Closed with +31 pips at 1/1 completion
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- #1,605
- Oct 10, 2017 3:37pm Oct 10, 2017 3:37pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Yes, very easy to say it would have been better to do in this manner analizing past chart...I am reflecting on your words about PA. In the rare case I trade small time frames, I have the habit to not move the stop loss if things are going bad. Indeed if things are going to the right direction I sometimes move the stop at be. I am not sure it is the correct way to operate
Its important to understand the typical session trading ranges of a given pair so thats its behaviors are understood.
There is little point having a TP set at 50 pips for an intraday setup on a pair with an average movement of 25 pips.
Price can easily move the 20 pips or so away from the open price and then more than likely reverse back to the open price.
The above refers to lower TF intraday trading and the Asian session is given as an example.
For London and NY the PA behaviors can be very different.
Look at multiple charts in a given session and discover how many pips the pair moves before giving back ground...you will be amazed.
Masterrmind..............
Master your Mind then Master your Trades
- #1,606
- Oct 10, 2017 3:56pm Oct 10, 2017 3:56pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} GER30 Closed with +31 pips at 1/1 completion {image}
It would have saved all that DD.
This is one reason why I view a 4/8 MML level entry as slightly more dangerous.
On intraday setups a smaller stop is better applied even if it means getting taken out, its always possible to enter again later.
If price kept moving up on you where that DD hit the extreme zone and kept going up you would have suffered many pips in loss.
Something to be very aware of is to limit the DD in intraday setups as much as possible.
For all traders try to avoid 'relying' on the market to bring price around in your favor as it will do on the vast majority of times but there will come a time when you remain in a trade stubborn and married to it and price will simply keep moving against your position.
This is an easy way to lose your shirt so traders should be very aware of this.
Cut your losers short, lock in at BE asap and try to get what you can out of a given trade.
Risk management starts to ring a bell !
ps. nice to see those positive pips in the bag but please think about the words above.
Masterrmind.............
Master your Mind then Master your Trades
- #1,607
- Oct 10, 2017 4:52pm Oct 10, 2017 4:52pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
SETTINGS for MML indicator
Quad Candle System D1 : P=64 (for most symbols)
M15/M5 MML System = P=64; MMP=alternative values that fit with octive gap to ADR sizing.
Split the symbols into different categories:
Turtle (ADR < about 60 pips)
Medium (ADR >60 and <100 pips)
Fast (ADR >100 pips)
A specific setting can be applied to a given symbol or alernatively an average best fit.
For lower TFs such as M5 and M15 leave the P=64 fixed but feel free to change the MMP to other values such as 60 (minutes).
You will notice the MML grid octives change size.
As a general guide I tend to like octive gaps of 15-20, 21-40 and >40 pips depending on the category of the instrument (slow, med or fast mover).
It might depend on the session being traded as well as the symbol being used.
For example,
If I was trading GBPAUD in the Asian session I would first need to have an idea of the likely trading range for this pair within this session.
If I was trading GBPAUD in the London session I would first need to have an idea of the likely trading range for this pair within this session.
If I was trading GBPAUD in the New York session I would first need to have an idea of the likely trading range for this pair within this session.
I tend to use a general octive gap most of the time because most of my trading will generate from the PA in and around an MML zone and not necessarily a calculated octive gap for a given pair.
However, the option is always there for traders to apply what settings they feel most comfortable with trading on a given symbol in a given session.
Trader choice at the end of the day and I'm happy to see a variation of MML settings.
The TF of the traded chart should be used in determining suitable P, MMP values.
Recall that:
1. P=Period in bars (default is 64 and best to leave this value as it is)
2. MMP=Period in minutes (change this value based on symbol, session, desired octive gap)
3. StepBack=0 (modified only in rare sitautions).
D1 & M15 Example:
MML Settings:
P=64 [Period in bars]
[TF=D1: 4,8,16,32, 64=Quarter, 128=half year, 256=1 year etc]
[TF=M15: 16=4 hours, 96=1 day, 480=1 week, 1920=1 MN]
MMP=0 (default=1440) [Period in minutes, 60=1Hr,240=4Hr, 1440=Daily, 10080=Weekly, 43200=MN]
Stepback=0
Apply values that make sense and match up with the traded TF.
Masterrmind............
Quad Candle System D1 : P=64 (for most symbols)
M15/M5 MML System = P=64; MMP=alternative values that fit with octive gap to ADR sizing.
Split the symbols into different categories:
Turtle (ADR < about 60 pips)
Medium (ADR >60 and <100 pips)
Fast (ADR >100 pips)
A specific setting can be applied to a given symbol or alernatively an average best fit.
For lower TFs such as M5 and M15 leave the P=64 fixed but feel free to change the MMP to other values such as 60 (minutes).
You will notice the MML grid octives change size.
As a general guide I tend to like octive gaps of 15-20, 21-40 and >40 pips depending on the category of the instrument (slow, med or fast mover).
It might depend on the session being traded as well as the symbol being used.
For example,
If I was trading GBPAUD in the Asian session I would first need to have an idea of the likely trading range for this pair within this session.
If I was trading GBPAUD in the London session I would first need to have an idea of the likely trading range for this pair within this session.
If I was trading GBPAUD in the New York session I would first need to have an idea of the likely trading range for this pair within this session.
I tend to use a general octive gap most of the time because most of my trading will generate from the PA in and around an MML zone and not necessarily a calculated octive gap for a given pair.
However, the option is always there for traders to apply what settings they feel most comfortable with trading on a given symbol in a given session.
Trader choice at the end of the day and I'm happy to see a variation of MML settings.
The TF of the traded chart should be used in determining suitable P, MMP values.
Recall that:
1. P=Period in bars (default is 64 and best to leave this value as it is)
2. MMP=Period in minutes (change this value based on symbol, session, desired octive gap)
3. StepBack=0 (modified only in rare sitautions).
D1 & M15 Example:
MML Settings:
P=64 [Period in bars]
[TF=D1: 4,8,16,32, 64=Quarter, 128=half year, 256=1 year etc]
[TF=M15: 16=4 hours, 96=1 day, 480=1 week, 1920=1 MN]
MMP=0 (default=1440) [Period in minutes, 60=1Hr,240=4Hr, 1440=Daily, 10080=Weekly, 43200=MN]
Stepback=0
Apply values that make sense and match up with the traded TF.
Masterrmind............
Master your Mind then Master your Trades
- #1,608
- Oct 10, 2017 11:11pm Oct 10, 2017 11:11pm
{quote} Look how much better the trade would have been if shorted from the extreme zone. It would have saved all that DD. This is one reason why I view a 4/8 MML level entry as slightly more dangerous. On intraday setups a smaller stop is better applied even if it means getting taken out, its always possible to enter again later. If price kept moving up on you where that DD hit the extreme zone and kept going up you would have suffered many pips in loss. Something to be very aware of is to limit the DD in intraday setups as much as possible. For...
- #1,610
- Oct 11, 2017 12:31am Oct 11, 2017 12:31am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} This is the reason because I love this thread. Every post of Masterrmind is a lesson from which we learn something. Thank you
Im very pleased that you are adopting the right attitude.
We all can make mistakes at times afterall we are human.
Helping eachother to improve is what this is all about.
Masterrmind........
Master your Mind then Master your Trades
- #1,611
- Oct 11, 2017 12:35am Oct 11, 2017 12:35am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Master your Mind then Master your Trades
- #1,619
- Oct 11, 2017 3:31am Oct 11, 2017 3:31am
- Joined Jun 2012 | Status: Trader , Analyst and Mentor | 5,884 Posts
Say something meaningful or Silence!!
- #1,620
- Oct 11, 2017 3:49am Oct 11, 2017 3:49am
{quote} Right or wrong my basic Setting for Murrey is Beginner 0 periodtake 64 , that's it for all timeframes really not sure why we are trying to force fit a 15 pip octave, to me Murrey is looking at 64 bars (any timeframe ) of data and then working out the octave size, If I want to force fit an Octave size I would just say in the case of a 15min timeframe I would look at 96, 15min in a day set Murrey to 96 then see what octave size it gives, for a week it would be 96 x 5days or 5min chart is 288 bars in a day etc etc Murrey seems to have found...
Thank you for your explanation