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Trading using Murray Maths and Price Action

  • #861
  • Apr 5, 2009 10:44pm Apr 5, 2009 10:44pm
Quoting plus50
Firstly, thank you Karthik, for the stimulating introduction to MM. And the equally stimulating bollywood eye-candy.

Secondly, bit of a newbie question for anyone watching EUR/USD. Looking to short at 1.3611 if we see it, does that look tasty to anyone else? (MM line on 4hr chart)
Might be a good spot. When PA moves up fast to the 7/8 that could be a good time to short. I would put my SL at 1.3631 & TP at 1.3550. So you would have 1:3 RR.
  • #862
  • Apr 5, 2009 10:54pm Apr 5, 2009 10:54pm
Quoting ferndog
Might be a good spot. When PA moves up fast to the 7/8 that could be a good time to short. I would put my SL at 1.3631 & TP at 1.3550. So you would have 1:3 RR.
Thanks for the response, SL/TP points noted
Sitting on ones hands waiting for a trade to develop is so hard.
non si dimentichi mai
  • #863
  • Apr 5, 2009 11:10pm Apr 5, 2009 11:10pm
Quoting plus50
Thanks for the response, SL/TP points noted
Sitting on ones hands waiting for a trade to develop is so hard.
well, thats the hardest part but thats what u need to learn to become a good trader....it is also good cos u spend more screen time waiting for a trade to develop and by watching PA during that time (without any tension as u r not in any trade), u get to observe how price moves, why it moves, what happens when etc....

u need to learn to have the discipline to wait for the good trade...some days, u make 50 pips within 2 hrs, some days, whatever u do works and u make 300 pips in a day....those are the days which are actually rewards for the work that u have put in waiting so long and so patiently for the right trade...
  • #864
  • Apr 5, 2009 11:23pm Apr 5, 2009 11:23pm
Quoting ns_karthik
...some days, u make 50 pips within 2 hrs, some days, whatever u do works and u make 300 pips in a day....those are the days which are actually rewards for the work that u have put in waiting so long and so patiently for the right trade...
I rejoice at 50, can't say I have ever seen a 300 pip day. Well not +300 at any rate.

The lesson of sitting on hands learnt the hard way... I been margin called before, and its the most gut wrenching disgusting feeling, that I don't want to experience again.
non si dimentichi mai
  • #865
  • Apr 5, 2009 11:39pm Apr 5, 2009 11:39pm
let me see if i can stop this runaway train...short at 150.70 on GJ....very risky....dont try this at home...:-))...
  • #866
  • Apr 6, 2009 12:03am Apr 6, 2009 12:03am
Quoting ns_karthik
let me see if i can stop this runaway train...short at 150.70 on GJ....very risky....dont try this at home...:-))...

check 60 min looks like gj wants 151.56
Blogging daily now at www.volume.zone
  • #867
  • Apr 6, 2009 12:12am Apr 6, 2009 12:12am
Quoting malcolmb14
check 60 min looks like gj wants 151.56

well, i was seeing repeated weakness at 150.70 and so entered...with small SL...looks good so far...
  • #868
  • Apr 6, 2009 12:13am Apr 6, 2009 12:13am
Quoting ns_karthik
let me see if i can stop this runaway train...short at 150.70 on GJ....very risky....dont try this at home...:-))...
Should turn around at 150.35; I hope. If you haven't already been stopped out. If it does, it would be the third bottom here.

Personally I avoid G/J; just don't like the 9pt spread.
non si dimentichi mai
  • #869
  • Apr 6, 2009 12:14am Apr 6, 2009 12:14am
Quoting ns_karthik
well, i was seeing repeated weakness at 150.70 and so entered...with small SL...looks good so far...

got out with 29 pips...:-))...
  • #870
  • Edited 12:33am Apr 6, 2009 12:21am | Edited 12:33am
Took some shorts in eu,gu,gj,ej and cashed & still short bias from TOP to all .Though risk before london open,still have some time .

fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #871
  • Apr 6, 2009 12:45am Apr 6, 2009 12:45am
lot of ranging...that too tight ranges...will have to wait and see what happens during London...nowadays London sessions are more volatile than US session...
  • #872
  • Apr 6, 2009 1:08am Apr 6, 2009 1:08am
Quoting ns_karthik
lot of ranging...that too tight ranges...will have to wait and see what happens during London...nowadays London sessions are more volatile than US session...
agree... after dow open usually stock index manipulates forex.

and since I know no one who can day trade stock index profitably...
I just give up trading during dow session.

london 9am- EST 9am seems better movements for trending as well as S/R and news moves.
  • #873
  • Apr 6, 2009 1:09am Apr 6, 2009 1:09am
all pairs seem to be getting ready for a short....
  • #874
  • Apr 6, 2009 1:17am Apr 6, 2009 1:17am
short GJ at 150.35...risky cos it is still not safe time for shorts....
  • #875
  • Apr 6, 2009 1:17am Apr 6, 2009 1:17am
Quoting ns_karthik
all pairs seem to be getting ready for a short....
Most probably but still waiting for some kicks in Franfurt & then London open .
Another sets of shorts worked for small pips by this time & will ready possibly buy after an hour.So prefer buy at the bottom whenever sees.

Not traded much jpy crosses now a days & seem they now follow clean linear fashion than other pairs .


fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #876
  • Apr 6, 2009 1:24am Apr 6, 2009 1:24am
Karthik, what sessions do you primarily trade?
  • #877
  • Apr 6, 2009 1:25am Apr 6, 2009 1:25am
Quoting ns_karthik
short GJ at 150.35...risky cos it is still not safe time for shorts....

got out with 9 pips...
  • #878
  • Apr 6, 2009 1:25am Apr 6, 2009 1:25am
hi, karthik:

I just installed your m-m S/R mq4 indicator, interesting.

start to watch how price touch, bounce-off and penetrate those S/R levels....
thank you for the sharing.

Quoting ns_karthik
here u go....
  • #879
  • Apr 6, 2009 1:27am Apr 6, 2009 1:27am
Quoting toafdawg
Karthik, what sessions do you primarily trade?

i trade all 3 sessions...thats the huge advantage of being in India...excepting for early Asian session and late US session (when activity is anyway low except during beginning of a week), i can trade all sessions in normal hours...no need to stay up in the middle of night to trade...Come To India...:-)))...
  • #880
  • Apr 6, 2009 1:32am Apr 6, 2009 1:32am
Quoting billye
hi, karthik:

I just installed your m-m S/R mq4 indicator, interesting.

start to watch how price touch, bounce-off and penetrate those S/R levels....
thank you for the sharing.

no problem mate....
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