Disliked{quote} Sometimes it is hard to tell if waiting longer would have made for a better priced entry. {image} In the heat of battle price can move fast (especially on CAD news). Would you be game to go long again after the dust settles or not? On a D1 Chart note the piercing of the 0/8 MML. Will price drop down much lower ? ps. Note that NZDCAD is in fact in a Quad Candle Pattern with todays candle being the valid entry candle so going long down this deep after the big drop is simply offering a far better price on entry provided price does not keep...Ignored
- #1,222
- Sep 6, 2017 9:27am Sep 6, 2017 9:27am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} There is no quad candle, so I think there is no reason to enter ( at least if we are talking about the strategy of this thread )...but we are in an interesting area, so it surely worth to be monitored and if in the next days, a quad candle appears it could be an opportunity
A Quad-MML setup down low in the D1 extreme zone could play out over the next several days but for that to happen price has to stay low in the chart.
Question is will it?
ps, CAD pairs so full of risk.... hmmm
Masterrmind...........
Master your Mind then Master your Trades
- #1,223
- Sep 6, 2017 9:28am Sep 6, 2017 9:28am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Sorry, you are right...NZD-CAD is still in the quad candle...I was wrongly seeing GBD-CAD that was in quad but not now...
Masterrmind...........
Master your Mind then Master your Trades
- #1,224
- Sep 6, 2017 9:34am Sep 6, 2017 9:34am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Sometimes it is hard to tell if waiting longer would have made for a better priced entry. {image} In the heat of battle price can move fast (especially on CAD news). Would you be game to go long again after the dust settles or not? On a D1 Chart note the piercing of the 0/8 MML. Will price drop down much lower ? ps. Note that NZDCAD is in fact in a Quad Candle Pattern with todays candle being the valid entry candle so going long down this deep after the big drop is simply offering a far better price on entry provided price does not keep...
Notice the settling down of PA shown in the consolidating series of M5 candles.
Price is also currently at the 88 handle.
Masterrmind.........
Master your Mind then Master your Trades
- #1,225
- Sep 6, 2017 9:37am Sep 6, 2017 9:37am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} NZDCAD [M5 Chart] {image} Notice the settling down of PA shown in the consolidating series of M5 candles. Price is also currently at the 88 handle. Masterrmind.........
Monitor the PA a little longer, if it stabilizes somewhat look at a possible long setup on a D1 Chart and account for the risk.
Good trading,
Masterrmind..........
Master your Mind then Master your Trades
{quote} In any case I must rest now. Monitor the PA a little longer, if it stabilizes somewhat look at a possible long setup on a D1 Chart and account for the risk. Good trading, Masterrmind..........
- #1,228
- Sep 6, 2017 7:45pm Sep 6, 2017 7:45pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} I usually avoid to take trades after a so violent movement in the opposite side...Yes, I agree that the quad candle is still in play but at this time the chart is saying that the sellers are in total control...maybe in the next days, if the down movement looses strenght, I can consider to enter...For me it is important to respect my srategy rules and I try to not be conditioned from the wish to be in the trade...This post is to convince myself to not doing nothing at this moment
NZDCAD [D1 Chart]
A long entry now would fall into the class of a D1 MML rejection type setup.
Masterrmind............
Master your Mind then Master your Trades
- #1,229
- Sep 6, 2017 9:44pm Sep 6, 2017 9:44pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
My Daily and 15min charts match, less chart shifts on 15min this way, now look at the 61% 38% area or the 3/8ths 5/8ths ? {image} {image} {image}
When price moves outside the bounds of the octive the drawn Fib levels on your chart do not consider the full range of PA.
This might cause issues since Fibs are not being drawn 'correctly' in the usual sense.
However, I would be interested to see how price reacts to these 'octive fibs' that do not consider the full range of price movement.
Your charts show a band drawn well before price reaches the 'sweet spot' or 'octive fib' zone which I assume updates when a MML chart shift occurs.
Masterrmind...........
Master your Mind then Master your Trades
- #1,231
- Sep 7, 2017 2:17am Sep 7, 2017 2:17am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Think of the (Other Method) that set a Baseline, well if you go down that road and start with a Murrey Full Octave that fits lots of data you can leave it set and then you would have no chart shifts. yes we can see the usual 1/8th Octaves and some are better to trade from than others and I have marked them all, this lets price come to you and gives the use of pending orders and solid R/R and most important lets you use the fib tool in the way you use it to project the 1000 pointer from the turning point letting you add on as the move progresses...
Masterrmind...........
Master your Mind then Master your Trades
- #1,232
- Edited 2:48am Sep 7, 2017 2:25am | Edited 2:48am
- Joined Jan 2015 | Status: Trader | 5,144 Posts
{quote} Your thoughts are always welcome. Masterrmind...........
If you have time take a look at page 19 of the powershow presentation from your post 1, I am thinking about if it is correct and can be used for the static baseline project ?
- #1,233
- Sep 7, 2017 4:03am Sep 7, 2017 4:03am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} The point is are they any good ?, hahahahah If you have time take a look at page 19 of the powershow presentation from your post 1, I am thinking about if it is correct and can be used for the static baseline project ?
Note the values applied for stocks, indexes and FX.....
This slide show should be read in conjuction with the "MML Description by Tim Kruzel" which I have also placed in Post 1 but to this day no-one has even mentioned it.
Masterrmind...........
Master your Mind then Master your Trades
- #1,234
- Edited 4:53am Sep 7, 2017 4:35am | Edited 4:53am
- Joined Jan 2015 | Status: Trader | 5,144 Posts
- #1,235
- Sep 7, 2017 4:57am Sep 7, 2017 4:57am
{quote} This page is certainly interesting and starts to get into the nuts and bolts of the MML. {image} Note the values applied for stocks, indexes and FX..... This slide show should be read in conjuction with the "MML Description by Tim Kruzel" which I have also placed in Post 1 but to this day no-one has even mentioned it. Masterrmind...........
- #1,236
- Sep 7, 2017 5:02am Sep 7, 2017 5:02am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} This page is certainly interesting and starts to get into the nuts and bolts of the MML. {image} Note the values applied for stocks, indexes and FX..... This slide show should be read in conjuction with the "MML Description by Tim Kruzel" which I have also placed in Post 1 but to this day no-one has even mentioned it. Masterrmind...........
I do find his take on SR (the correct scaling factor for the entity) and the MML [MMML, mMML, bMML] & MMI [MMMI, mMMI, bMMI] rather interesting.
SR = Scaling Factor
MML = Murrey Math Line (any)
MMML = Major Murrey Math Line
mMML = minor Murrey Math Line
bMML = baby Murrey Math Line
MMI = Murrey Math Interval
MMMI = Major Murrey Math Interval
mMMI = minor Murrey Math Interval
bMMI = baby Murrey Math Interval
Each one of the intervals or octives from major to minor to baby are all calculated in the same manner.
Important to acknowledge that Gann was the one who suggested that price reverses in multiples of 1/8's and certainly not Murrey.
The Square in Time for a Murrey Trading Frame is simply at the 0/8 MML and the 8/8 MML levels.
The scale factor (SR) determines where all MMLs will fall from major through to baby.
There are several rules that apply to the location of valid baseline but in short it needs to fall <= 4/8 of the next smaller octive in the series.
So the baseline for the square in time has to fall on an even numbered MML such as 0/8, 2/8, 4/8, 6/8 or 8/8.
Similarly for the upper boundary of the square in time it must fall very closely to the highs of the relevant trading range of the instrument and also be an even number MML.
Murrey actually has an exception rule that applies in some cases where the baseline falls on an odd numbered MML but I don't like this approach.
Masterrmind............
Master your Mind then Master your Trades
- #1,237
- Sep 7, 2017 5:08am Sep 7, 2017 5:08am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hi, in my opinion exactly this part of Murrey/Kreuzel calculations is a bit over-complicated and could get simplified. What I mean is, the same way that they multiply for 10 when getting bigger so we have 10 100 1000 10000 and so on, I would do the same when getting smaller so divide for 10 getting 10 1 0.1 0.01 , this way is simpler for many pairs.
Some sections they tend to almost intentionally over-complicate for no logical reason.
However, if you read the pdf several times and go through the example calculations it will soon make sense.
Just that some of it will be as I say almost intentionally over-complicated when it could have been much simpler.
ps. I am more of a Gann trader than a Murrey trader just for the record!
Masterrmind...........
Master your Mind then Master your Trades
- #1,239
- Sep 7, 2017 5:27am Sep 7, 2017 5:27am
{quote} What you say has merit. Some sections they tend to almost intentionally over-complicate for no logical reason. However, if you read the pdf several times and go through the example calculations it will soon make sense. Just that some of it will be as I say almost intentionally over-complicated when it could have been much simpler. ps. I am more of a Gann trader than a Murrey trader just for the record! Masterrmind...........
doesn't use the SR 1.5625 but multiply for 10000 and later divided.
".......All of the Deutsche Mark prices are multiplied by 10,000. So, the trading range to be used to calculate the square in time is 7110 to 7170. After the square in time is determined, the resulting MML values may be divided by 10,000 to produce a square that can be directly compared to the quoted prices of the Deutsche Mark....."
- #1,240
- Sep 7, 2017 5:46am Sep 7, 2017 5:46am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Perfectly summarized , and it shows also that although you can go further deep with let s say baby-baby murrey lines/intervals , the first 3 levels has to be kept in mind to not get lost with the low time frame fast recalculations of the various MM indies.
But for smaller intraday type setups then once again the 64 works fine most of the time on lower TF charts where pip count is generally much lower in terms of TPs.
I consider PA heavily along with the MML and also the candle ranges and not that I count the pips per candle but rather a quick glance at the chart to inspect how many candles on average it takes to cross an octive gap.
I do not like to see every couple of candles with ranges greater than the octive gap, in this case I would either pass on the instrument or I would apply the next relevant "P" setting that forces a larger octive gap and then re-assess.
I never take the settings in MML as granted, the chart has to make sense to me from both an octive point of view and expected TP count for the setup being considered.
Masterrmind..........
Master your Mind then Master your Trades