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Quad Candle System

  • #341
  • Jun 15, 2017 9:31am Jun 15, 2017 9:31am
Quoting Masterrmind
Quad Candle Patterns (D1 completed) CHFSGD EURSGD EURUSD GBPCAD GBPCHF GBPNOK GBPUSD USDHUF USDSGD USDTHB XTIUSD CN50 UK100 This is not an invitation to trade all or any of these pairs, indices or commodities listed above. Further analysis is required. ps. Check the spread too. Masterrmind...........
Its a Quad Jim but not as we know it, not as we know it, Its a Quad Jim but not as we know it,
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  • #342
  • Jun 15, 2017 10:48am Jun 15, 2017 10:48am
...hello Mastermind

Is Murray Math better than Pivots?

kindest regards,
v2v
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #343
  • Jun 15, 2017 12:43pm Jun 15, 2017 12:43pm
in on GBPUSD..
Nice looking flip zone on weekly chart.
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nollej is power..
  • #344
  • Jun 15, 2017 1:58pm Jun 15, 2017 1:58pm
thoughts on USDCAD?
Rejection of weekly swing level
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nollej is power..
  • #345
  • Jun 15, 2017 5:35pm Jun 15, 2017 5:35pm
Quoting OAPDave
{quote} 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
Since the trading horizon is predicted to be into weeks and perhaps months then it follows that at some point an opportunity will present itself to add in another position followed by further entries.

When a trade has been locked in at BE + pips it frees up available margin which can be used for other trades.

Over a longer time horizon coupled with favorable trading conditions it becomes a process of managing multiple trades rather than just the one.

As you pointed out correctly it becomes a process of managing profit, but also managing each additional trade placed in the market until at some point in time it is closed out for a loss or locked in at BE + pips.

As the number of in-process profitable trades increases there will come a time when more than 1 new position can be opened and indeed trades might be opened at higher lot sizes.

It does become interesting though.

Masterrmind.........
Master your Mind then Master your Trades
  • #346
  • Jun 15, 2017 5:37pm Jun 15, 2017 5:37pm
Quoting nollej
thoughts on USDCAD? Rejection of weekly swing level {image} {image}
I took this one. Let's how it will go !
  • #347
  • Jun 15, 2017 6:10pm Jun 15, 2017 6:10pm
Quoting Eldero
{quote} Thank you Mastermind, I like your point of view
Pleased to hear it.

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #348
  • Jun 15, 2017 7:23pm Jun 15, 2017 7:23pm
I took the Ucad as well
Just trying to put a kiss on the cheek of success
  • #349
  • Jun 15, 2017 10:33pm Jun 15, 2017 10:33pm
Quoting v2vboni
...hello Mastermind Is Murray Math better than Pivots? kindest regards, v2v
Thats an interesting question.

Its easy to see them as being equally likely to produce a good or a bad result.

The market will go wherever it chooses.

However, when you have the MML lines drawn in advance on the chart so you know they are fixed in time (at least until the MML lines get updated) and are projected out into the future just look how price can react to them.

Similar patterns do occur at the levels drawn by the common Pivots indicator too.

As a trader we should never take anything for granted and feel that price must react and do something at an MML line or at a pivot point.

Might find yourself being disappointed and certainly on the wrong side of the trade.

So why do I use them?

It should be clear by now that I apply confluence in the market centred around the following 3 key pillars.

1. price action techniques
2. fundamental analysis
3. technical analysis

A very high level of confluence should be built up from all of these pillars combined.

Rarely would I take a trade purely on a pivot indicator or the MML indicator alone.
If I do I'm aware of the risk and trade accordingly.

But its the building up of confluence and getting as much probability as possible on my side to win the trade ...simple as that.

To answer your question, I see a benefit in using both especially any type of pivot indicator that has some confluence with chart structure.

Back in full circle, where is price in relation to previous support and resistance zones, how about in terms of the MML zones ... all about confluence.

If you dig deeper into how the MML lines are calculated, it all stems from fractal choice and a known period, the octaves are simply divided up evenly to create pivots within pivots.

Because I know how the formula is derived I know that I need to consider more information about taking a trade than simply looking at the MML lines.

Surprisingly, I am not a follower of the Murrey Trading Methodology whatsoever and likely never will be.

However, the original (as far as I know) coder Vladislav Goshkov in 2004 or therabouts produced the MML indicator and I like how it functions.
There have been a string of other coders after Vladislav and probably some prior to him of which I cannot recall at this time.

On higher TF setups and in combination with the Quad Candle Pattern it works great.

A roundabout way to answer your question but I hope the additional information was useful to you and others.

I have added an MML Dashboard template to Post#1, some might find it useful.

Masterrmind............
Master your Mind then Master your Trades
  • #350
  • Jun 15, 2017 10:56pm Jun 15, 2017 10:56pm
Quoting Masterrmind
{quote} Thats an interesting question. Its easy to see them as being equally likely to produce a good or a bad result. The market will go wherever it chooses. However, when you have the MML lines drawn in advance on the chart so you know they are fixed in time (at least until the MML lines get updated) and are projected out into the future just look how price can react to them.... A roundabout way to answer your question but I hope the additional information was useful to you and others.. Masterrmind............
Many thanks to your prompt and detailed response....

Your answers are highly informative, and useful indeed.. in fact very useful.

...again thanks a lot.

kindest regards,
v2v
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #351
  • Jun 15, 2017 11:58pm Jun 15, 2017 11:58pm
GBPCHF

BE initiative

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IF price gets closer to the resistance level I may lock in the trade at BE + a few pips.

This level will be just over 150 pips from entry.

Study the chart structure close to my trade entry ...

Q1. What do you notice ?
Q2. What might this affect ?

Masterrmind..............
Master your Mind then Master your Trades
  • #352
  • Jun 16, 2017 12:21am Jun 16, 2017 12:21am
Linesprofitloss Indicator

This is a very useful indicator it was included in the tpl for a reason.

It can be used for current open trades and also pending orders.

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Color changes occur when the line is dragged above or below entry level based on user input color choice (current and pending orders).

Drag the single line above entry or below entry level and the potential profit or loss will be shown on the chart.

I use the setting = cash.

Example,

Open a pending order with a TP and SL

Apply the indicator to the symbol of interest to get an idea as to what the potential risk on a trade at a given lot size might be.

It shows profit in $ and % and similarly for the SL level.

Masterrmind.............
Master your Mind then Master your Trades
  • #353
  • Jun 16, 2017 1:06am Jun 16, 2017 1:06am
The following indicators are very useful for tracking trading progress.

i-Profittracker
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Attached File(s)
File Type: ex4 i-Profittracker.ex4   64 KB | 556 downloads


i-Exposure (the Buy and Sell Price columns are useless when multiple trades accumulate since only 1 price is printed to the chart)
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Attached File(s)
File Type: ex4 iExposure.ex4   15 KB | 488 downloads


I have personal templates setup to monitor important data and I suggest traders do like wise.

Masterrmind.............
Master your Mind then Master your Trades
  • #354
  • Jun 16, 2017 1:32am Jun 16, 2017 1:32am
Morning Mastermind, its always nice to open my computer to a good informative read, canceled my Daily paper now so please keep it up, to me the UC trade that was highlighted as not triggered yet that a couple of guys have jumped into ?
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  • #355
  • Jun 16, 2017 2:02am Jun 16, 2017 2:02am
Quoting OAPDave
Morning Mastermind, its always nice to open my computer to a good informative read, canceled my Daily paper now so please keep it up, to me the UC trade that was highlighted as not triggered yet that a couple of guys have jumped into ? {image}
Yes perhaps a little ambitious but time will tell.

AUDCAD (Quad Long off the Central MML Pivot 4/8)

USDCAD (Quad Long off the 1/8 with good rejection)

A few pairs will complete their Quad Patterns at the end of the day so opportunities might be around for next week.

I'll be sticking around here for awhile today though.

Maybe look for some possible shorter term trades (while the longer term trade plays out in the back ground; once locked in at BE I'll either add to the position or look for another pair to add).

Masterrmind...........
Master your Mind then Master your Trades
  • #356
  • Jun 16, 2017 2:21am Jun 16, 2017 2:21am
USDCAD

D1 Candles
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H1 Candles
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Looking at more candles such as in a lower TF Chart to discover a little more information about the PA should be standard procedure.

Once the trade is all ready for entry going down to say an M15 or even an M5 TF for a potentially neater entry is a good idea.

Masterrmind...........
Master your Mind then Master your Trades
  • #357
  • Jun 16, 2017 2:27am Jun 16, 2017 2:27am
Quoting Masterrmind
{quote} Yes perhaps a little ambitious but time will tell. AUDCAD (Quad Long off the Central MML Pivot 4/8) USDCAD (Quad Long off the 1/8 with good rejection) A few pairs will complete their Quad Patterns at the end of the day so opportunities might be around for next week. I'll be sticking around here for awhile today though. Maybe look for some possible shorter term trades (while the longer term trade plays out in the back ground; once locked in at BE I'll either add to the position or look for another pair to add). Masterrmind........... ...
This is my thoughts on scalping now, find a solid level off a MM64 that's being attacked then drop down to a MM4 to see how it lines up ? think lots of times you will be taking a quick reversal trade ? but hey you have money-management
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  • #358
  • Jun 16, 2017 3:01am Jun 16, 2017 3:01am
Quoting OAPDave
{quote} This is my thoughts on scalping now, find a solid level off a MM64 that's being attacked then drop down to a MM4 to see how it lines up ? think lots of times you will be taking a quick reversal trade ? but hey you have money-management {image} {image}
Might pay to have a look at an M5 chart.

Here is one:

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The 84.500 level is a highly interesting zone.

Masterrmind............
Master your Mind then Master your Trades
  • #359
  • Jun 16, 2017 3:11am Jun 16, 2017 3:11am
Quoting Masterrmind
{quote} Might pay to have a look at an M5 chart. Here is one: {image} The 84.500 level is a highly interesting zone. Masterrmind............
Yes agreed that's another way to look at it, but thought about the chart shifts ?
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  • #360
  • Jun 16, 2017 3:24am Jun 16, 2017 3:24am
Quoting Masterrmind
{quote} Might pay to have a look at an M5 chart. Here is one: {image} The 84.500 level is a highly interesting zone. Masterrmind............
AJ

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A break up through resistance rather convincingly.

Breakdown in price might occur anytime soon.

Or will price attempt to tag the +2/8 MML on this M5 Chart.

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