Thank you for posting your daily analysis in the blog. It is very helpful
Trading using Murray Maths and Price Action
- #1,724
- Apr 21, 2009 2:37am Apr 21, 2009 2:37am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #1,726
- Apr 21, 2009 3:54am Apr 21, 2009 3:54am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #1,729
- Apr 21, 2009 1:00pm Apr 21, 2009 1:00pm
hello karthik!
I've been looking around in this forum for a while and now I finally signd up, because I wanted to asked you some questions about your style of trading, since this seems to be based on some basic support resistance without tons of indicators that you don't understand + it's not like fib etc. where I have to draw something new every time but it seems that I can depend on the murray maths lines drawn by metatrader4
I see that in some way price is influenced by the lines and it'snot hard to understand either.
still I have some questions, I've read the thread, but I still don't seem to understand everything.
1) do you follow the strict rule, that you only trade, when PA is touching one of the lines?
since on the H1 it normally takes like 4 hours for PA to move to the next, and volatile pairs like gj ej and gu have almost the same moevement, do you always wait that long, or do you also trade on the lower time frames.
or do you trade like 8 hours every day, like its a normal job?
2) I don't seem to understand when a murray line is considered broken. sometimes the candle closes just a few pips above the line, and then goes on to the next line, and sometimes it closes way above the line, just to drop down again.
like today, a candle crossed the line and stayed above it for like 10-15 minutes on a more or less constant level. so I considered it to be broken, but just after I bought, the candle went down again.
didn't you mention, that in the same case, the resistance could also be considered broken, since it stayed above the line for such a long time?
are there any patterns to look for when PA is near a line or is it just, like you said, experience and the feeling?
hope my first post isn't that bad..
thanks
2)
I've been looking around in this forum for a while and now I finally signd up, because I wanted to asked you some questions about your style of trading, since this seems to be based on some basic support resistance without tons of indicators that you don't understand + it's not like fib etc. where I have to draw something new every time but it seems that I can depend on the murray maths lines drawn by metatrader4
I see that in some way price is influenced by the lines and it'snot hard to understand either.still I have some questions, I've read the thread, but I still don't seem to understand everything.
1) do you follow the strict rule, that you only trade, when PA is touching one of the lines?
since on the H1 it normally takes like 4 hours for PA to move to the next, and volatile pairs like gj ej and gu have almost the same moevement, do you always wait that long, or do you also trade on the lower time frames.
or do you trade like 8 hours every day, like its a normal job?
2) I don't seem to understand when a murray line is considered broken. sometimes the candle closes just a few pips above the line, and then goes on to the next line, and sometimes it closes way above the line, just to drop down again.
like today, a candle crossed the line and stayed above it for like 10-15 minutes on a more or less constant level. so I considered it to be broken, but just after I bought, the candle went down again.
didn't you mention, that in the same case, the resistance could also be considered broken, since it stayed above the line for such a long time?
are there any patterns to look for when PA is near a line or is it just, like you said, experience and the feeling?
hope my first post isn't that bad..
thanks
2)
- #1,730
- Apr 21, 2009 2:04pm Apr 21, 2009 2:04pm
- | Commercial User | Joined Jan 2009 | 1,815 Posts
GM - another 5 min chart using the 15MM lines to show the smaller fractals.
Here, the 4572 level had held earlier in the Asian session and at the Frankfurt Open it sold off from that level for a nice 90 pip drop into the London Open, when The Brits stepped in and bought it off the 4481 level with a wide range ~bullish engulfing candle which has so far retraced into the fibo zone of 38% - 61%.
I took both the sell and bought the bounce so I've already hit my daily target and will now wait to see what happens after the CPI data due in an hour....
We have all missed you in the chat and hope you'll visit again soon
On a lighter note... MM rules. Combined with VSA... It's deadly.Thanks to Malcolm for introducing me to it and to ns_karthik for starting this thread.
Cheers everyone.
The trend always ends.
- #1,733
- Edited 4:55pm Apr 21, 2009 4:12pm | Edited 4:55pm
- | Commercial User | Joined Jan 2009 | 1,815 Posts
The trend always ends.
- #1,736
- Apr 21, 2009 8:59pm Apr 21, 2009 8:59pm
- | Commercial User | Joined May 2006 | 1,808 Posts
hello karthik!
I've been looking around in this forum for a while and now I finally signd up, because I wanted to asked you some questions about your style of trading, since this seems to be based on some basic support resistance without tons of indicators that you don't understand + it's not like fib etc. where I have to draw something new every time but it seems that I can depend on the murray maths lines drawn by metatrader4
still I have some questions,...
Thanks Kim. nice to see first posters in here. so lets move on to your questions :
1. yes i trade only the 1H....i do understand that it takes about 4 hrs for any pair to move from one line to the next...thats where your discipline comes in. you r not looking to trade for the heck of it or for the adrenaline rush...you are trading to make money....you should not be looking at making a number of trades per day...you should be rather be concentrating on the quality of trades, how many pips u make and how successful you were. I watch around 7-8 pairs and i look for just 50 pips a day which should be more than enough if you can do it consistently.
So with this in mind, watching 7-8 pairs, you should be getting a signal every 2-3 hrs where u can make atleast 20 pips on each pair which would mean that you are looking at a possible 100-150 pips every 3-4 hrs which i guess is a fair return...as i said, it is not the number of trades that matter....
this also helps in developing your discipline as it teaches you to wait for the right trade rather than jumping in cos u feel like you always want to be in the market...this is what happens to a lot of newbies...
as for the second question, well from what you have said, i suppose that you can call it a failed break. but if u can post a chart and point me to the exact break, maybe we could spot some PA which would tell us that the break would fail eventually....failed breaks are a part of this game and it is how you deal with such failed breaks is what matters....u need to get out of the trade once u realise that it has failed rather than clutching on to it hoping that it would turn your way...