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Trading using Murray Maths and Price Action

  • #501
  • Mar 31, 2009 1:14pm Mar 31, 2009 1:14pm
Quoting everlearning
hey..ur referring to the tankan manufacturing index rite?
yes
  • #502
  • Mar 31, 2009 7:51pm Mar 31, 2009 7:51pm
hi guys,
long on GJ from 141.55...nice spike down to load longs...
  • #503
  • Mar 31, 2009 8:18pm Mar 31, 2009 8:18pm
Quoting ns_karthik
hi guys,
long on GJ from 141.55...nice spike down to load longs...
got out with 14 pips...
  • #504
  • Mar 31, 2009 8:23pm Mar 31, 2009 8:23pm
Today, i would like to discuss about what i call the newbie syndrome. Most of us, when we start out, have small TPs in our minds and we all enter forex after some thorough study and all studies tell us that we need to have strict SLs. So when we start out trading, we have good TPs and SLs and we trade diligently.
With this kind of trading, we slowly accumulate our profits and suddenly we find that we have doubled our account and we feel happy and proud. But as the size of the account grows and as we make more and more successful trades, we forget our good habits and slowly fall into bad ones.

We forget that we need to have SLs, we forget that we need to set good TPs. So what do we do? We find that some of our SLs get hit and then the pair travels in the direction of our trade. So, slowly, we stop using SLs. We keep losing trades and we keep hanging on to them hoping that somewhere somehow some magic would happen and we would get back to parity on our trades. We also become greedy and start having impossible TPs. We forget the strategy that we used to make so much of profits and start trading with no strategy at all. This slowly leads to degradation of our account and one fine day, we find that our account has been wiped out totally.
The best way to make money is to be patient with our profits and impatient with our losses, but we always do it the other way around. We are impatient with our profits and we close our successful trades with very small profits. We are very patient with our losing trades and we keep waiting and waiting hoping that it would come back but the trade never comes back and it either closes out our account or someday we get a flash, understand that the trade would not come back and finally close the trade with a huge loss.

The above is the newbie syndrome and i guess many of us would have gone through it. So find out what strategies made you make a profit and stick to it. Dont change it. Times would change and your trades would keep going up and down but stick to strategy. Keep studying the market, its changes and keep analysing and keep developing new and better strategies in sync with the changing market. Analyse your new system thoroughly and make sure that it would be a profitable one in the long run before you decide to leave out your previous trading system and switch to a new one.
  • #505
  • Mar 31, 2009 8:35pm Mar 31, 2009 8:35pm
that was a nice spike down to scare out the longs....i longed from the lows on GJ and EJ and made some decent pips..
  • #506
  • Mar 31, 2009 9:05pm Mar 31, 2009 9:05pm
Quoting ns_karthik
that was a nice spike down to scare out the longs....i longed from the lows on GJ and EJ and made some decent pips..
Just tinkering with your system. Mostly a lurker on threads. I hit the sale button on the retrace back up to the 142.20 area using the 5 minute chart, as it was faltering there a bit. Picked up a nice scalp. S/L moved to +. See if we can test that 141.40 area. Anyway, great thread.
  • #507
  • Mar 31, 2009 9:08pm Mar 31, 2009 9:08pm
Quoting bigandrich
Just tinkering with your system. Mostly a lurker on threads. I hit the sale button on the retrace back up to the 142.20 area using the 5 minute chart, as it was faltering there a bit. Picked up a nice scalp. S/L moved to +. See if we can test that 141.40 area. Anyway, great thread.

good that u made some money mate....PA never fails...
  • #508
  • Mar 31, 2009 9:12pm Mar 31, 2009 9:12pm
Quoting ns_karthik
The above is the newbie syndrome and i guess many of us would have gone through it. So find out what strategies made you make a profit and stick to it. Dont change it. Times would change and your trades would keep going up and down but stick to strategy. Keep studying the market, its changes and keep analysing and keep developing new and better strategies in sync with the changing market. Analyse your new system thoroughly and make sure that it would be a profitable one in the long run before you decide to leave out your previous trading system...
I have been there and done all the mistakes above and to add to it is the mistake of adding to losing trades hoping they will turn around. It's a good way to empty your account fast!
Q
The Only Constant Is Change!
  • #509
  • Mar 31, 2009 9:21pm Mar 31, 2009 9:21pm
Quoting JazzmanQ2
I have been there and done all the mistakes above and to add to it is the mistake of adding to losing trades hoping they will turn around. It's a good way to empty your account fast!
Q

it sure is mate...thanks for ur comments...i will be leaving in an hr or so and be back after 2-3 hrs...have to take my kid to the doctor...
  • #510
  • Mar 31, 2009 9:28pm Mar 31, 2009 9:28pm
Quoting bigandrich
Just tinkering with your system. Mostly a lurker on threads. I hit the sale button on the retrace back up to the 142.20 area using the 5 minute chart, as it was faltering there a bit. Picked up a nice scalp. S/L moved to +. See if we can test that 141.40 area. Anyway, great thread.
Closed it for about 80 pips. One minute was getting to the extreme overshoot area. Gonna keep tinkering with this one...I like it.

edit:just switched chart, back to 5min then to 1 min, looks like chart refreshed and changed levels. The extreme overshoot has become the 3/8 level.
  • #511
  • Mar 31, 2009 9:49pm Mar 31, 2009 9:49pm
Is there a way to keep the dotted and solid gray lines of the chart? They make it a lot harder to read the chart.
  • #512
  • Mar 31, 2009 10:01pm Mar 31, 2009 10:01pm
Quoting JazzmanQ2
I have been there and done all the mistakes above and to add to it is the mistake of adding to losing trades hoping they will turn around. It's a good way to empty your account fast!
Q
Hey Jazzman,

Me too, been there, done that. I promised myself not to EVER add to a losing position... we all know how it goes... adding to a losing trade while trying to convince ourselves we were right when PA tells us otherwise; finally we end up losing twice as much while suffering all the way down to the end. Problem is, sometimes it just works, so this 'fix' is all we need to fall prey to this addiction... Just my two pips
  • #513
  • Mar 31, 2009 10:02pm Mar 31, 2009 10:02pm
Quoting bigandrich
Closed it for about 80 pips. One minute was getting to the extreme overshoot area. Gonna keep tinkering with this one...I like it.

edit:just switched chart, back to 5min then to 1 min, looks like chart refreshed and changed levels. The extreme overshoot has become the 3/8 level.
yes mate...the chart refreshes depending on price and timeframe....
  • #514
  • Mar 31, 2009 10:03pm Mar 31, 2009 10:03pm
Quoting toafdawg
Is there a way to keep the dotted and solid gray lines of the chart? They make it a lot harder to read the chart.

have not tinkered with the indicator...so i may not be the right person to answer this question....
  • #515
  • Mar 31, 2009 10:04pm Mar 31, 2009 10:04pm
i will be out for around 3 hrs....as i said , i will have to take kid to doctor....i hope u guys can keep the thread running...

EJ and GJ look ripe for longs....with supports nearby...
  • #516
  • Mar 31, 2009 10:11pm Mar 31, 2009 10:11pm
Hey Karthik,

Ready for another pip shower day

slow morning in the Asia session... trying to stick a couple of pairs E/U E/J, G/J 7 pip spread feels like a rip off...

see ya around
  • #517
  • Mar 31, 2009 10:26pm Mar 31, 2009 10:26pm
Quoting JFXtrader
Hey Karthik,

Ready for another pip shower day

slow morning in the Asia session... trying to stick a couple of pairs E/U E/J, G/J 7 pip spread feels like a rip off...

see ya around

hey mate...as i said, i need to rush now...will be back in 3 hrs or so...
  • #518
  • Mar 31, 2009 11:08pm Mar 31, 2009 11:08pm
PA and volume look like E/U is ready for a drop to 4/8ths
Q
The Only Constant Is Change!
  • #519
  • Apr 1, 2009 12:23am Apr 1, 2009 12:23am
Looks like G/U is going down from 1.4300. First target 1.4252
  • #520
  • Apr 1, 2009 12:37am Apr 1, 2009 12:37am
Could be a bounce here at channel bottom and 4/8ths
E/U volume looks supportive
The Only Constant Is Change!
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