Mastermind this shows Chart 3&4 combined
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Murrey Math indicator is very useful in Forex 68 replies
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Murrey math trading 1 reply
Disliked{quote} Hi, this is the way right or wrong that I use MurreyMaths, 1. I look for pairs with a reasonable Daily Range (Chart 1) I am happy to bank 25/30pips out of a 100 range with the time of day that I start trading 2. I look at the big picture by means of a Daily with a MM64 over a 256 period (Chart 2) use as a road map to see were we are, also I think the MM levels are much stronger 3. I then drop down to a 1min set to a MM64 over a 1440 period (Chart 3) this clearly lets me see yesterdays price action, ie are we going to make new highs or lows...Ignored
Disliked{quote} Nice commentary. Yes taking a portion of pips from a given range is very logical considering we know not what the future holds but we can get some idea from previous trading ranges and the use of averages. I'm fortunate to live in a time zone (GMT+10) that allows me to trade the Asian session, London session and a part of the NY session. This means I'm always on the lookout for opportunities within most of these sessions. I tend to drop down to the M5 TF (and M1 including tick charts on other platforms at times) the most to see the PA occurring...Ignored
Disliked{quote} You carry my upmost respect my friend with what you do on this thread, just wish the thread had a little more support. ps do not forget the 3/8th - 5/8th area (Murrey calls it the pipe)Ignored
DislikedWatchlist EURCAD [possible long continuation but be careful] {image} Possible long from 8/8 up to +1/8 MML. But also at a possible reversal zone (refer to chart structure to the left). ps. it is tempting for me to long this pair to offset the other 0.2 lots still running on the EU pair ... but lets see. Masterrmind............Ignored
Disliked{quote} Think the clue will be in the Daily Range, in hindsight it was a nice scalp buy, hindsight is a wonder full indicator {image} {image} {image}Ignored
Disliked{quote} Yes and price is pushing up to the next level on both pairs. ECad heading up to +1/8 MML. EN heading up to +2/8 MML. So patience might pay off as I'll be looking for a chance to short from the upper levels. Interestingly I was just measuring out the ADR's on both pairs and if price hits the MMLs it almost coincides with their average daily trading ranges. Masterrmind.............Ignored
Disliked{quote} Yes and price is pushing up to the next level on both pairs. ECad heading up to +1/8 MML. EN heading up to +2/8 MML. So patience might pay off as I'll be looking for a chance to short from the upper levels. Interestingly I was just measuring out the ADR's on both pairs and if price hits the MMLs it almost coincides with their average daily trading ranges. Masterrmind.............Ignored
Disliked{quote} EURCAD - Not moving anywhere at this stage (that may change in about an hour or so time when data is due out. EURNZD - My focus is now on this pair as it nears the +2/8 MML zone. Masterrmind.............Ignored
Disliked{quote} Now short EN ps. +2/8 MML reset to 5/8 MML looking to TP down near the 3/8 level. Masterrmind.............Ignored
Disliked{quote} Top Marks my friend and all done with out the aid of a red or green button, you will have all those robots blow there fuses !!!!Ignored