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Murrey Math Daily System

  • #101
  • Oct 25, 2009 12:52pm Oct 25, 2009 12:52pm
Eur/Gbp- Long taken with lower lots on the open. Be careful as price was rejected at the 50 fib retracement. You may want to see how the Sunday candle react on the open.

Eur/Jpy- No trade taken due to the price is past the 8/8. Those who take this long use very low lots.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 53 KB
Click to Enlarge Name: eurjpy.gif Size: 49 KB
  • #102
  • Oct 25, 2009 1:59pm Oct 25, 2009 1:59pm
What does "P" and "StepBack" refer to?

Must "MMPeriod" always match the time frame of the chart?
  • #103
  • Oct 25, 2009 2:00pm Oct 25, 2009 2:00pm
Quoting mer071898
okehiedon, That's what I like to see, people taking the time ahead to evaluate the pairs. I will go over what I see. All these scenarios will depend on if the Sunday candle gaps.

Eur/Usd- Closed below 7/8, will take short with a target of the 6/8. I will use lower lots due to a strong Murrey Level target. Be mindful of the 76.4 retracement from the drop we had from 7/08 to 10/08 last year, it may play a role in the next few trades.

Gbp/Usd- With the GBP news Friday morning this dropped down through 3 Murrey levels on us....
Hi: Really like this method. Thank you.

How come I only show Gu went thru 2 MM levels? You show 3; I'm using your template too...my Sunday broker hasn't started yet so perhaps it will catch up to yours when it does.
Thanks,
Steve
  • #104
  • Oct 25, 2009 2:17pm Oct 25, 2009 2:17pm
Quoting kellera6
and it is too close to the next level so your risk/reward is not worth it.
Thaks guys for reminding me of the rules of this system. However I still believe in the GU short trade. This is how I plan to trade it.

1. My bias is short. so not looking for long trades unless daily price closes above nearest MM level at 1.6357

2. Sell a rejection at MM level1.6357 or 38 ret @ 1.64454 of fridays hi low or 50 fib ret @ 1.6490.

3. Sell stop below fri low depending on price at market open.

thanks mer071898 for this simple and robust system.
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #105
  • Oct 25, 2009 2:27pm Oct 25, 2009 2:27pm
Quote
What does "P" and "StepBack" refer to?

Must "MMPeriod" always match the time frame of the chart?
To be honest, I have no idea what the "P" and "StepBack" refer to, I'm only concerned about the MMPeriod which should match the timeframe your chart is on, in this case it should be 1440.

Quote
How come I only show Gu went thru 2 MM levels? You show 3; I'm using your template too...my Sunday broker hasn't started yet so perhaps it will catch up to yours when it does.
Remember, different broker's will show different data. If you want to have the same data as I see, you must use the same platform as I'm using from The Collective FX.

okehiedon, use whatever makes you feel comfortable. I will also take the short as long as the Sunday opens below my 6/8.
  • #106
  • Oct 25, 2009 2:30pm Oct 25, 2009 2:30pm
Gbp/Chf and Eur/Cad are both basic setups.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurcad.gif Size: 50 KB
  • #107
  • Oct 25, 2009 2:37pm Oct 25, 2009 2:37pm
Last but not least, I will pass on the Gbp/Cad as the candle is too close to the target Murrey Level. If price gaps up a little, I may re-evaluate the entry.

Make sure to double check the Murrey indicator for any re-calculations on the opening of the Sunday candle or if there are any gaps first before any decisions are made.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad.gif Size: 50 KB
  • #108
  • Oct 25, 2009 2:37pm Oct 25, 2009 2:37pm
Quoting mer071898
Gbp/Chf and Eur/Cad are both basic setups.
You lost me on GBP/CHF

Price is between 0/8 and -1/8.
Isn't that "long only" territory?

Why isn't EUR/USD a short trade?
  • #109
  • Oct 25, 2009 2:38pm Oct 25, 2009 2:38pm
Quoting mer071898
Gbp/Chf and Eur/Cad are both basic setups.
mer071898 your GbpChf by the rules is not valid because it has breached MM 0/8 extremely oversold level. Confirm I got that right
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  • #110
  • Oct 25, 2009 2:50pm Oct 25, 2009 2:50pm
Quote
mer071898 your GbpChf by the rules is not valid because it has breached MM 0/8 extremely oversold level. Confirm I got that right
Not according to my charts. Do you have the timeframe correct on the indicator? Have you reloaded the template since Friday? My candle is sitting between the 4/8 and the 3/8. (See pic). Again, this might be an issue with different data being provided. You'll have to go with the data your broker is reporting, or download the MT4 platform from The Collective FX.

Quote
Why isn't EUR/USD a short trade?
billbss, if you look at post #102, I have it as a short trade.

"Eur/Usd- Closed below 7/8, will take short with a target of the 6/8. I will use lower lots due to a strong Murrey Level target. Be mindful of the 76.4 retracement from the drop we had from 7/08 to 10/08 last year, it may play a role in the next few trades."
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 54 KB
  • #111
  • Oct 25, 2009 3:01pm Oct 25, 2009 3:01pm
Quoting mer071898
Not according to my charts. Do you have the timeframe correct on the indicator? Have you reloaded the template since Friday? My candle is sitting between the 4/8 and the 3/8. (See pic). Again, this might be an issue with different data being provided. You'll have to go with the data your broker is reporting, or download the MT4 platform from The Collective FX.

billbss, if you look at post #102, I have it as a short trade.

"Eur/Usd- Closed below 7/8, will take short with a target of the 6/8. I will use lower lots due to a strong Murrey Level target....
My GBP/CHF is on Daily. I reloaded the template. Price is between 0/8 and -1/8.
I don't believe difference in broker prices or times could account for that wide a discrepancy.
  • #112
  • Oct 25, 2009 3:14pm Oct 25, 2009 3:14pm
I will reload my template when the candle opens. Don't worry, if It changes I will be the first to admit I am wrong. That's why I reload my template everyday before I trade just to be safe.
  • #113
  • Oct 25, 2009 3:19pm Oct 25, 2009 3:19pm
Quoting billbss
My GBP/CHF is on Daily. I reloaded the template. Price is between 0/8 and -1/8.
I don't believe difference in broker prices or times could account for that wide a discrepancy.
I reloaded my GBPCHF and I'm now seeing what mer071898 sees. It has breached 4/8 and it's headed down to 3/8. My broker is FXCM.
  • #114
  • Oct 25, 2009 3:36pm Oct 25, 2009 3:36pm
Quoting kellera6
I reloaded my GBPCHF and I'm now seeing what mer071898 sees. It has breached 4/8 and it's headed down to 3/8. My broker is FXCM.
Mine may change when data hits it, in about 30 minutes.
  • #115
  • Edited 8:00pm Oct 25, 2009 4:53pm | Edited 8:00pm
I will be experimenting with the Stealth V.2 to see if the Trailing Step (TS) will be any more beneficial.

Trades I've taken:

Eur/Usd-Short- TP-104, SL-140, BE-52, BES-26, and TS-13, 4 lots

Gbp/Usd-Short- TP-56, SL-190, BE-28, BES-14, and TS-7, 4 lots

Eur/Gbp-Long- TP-70, SL-176, BE-35, BES-18, and TS-9, 4 lots

Eur/Jpy-Long- TP-90, SL-226, BE-45, BES-23, and TS-12, 2 lots

Gbp/Chf-Short- TP-74, SL-414, BE-37, BES-19, and TS-10, 8 lots

Eur/Cad-Long- TP-72, SL-172, BE-36, BES-18, and TS-9, 4 lots
  • #116
  • Oct 25, 2009 7:19pm Oct 25, 2009 7:19pm
I have taken eur/usd short, eur/gbp long and usd/cad long. usd/nzd, usd/gbp both looked good but it is too late now. I stayed away from eur/jpy which is closed above 8/8 so I will look for a short....
  • #117
  • Oct 25, 2009 7:31pm Oct 25, 2009 7:31pm
how do I use the stealth indi? I have placed it in the indicator's folder and when I drag it to my chart nothing happens.
  • #118
  • Oct 25, 2009 7:33pm Oct 25, 2009 7:33pm
Quote
how do I use the stealth indi? I have placed it in the indicator's folder and when I drag it to my chart nothing happens.

That's because it is an EA, not an indicator. Place in the experts folder and restart your Metatrader platform.
  • #119
  • Oct 25, 2009 7:39pm Oct 25, 2009 7:39pm
I c thanks, I haven't used an EA before. Can I still use it to an existing trade? or do I have to open the trade again?
  • #120
  • Oct 25, 2009 7:59pm Oct 25, 2009 7:59pm
No, just click on the navigator in the menu bar, double click on which version of the stealth you want to use (V.2 has the trailing step) and input the numbers you calculate and your done. Once placed on the chart, it will take over and manage the trade.
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