Trading using Murray Maths and Price Action

nice of u to make those good pips mate....i missed most of todays moves as i was out on some work......could have made loads today with all these nice moves....too bad....but thats ok...there is always tomorrow....

Yes, of course, there is always tomorrow. Thanks for starting this thread man, it really opened many peoples' eyes, especially for trading with price action.

short @ 1.1383.... target 1.1350

what made u decide that? I guess we should wait for s/r break.

UR right i made a mistake....stopped out -15pips.

Very good breakout 6/8mm to 2/8mm without stalling 270pips in Eurusd alone .Got 180pips as I to left trades with big trailling stop. as per H4 tf it seems the movement not yet over,at 5/8MM Top of Trading Range now ,not any strong SR & if break may stay low .PA may test break major SR 1.3183 ( daily 2/8 pivot major) & if can break successfully H1 2/8 pivot 1.3305 ( already placed small short to follow till 1.3290, I will consider break price much below it ) . hence waiting the retracement is over for any trades further.

US news 5:55pm my time ( 26 minutes from now may coincide next move UP or down continue .)

Anyway I see my live ac & demo testing MM just doubled with this one movement.doing in both eurusd & gbpusd this time .
fontu

Hi, karthik,,,,

can you explain how you take the break out trades... pls explain when you will place your entry during breakout.

Good job. The big boys are selling today for sure.

thanks for ur wishes mate...

sivaji, i take breakout trades just like any other trade...if the SR gets broken , i take it else i dont.....as like today, there would be day when the break happens and u r either too slow to react, too scared or too confused to take the trade...in such cases, it just happens....sometimes u r slow and u just need to accept that and leave that trade...as i did today...i missed most of the moves today cos either i was out or i was too slow....i could have made loads but that how the thing goes...it happens and so i have just left it.....i dont chase trades....

sometimes u r too scared to take a trade...the boldness to take a trade, to do what the chart says and not get confused by what u feel, comes with experience.....good money management will also give u the confidence to take such trades.....good money management will give u the confidence that even if u lose 100 pips, u r still in the game.....and not lose 20% of ur account....

hope i answered ur question....

here u go....

an indian beauty (named Sneha) to lighten up tired eyes...:-)...

Many of you, by now, should be having a trading plan or system. If you dont,then you must be pretty new to trading. So you better get a system for yourself as soon as you can. If you dont, the law of averages would soon catch up with you and you will soon start losing money. Your system or plan can be anything but the biggest thing here is sticking to your plan.

You have developed a great trading system which you find that works 70% of the time. It is on a 1H timeframe and you usually get signals every day. So now what happens? You get a signal. You either take it or leave it. Assuming that you take it, and you get a profit of say 50 pips and then you close out the trade. The pair continues to move in your direction and keeps going on for 2-3 days in the same way. You are out of the trade and slowly you get frustated. What do you do? You try to generate signals in your mind. You open your chart, have a long hard look at it and try to see things which actually do not exist.

Why do you do that? Cos you are out of the market and you want to get into the action. You see people and traders around you making money out of the move but you are left behind. So you want to do something to get back to it. The charts do not show signals for you to get into the action but somehow you want to do it. So you start seeing signals which do not exist. One of the biggest mistakes made by traders is to see things in charts which do not exist and try and take trades just cos you want to be in the thick of things. Signals in good trading systems should jump out of the charts and stare at you in the face. They should not be hiding inside the charts that you have to go in search of it. If they are like that, then either it is not a good system or it is not a good signal. So dont take those signals.

Wait for the signals to jump out from the charts. You need patience. Lots of it. That is the key. Dont try to generate signals and dont try to look hard to see things which are not there. Sit back, enjoy your trading. Enjoy the times that you are out of the market and wait for the right signal. Signals, if they arise, would be good and bright enough for you to see even when you are half asleep. You need not put your reading glasses on to see where the signals are. They will come to you eventually. It might take hours or even days but they will come. Make sure you take them when they come and only when they come.

So getting a good trading system is only part of the job. The biggest and most important thing is sticking to your trading system at all times and all costs.

right now market does not seem to have a direction....gj, for eg., is stuck below strong resistance at 140.60...it broke thru 50% of the move from 137 to 145.3 and has jumped back up.....will be interesting what it does going forward....

Hi Karthik nice chick. I have seen her in few movies.

GJ, GU and GC moving down to the supports....now with the markets drawing to a close, would not want to risk a trade now...

she is my favourite....would post more as the thread grows....


r u indian ??

Really?.......no I'm not. I am a Sri Lankan.

Saving to my desktop now.

All of you would have seen the supports and resistances which i provide to all on a daily basis. These S and R are points in which the price is expected to stall and also there is a greater probability of the price falling from the resistance than it breaking. Thats what make the S and R useful and powerful.

But the big mistake that many traders make is to follow the S and R blindly. When the price nears a support or a resistance, we need to analyse the market situation as well as the market sentiment before we decide whether we are going to enter into the trade or not.

The market is like the frictionless ball which keeps rolling in one direction unless and until acted upon by a force. Everyday, atleast 3 forces act on the ball (market). These are the begin of the Asian session, European session and the American session. Apart from these three forces, there could be other forces like news, press conferences, rate hikes etc. but everyday will have atleast 3 forces. Lets say that in the begin of the Asian session, the ball is rolling in favor of the longs. The Asian traders would either choose to slow down the ball or force it to travel in the same direction faster or force it to reverse. Whichever is the direction, the ball keeps rolling in that direction till the begin of the European session (unless there is some news in between. If there is news, then that would be another force which will make the ball gain momentum or change direction). Likewise, the European traders would also make the ball move in a specific direction (either same or reverse). This trend continues during the American session as well and would be interrupted only by news etc.

So when entering a trade based on S and R, it is important to know what time it is and which direction the ball is rolling.

So always keep in mind the frictionless ball and trade accordingly.