First trade of the day, off of the EURCAD, hourly +2/8 level. Strong movement before the level was hit, and fresh bounce.
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Disliked{quote} Hi aaven, I'm as new to this system as anyone else is so what I say is just based off of what I have studied and examined this first week trading it. 1. The bounce does not have to be the first in the 64 periods. He stated that it should be the first for that session, preferably a New York or London session. First bounce for the day, not the week or month, or whatever period setting you choose. 2. This is very tricky and something I still struggle with when it comes to scalping. What happens if there is a strong reversal before price reaches...Ignored
DislikedExit strategy is still tricky for this, I find that on the 1 minute chart, 5 pips is reasonable, and if I'm trading off 1 hour levels, then 10 pips is reasonable to catch from a bounce before it retraces. Catching 4-5 of these moves a day isn't too hard. I am aware that a lot of these 1 minute and hourly bounces can be scaled into larger trades, but again I'm just scalping the initial bounces. I do not have a system for re-entering trades, or deciding what happens to price after the initial bounce. I cannot predict that with much accuracy. Sure...Ignored
Disliked{quote} Rnsfrd, The movement from +1/8 to 8/8 should be more than 10 pips, correct? Does it not take a toll on you vis vis the stress levels of watching continuously? Please give me your take on this: I am thinking For sell: Entry on +1/8; Exit on 8/8 and S/L on +2/8 ThanksIgnored
DislikedTrade 3 off a 1 minute scalp. Strong price movement up, stochs up above the 80 level so more than overbought, and clear previous resistance. Exited with +5. To some I guess the Murray Math Lines are a glorified S/R indicator, but to me they aren't necessarily that. They kind of assign weights to each of the S/R. I could draw many S/R lines, and use other S/R indicators, but the lines they draw are often broken and redrawn. With the murray lines I can usually go into a trade knowing, "Ok the +1/8th line should give me a decent move, the +2/8th line...Ignored
Disliked{quote} Yes it should be more than 10 pips, however psychologically at least for me, someone who scalps and likes to keep as much profit and get out, I don't like waiting or seeing if it will hit the 8/8 level. The +1/8 to 8/8 level might be 20+ pips depending on the pair and levels, however when I say the initial bounce I mean the movement of price before it stalls or retraces and rallies again. Price from what I've seen, bounces 8-10 pips from hourly levels and then will either return to the +1/8th level and go down to the 8/8 or stall and then...Ignored
Disliked{quote} Thanks Rnsfrd for the continuous guidance. I am little wiser after my interaction with you.Ignored
Disliked{quote} Ok what about eurcad and euraud? Are closed by sl right? My order on tf 1h in eucad was stopped.. And what's happen after murray line are changed? Wait for next setup? Thanks RegardsIgnored
Disliked{quote} EUR/AUD I closed with +3 because I didn't want to risk anything during news. My EUR/CAD trade had a burst down to +12 and then started to pull back a little so I exited with +10, but yes you would have gotten stopped out if you stayed in. That's kind of what I was saying in my earlier post, is that I can't tell you for certain that price will fall all the way back to the +1/8 level, what I can say with a high certainty is that there will be a bounce. The EUR/CAD trade also was at the +2/8 level and not the +1/8 level where the bounce back...Ignored
Disliked{quote} Rnsfrd, That's a subtle yet potent nuance you have shown vis a vis the strength of the pair. So the expected behavior of bouncing from +1/8 to 8/8 is apparent in EUR/USD and GBP/USD, can we include the pairs with USD like NZD/USD or USD/CAD? Do you consider EUR/GBP as part of the group of EUR/USD and GBP/USD? ThanksIgnored
Disliked{quote} Well if EUR/USD and GBP/USD are hitting the +1/8 levels I would advise to trade that pair to get the strongest move. As for NZD/USD, yes, if you saw the +1/8 bounce from EUR/USD, NZD/USD followed it as well, USD/CAD made a move too, but not nearly as strong on the USD/CAD. EUR/GBP will run opposite of what EUR/GBP and GBP/USD are doing. If those two are trending, then EURGBP will run flat, if they are ranging, the EUR/GBP will trend. What I am trying to say is that the only pairs I would trade confidently for over 20 pip gains are EUR/USD,...Ignored
DislikedI have not good day yesterday.EC break the +2/8 zone and with quantum expert loss 30%..... Must search filter! Or into expert programming Murrey Math exit settingsIgnored