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Murrey Math Daily System

  • #21
  • Oct 19, 2009 10:54am Oct 19, 2009 10:54am
And the 3rd.
Attached Image (click to enlarge)
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  • #22
  • Oct 19, 2009 12:34pm Oct 19, 2009 12:34pm
Quoting mer071898
With regards to lot sizes, it is up to your discretion. I follow this guideline:

 

  1. If your profit target is the 4/8, 2/8, 6/8 0/8, or 8/8 = Use smaller lots as price will have more support and Resistance around these points and are more prone to reversals.

  1. If your profit target is the 1/8, 7/8, 3/8, or 5/8 = Use smaller lots as price will have more support and Resistance around these points and are less prone to reversals.

Important




[left][list][*][size=2]Only...
I had a question regarding these levels but after downloading your templates and rereading this post a few times, I think I might have answered my own question! I was wondering why on your trade examples, it looked like you were not entering on these overbought or oversold areas. I think the answer is because the indicator lines redraw themselves and what seemed to be overbought or oversold, now seems to be more in the middle?
  • #23
  • Oct 19, 2009 1:00pm Oct 19, 2009 1:00pm
kellera6, most of the time if the price pushes past the + or -2/8, it will redraw. But the biggest issue is anytime you breach past the 8/8 or 0/8 levels, you are extremely susceptible to strong reversals because of the overbought/oversold condition. Half of the time you still have the strength to pull off an 8/8 or 0/8 breach but you have to lower your lots and be careful.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpcad.gif Size: 60 KB
  • #24
  • Oct 19, 2009 3:25pm Oct 19, 2009 3:25pm
I will probably pass on placing the Eur/Nzd trade for today as the candle is almost touching or target Murrey Level. The Gbp/Usd and Aud/Nzd trades are still a go.
  • #25
  • Edited 11:52pm Oct 19, 2009 4:22pm | Edited 11:52pm
Aud/Nzd and Eur/Nzd are 'no go" trades as the candles are too close to target Murrey Level. I did take the trade on the Gbp/Usd and a new setup that developed on the Gbp/Nzd. Gbp/Chf reversed on us and was closed and re-opened short, bumping up the lots to recoup some of the loss.

Gbp/Usd- TP-78, SL-165, BE-39, and BES-19

Gbp/Nzd- TP-204, SL-720, BE-102, and BES-51

Gbp/Chf- TP-226, SL-270, BE-113, and BES-57
  • #26
  • Oct 19, 2009 5:50pm Oct 19, 2009 5:50pm
Hi Mer

Thanks for your contrubution - nice work!

Do you think it is possible to code this system into an EA?

Cheers

Spy
  • #27
  • Oct 19, 2009 7:34pm Oct 19, 2009 7:34pm
It's possible, but I haven't had the need to develop one since I only spend 15-30 minutes looking at the charts. The tough part would be how the EA would handle the Murrey indicator when it recalculates.
  • #28
  • Oct 19, 2009 11:51pm Oct 19, 2009 11:51pm
My Gbp/Usd trade closed out at BES with 19 pips @5 lots for $950.00 profit. I also had a Eur/Usd trade close out at BES for 25 pips @7 lots for $1750.00. That trade was taken before I started the thread.
  • #29
  • Edited 9:44am Oct 20, 2009 9:29am | Edited 9:44am
Just an update, we closed out our Gbp/Cad from post #8 for 150 pips @ 4 lots for a total profit of $5796.83 + $4.53 in swap. Eur/Gbp just closed out at BES for 25 pips @ 6 lots for a profit of $2455.31 + $.22 in swap. All other trades are still active.
  • #30
  • Oct 20, 2009 10:16am Oct 20, 2009 10:16am
Do you take trades on any of the pairs available on your broker? Or do you have a short list of pairs that you look at?
You are in a maze of twisty little passages, all alike.
  • #31
  • Edited 12:43pm Oct 20, 2009 12:00pm | Edited 12:43pm
The pairs I watch are in blue on the first post. Any pair can be used but I stick to pairs that have an average daily range over 100. The only exception is Eur/Gbp because of the payout per pip is so good at over $16 a pip.
  • #32
  • Oct 20, 2009 12:06pm Oct 20, 2009 12:06pm
Hello mer071898

Do you measure your daily average with an average true range ?
Have you tried your strategy with a lower TF ?
Do you trade with a live account ?
  • #33
  • Oct 20, 2009 12:12pm Oct 20, 2009 12:12pm
Quoting mer071898
The pairs I watch are in blue on the first post. Any pair can be used but I stick to pairs that have an average daily range over 100.
LOL sorry I should have looked more closely. But still you told me what you were looking for in the pairs on your list: a high daily range.
You are in a maze of twisty little passages, all alike.
  • #34
  • Oct 20, 2009 12:27pm Oct 20, 2009 12:27pm
I just received a PM that post #5's pic is incorrect it should read as below.

"Now, what happens in a trade where price does not trigger our Breakeven Point and then reverses on us. Well, welcome to Forex trading! Don't worry, this is how I handle it. All I do is when the candle crosses back over the Murrey Level we just breached and closes above the Murrey Level, CLOSE THE TRADE!!!

Losses are part of trading and there are way too many trading opportunities out there with this system to worry about a loss. If you look closely at the chart when this candle closed, we were able to open a long trade immediately after! We may have lost 150 pips, but we would now be in a trade that is already up 540+ pips (as of 10/16/2009)

I've also noticed that we rarely see more than one or two losses in a row. You could always increase the risk on the next trade to recoup the losses on any previous trades, but that would be up to your own comfort level. I personally double up on a loss until I make up ground then go back to a normal trading size. And I only do this because I have the available margin to accomplish this safely. "
Attached Image (click to enlarge)
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  • #35
  • Oct 20, 2009 12:37pm Oct 20, 2009 12:37pm
Quote
Do you measure your daily average with an average true range ?
I just use the daily range calculator posted in the zip file on post #1. Just make sure to divide the value by 10.

Quote
Have you tried your strategy with a lower TF ?
I, personally, do not like trading smaller timeframes due to the heavy whipsaw action, besides, I do run a full time business with my brother and the daily timeframe allows me do do both.

Quote
Do you trade with a live account ?
Yes, I do trade this on a live account. My risk is a lot lower than what is shown on the demo for safety reasons.
  • #36
  • Oct 20, 2009 1:22pm Oct 20, 2009 1:22pm
Hi,

my GU chart has lines too far apart (900 pips!). I suspect this is something to do with 5 digit brokerage, but there doesn't seem to be a setting for this & your chart is a 5 digit one anyway.

any ideas?

thanks,
Steve.
  • #37
  • Oct 20, 2009 1:52pm Oct 20, 2009 1:52pm
ok,

looks like it's the stepback period setting, what should this be set to?

thanks,
Steve.

never mind, I've fixed it now, my fault, it was the mmperiod setting
  • #38
  • Oct 20, 2009 2:22pm Oct 20, 2009 2:22pm
Hi Mer,

You say you have been trading this on a demo the past few weeks but the results only go back 10 days or so? Any reason for the high leverage on the demo. What is the account size (starting balance)?

Thanks
  • #39
  • Oct 20, 2009 4:07pm Oct 20, 2009 4:07pm
Quote
You say you have been trading this on a demo the past few weeks but the results only go back 10 days or so? Any reason for the high leverage on the demo. What is the account size (starting balance)?
Porkpie, 10/8 to 10/20 is roughly two weeks, sorry I'm off a few days . It was not meant to be an exact time, just a rough estimate. The leverage on the account is only 100:1 and the starting account balance was $100K.

Arnold49, yes, all you need to change is the MMperiod to 1440. If your measuring between your entry and your target Murrey Level, divide that number by 10 on a 5 digit broker and round it down.

The Gbp/Chf and Gbp/Nzd are still active and we have two more entries on Eur/Cad and Gbp/Cad. I'm using lower lots on the Eur/Cad as we can see that we've already crossed two Murrey Levels on this one so we need to be mindful of the possibility of a larger retracement.

Eur/Cad- TP-72, SL-180, BE-36, and BES-18

Gbp/Cad- TP-138, SL-350, BE-69, and BES-35
Attached Image(s) (click to enlarge)
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  • #40
  • Oct 20, 2009 5:16pm Oct 20, 2009 5:16pm
I have always believed that long tf are the best to trade I am in.
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