final choices are: EURSGD GBPCHF Both are Class 5 setups since they fall outside the extreme MML zone. Not looking good at this stage for a trade but lets see if London Open can move them. Masterrmind.............
Morning Boss, doing a little work on my Daily (WHY BARS) because after all they give you around the same size initial stop to deal with as the Quad and when a Daily range is much bigger then surrounding it must mean something ? looking to see were they fit in with our MM64
  • #326
  • Jun 15, 2017 3:23am Jun 15, 2017 3:23am
Quoting OAPDave
{quote} Morning Boss, doing a little work on my Daily (WHY BARS) because after all they give you around the same size initial stop to deal with as the Quad and when a Daily range is much bigger then surrounding it must mean something ? looking to see were they fit in with our MM64
Feel free to post potential trade setups using the WhyBars if you like.

Im keen to see where London drives the GBPCHF.

Masterrmind.........
Master your Mind then Master your Trades
  • #327
  • Jun 15, 2017 5:07am Jun 15, 2017 5:07am
Quoting Masterrmind
GBPCHF Also on my radar. {image} But the GBP is full of risk at the moment. QCP not in the most ideal location but there is some support off to the left. ps. Also looking at GBPUSD (but long rejection from the 5/8 MML) and GBPCAD (running flat after that huge dump a few days prior) for longs just above the MML central pivot. Masterrmind.............
GBPCHF [D1; Quad Long Class 5]

Now long.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 50 KB


Risk: Close to 2% of account if current SL gets taken out however if the trade progresses favorably the SL gets tightened and hence risk reduces.

Masterrmind............
Master your Mind then Master your Trades
  • #328
  • Jun 15, 2017 5:39am Jun 15, 2017 5:39am
Hello Masterrmind

Is there any way we can disable the alert sound and popup for the MM lines indicater? I cannot see any option

Thank you very much for the thread and excellent analysis of the Quad pattern
Regards
  • #329
  • Jun 15, 2017 6:00am Jun 15, 2017 6:00am
@mastermind,What 'swung it' for you in the end to take the GBPCHF trade?
  • #330
  • Jun 15, 2017 6:09am Jun 15, 2017 6:09am
Quoting howard
Hello Masterrmind Is there any way we can disable the alert sound and popup for the MM lines indicater? I cannot see any option Thank you very much for the thread and excellent analysis of the Quad pattern
Download the most recent version from Post#1.

I've coded out the alert in that one.

Masterrmind............
Master your Mind then Master your Trades
  • #331
  • Jun 15, 2017 6:27am Jun 15, 2017 6:27am
Quoting nozzer
@mastermind,What 'swung it' for you in the end to take the GBPCHF trade?
Following my trading plan.

Risk was that price could head down initially and test the lows.

One reason why only 2% has been allocated to this trade.

Did you take the trade?

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #332
  • Jun 15, 2017 6:37am Jun 15, 2017 6:37am
no I didn't,but thanks for the insight
  • #333
  • Jun 15, 2017 6:44am Jun 15, 2017 6:44am
Multiple Trade Management

While the current trade unfolds in part what has been outlined so far forms only part of this method.

What we want to do is grow this account as fast and as 'safely' as we can .... right?

How do we attempt to do this?

Any ideas?

Masterrmind.............
Master your Mind then Master your Trades
  • #334
  • Jun 15, 2017 7:36am Jun 15, 2017 7:36am
Quoting Masterrmind
Ideal type of Quad Short Setup forming on EURGBP {image} Looking for a Quad Short pattern in the Extreme MML zone. Nice aggressive bulllish push into the zone (zone = extreme levels 8/8 to +2/8 for a short setup). Followed by a steady type of exhaustion. Almost like a rolling over of price to the opposite direction (down in this case). A close of the 4th candle red and in the zone would provide a better reward to risk ratio. Note the ADRs on these pairs too, that is important. Note also that this pair although it has a smaller ADR the pip value...
Guys really need to study your post, you seem to have found a good internal pattern for the Quad formation, not going to call it the Why Bars but re naming it The Mastermind Quad, just lookin at you trade in a 4day view (as its a 4 day pattern) both with a MM4 and a hand drawn Fib/Octave call it what you want. POST 307
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCHFSBDaily64.png Size: 63 KB
Click to Enlarge Name: GBPCHFSBDaily4day.png Size: 43 KB
Click to Enlarge Name: GBPCHFSBDailyHand drawn.png Size: 45 KB
  • #335
  • Jun 15, 2017 7:53am Jun 15, 2017 7:53am
Quoting Masterrmind
{quote} Following my trading plan. Risk was that price could head down initially and test the lows. One reason why only 2% has been allocated to this trade. Did you take the trade? Good trading, Masterrmind............
Hi Mastermind,
I started following your very interesting thread from a few days and I found your way to explain your with live trades very helpful
I am in the trade GBP-CHF
Just a few minutes after we enter the trade, the price went in the right direction for about 100 pips ( a bit less )
My question is, do you move quickly the stop at BE in case of these fast movements or do you always allow to the trade some time ( for ex 4 hours or more ) before making the stop tightened?
Then, in case of a pretty big and fast retracement ( as happened ) that causes a spike on the wrong side, do you consider to move the stop at BE even though after the retracement there are only 30/40 from the entry point?
Thank you, ciao
  • #336
  • Jun 15, 2017 8:28am Jun 15, 2017 8:28am
Quoting Eldero
{quote} Hi Mastermind, I started following your very interesting thread from a few days and I found your way to explain your with live trades very helpful I am in the trade GBP-CHF Just a few minutes after we enter the trade, the price went in the right direction for about 100 pips ( a bit less ) My question is, do you move quickly the stop at BE in case of these fast movements or do you always allow to the trade some time ( for ex 4 hours or more ) before making the stop tightened? Then, in case of a pretty big and fast retracement ( as happened...
No I try to avoid a quick move to BE on a longer term D1 trade setup.

It does depend on any unexpected news that comes out though in which case I make an assessment and may tighten up the stop.

Generally speaking I won't consider tightening the stop until more than 100 pips are in profit and even then I will not immediately look to go to BE.

It depends on the risk applied to a given trade (eg is it 0.5%, 1%, 2%, 5% or more).
Greater the risk the more likely I will look at reducing the stop to BE+pips after trade has gone more than 100 pips (sometimes less than this but usually not).

The 100 pips is not a fixed amount, in other words it is relative and depends on a given setup.

Big spikes can catch any trader out that is the evil with retail type accounts in the FX market.

If you think one is about to strike then you know more than I do.
Recall the GBP Flash Crash?

Map out the longer term resistance zones on the chart.

If price hesitates or looks to be reversing start thinking about tightening your SL.

If price has moved about 100 to 200 pips in your favor look to lock in at BE + 10-25 pips.

If high impact news is closing in fast (within 15 minutes or so from release time) make sure you protect the trade.

The aim of this method is to gain as many pips as possible from a solid setup and we are chasing 500 to 1000 pips so we don't want to strangle the trade do we and get stopped out before we have even begun.

Masterrmind.............
Master your Mind then Master your Trades
  • #337
  • Jun 15, 2017 8:41am Jun 15, 2017 8:41am
Quoting OAPDave
{quote} Guys really need to study your post, you seem to have found a good internal pattern for the Quad formation, not going to call it the Why Bars but re naming it The Mastermind Quad, just lookin at you trade in a 4day view (as its a 4 day pattern) both with a MM4 and a hand drawn Fib/Octave call it what you want. POST 307 {image} {image} {image}
The trading road map has been partly presented but no eyes see it.

Internal candlesticks ? Hmmm
Maybe Masterrmind included a link in Post#1 that has information about candlestick patterns .... no way ... he wouldn't have done that!

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

4 Day view is actually very important and rather useful.

Good charts and clear as a bell.

Thanks for posting them.

Masterrmind.............
Master your Mind then Master your Trades
  • #338
  • Jun 15, 2017 8:48am Jun 15, 2017 8:48am
Don't forget about Post 333.

Be sure to visit Post #1 regularly.

Time for rest now so I'll see you all here tomorrow.

Masterrmind.............
Master your Mind then Master your Trades
  • #339
  • Jun 15, 2017 8:53am Jun 15, 2017 8:53am
Quoting Masterrmind
{quote} No I try to avoid a quick move to BE on a longer term D1 trade setup. It does depend on any unexpected news that comes out though in which case I make an assessment and may tighten up the stop. Generally speaking I won't consider tightening the stop until more than 100 pips are in profit and even then I will not immediately look to go to BE. It depends on the risk applied to a given trade (eg is it 0.5%, 1%, 2%, 5% or more). Greater the risk the more likely I will look at reducing the stop to BE+pips after trade has gone more than 100 pips...
Thank you Mastermind, I like your point of view
  • #340
  • Jun 15, 2017 9:06am Jun 15, 2017 9:06am
Quoting Masterrmind
Don't forget about Post 333. Be sure to visit Post #1 regularly. Time for rest now so I'll see you all here tomorrow. Masterrmind.............
One very simple way, once live trade or trades have Breakeven or better locked in look for another trade, then it becomes a matter of only managing profit
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