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Murrey Math Daily System

  • #181
  • Oct 27, 2009 12:35pm Oct 27, 2009 12:35pm
sorry fed; my mistake.....
  • #182
  • Oct 27, 2009 12:38pm Oct 27, 2009 12:38pm
Quoting stevewide
sorry fed; my mistake.....
I understand I feel the same way as you when people post the same questions again and again and that is why I have shared my thougths as well.

no worries
  • #183
  • Oct 27, 2009 12:40pm Oct 27, 2009 12:40pm
by the way I have less then 20 pips more to go to hit my full profit with e/g.
  • #184
  • Oct 27, 2009 12:53pm Oct 27, 2009 12:53pm
Freewheelin, no apologies needed for the English, lol! I will answer these one by one:

1. Do you only increase lot size on those who were losers?

Yes, I only increase the lot the on those trades that are losers.

2. Could it be that sometimes the whole bets you have to place can overwhelm your account size? Example:
Trade ONE 4 lots
Trade TWO 2 lots
Trade THREE 6 lots and so on

Easily those bets can exceed the account size and margin.

Yes , that is always a possibility. That is why I traded this on the trading simulator I posted on the first post for as long as I did. I wanted to be sure on how many losses in a row could be possible so I could be confident in the increases. Also, I make sure that I have enough equity and margin in the account if I need it to at least cover up to 5-6 losses or more with no problem (which I'll probably never see). Say we go up to 6 losses, I would only need to be trading 96 lots (2+4+6+12+24+48), and on this demo right now, that wouldn't even be half my equity. When I use the semi-martingale approach, it doesn't expose my account to that exponential risk of a true martingale (2+4+8+16+32+64= 126 lots!).

3. How do you calculate your increase: By lot or percentage? I see you're working with lot, so we have to assume you're handling a huge chunk of money on the forex and you don't really care about this "never risk more than 3% of your account" mantra.

First off, it's not that I don't care about the risk, because I do. I trade and accept the risk a little differently than everyone else and I'm comfortable with that. I do use lots instead of percentage because it's easier to calculate. Your risk level is up to you, if you only want to risk 3%, then by all means stick to what your comfortable with. If you don't want to double up on a loss, fine, don't do it. You could also go from 2 lots on a loss to 2.5 or 3 lots instead of doubling up. just do whatever you need to do to slowly recoup your losses.

4. TO ALL: Is there a MM-Tool (a really good one) that can cover this strategy?

As I said in the beginning, use whatever MM or MM tools you think will help you with your own style of trading of this strategy.


Quote
How I do my Money management, I do put 2-1 so if I profit 1 I risk 2 which doesn't sound great I know, what I do is that I put an alert to my cell when price moves against me to 1-1 then I look at my trade carefully and if the price doesn't break my way and continues the wrong way then I close my trade, so that way I am still with 1-1 RR.
fed, if your comfortable with that, great! This only thing that concerns me is you may be closing trades way too early before they have a chance to run. A good example is the Eur/Usd last night (see pic). The candle had reversed on us and crossed back over the original breach and was in the hole by about -60 pips! Would you have closed that trade? If so, you lost money as the price dropped down and it looks like the target was hit right to the pip at 1.47705, crazy isn't it!. What if that was -100 pips or -200 pips and your emergency stop has been touched yet? You have to sometimes incur those types of drawdowns to let the trade breathe. This strategy is operating at roughly 83% accuracy right now and you have to trust the way it works.
Attached Image (click to enlarge)
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  • #185
  • Oct 27, 2009 1:02pm Oct 27, 2009 1:02pm
I have a question regarding the stealth v2 EA. Must i set the enable trailing parameter to true? Cause I want to use the trailing step method. Is it right that i have to keep MT4 always on, if i use the stealth EA? Thx
  • #186
  • Edited 8:49pm Oct 27, 2009 1:06pm | Edited 8:49pm
Here are my closed trades from last night:

My Eur/Usd trade has closed out @ 48 pips (BES-24 pips + TS-12 pips x2) for a profit of $3840.00 with 8 lots

My Eur/Gbp trade has closed out @ 27 pips (BES-18 pips + TS-9 pips x1) for a profit of $3538.88 with 8 lots

My Eur/Jpy trade has closed out @ 60 pips (BES-30 pips + TS-15 pips x2) for a profit of $2605.83 with 4 lots

My Aud/Nzd trade has closed out @ 9 pips (BES-9 pips) for a profit of $267.46 with 4 lots

So far we've had a $13K+ day and my Gbp/Chf is still active with a triggered BES of 53 pips already locked in! I will be taking Aud/Nzd off and replacing it with Usd/Cad due to the low range and lack of separation between the Murrey Levels. I've been watching Usd/Cad on the side and the daily range has improved enough for me to add it.
  • #187
  • Oct 27, 2009 1:18pm Oct 27, 2009 1:18pm
Quoting mer071898
Here are my closed trades from last night:

My Eur/Usd trade has closed out @ 48 pips (BES-24 pips + TS-12 pips x2) for a profit of $3840.00 with 8 lots

My Eur/Gbp trade has closed out @ 27 pips (BES-18 pips + TS-9 pips x1) for a profit of $3538.88 with 8 lots

My Gbp/Chf trade has closed out @ 60 pips (BES-30 pips + TS-15 pips x2) for a profit of $2605.83 with 4 lots

My Aud/Nzd trade has closed out @ 9 pips (BES-9 pips) for a profit of $267.46 with 4 lots

So far we've had a $13K+ day and my Gbp/Chf is still active with a triggered BES of...
Gotta love it
  • #188
  • Oct 27, 2009 1:31pm Oct 27, 2009 1:31pm
Quoting mer071898
Freewheelin, no apologies needed for the English, lol! I will answer these one by one:

1. Do you only increase lot size on those who were losers?

Yes, I only increase the lot the on those trades that are losers.

2. Could it be that sometimes the whole bets you have to place can overwhelm your account size? Example:
Trade ONE 4 lots
Trade TWO 2 lots
Trade THREE 6 lots and so on

Easily those bets can exceed the account size and margin.

[b]Yes , that is always a possibility. That is why I traded this on the trading simulator I posted...

I agree with you, how ever eur/usd was a scary one last night it did go close to -65 pips which I was targeting 87pips according to my broker info. So I came close to 1:1 ration and then usually these consolidation period forms and I look at it carefully if it will now break lower or will it continue up.
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  • #189
  • Oct 27, 2009 1:36pm Oct 27, 2009 1:36pm
woo hoooo eur/gbp just closed with a full profit

By the way I am in live, with smaller lots for now but still I got great profit since I have started.
  • #190
  • Oct 27, 2009 1:38pm Oct 27, 2009 1:38pm
Quoting kellera6
Gotta love it
  • #191
  • Oct 27, 2009 2:01pm Oct 27, 2009 2:01pm
Quoting fed
It seems like it didn't take long to convince you Good call!
  • #192
  • Oct 27, 2009 2:01pm Oct 27, 2009 2:01pm
Quote
I have a question regarding the stealth v2 EA. Must i set the enable trailing parameter to true? Cause I want to use the trailing step method. Thx

Yes, if you want to use the Trailing Step, set it to true.

Quote
Is it right that i have to keep MT4 always on, if i use the stealth EA?

Yes, in order for the EA to do it's job, the MT4 must be on. If you don't want to keep your computer on all the time, you could pay to use a VPS (Virtual Private Server). Then you can turn your own computer off and let the VPS run the MT4 and you can then access the VPS from your home computer, which is what I do.
  • #193
  • Oct 27, 2009 3:06pm Oct 27, 2009 3:06pm
1 looser out of 7 trades that I took so far with my live account. 4 of the 6 winners were with full profit, the other 2 did BE with profit. And the loosing trade I did close it myself where I watched it carefully and it showed clearly that the price was heading to the wrong direction and I have closed the trade with 90 pips loss and I was aiming for 70 pips and that was the eur/gbp from yesterday.
  • #194
  • Oct 27, 2009 3:57pm Oct 27, 2009 3:57pm
Have closed Uchf, Gcad, Gaud, Eu, Ej, Enzd, Chf/jpy, and Aud/nzd winners with the stealth EA. Have a Gchf & Egbp locked into profit with the EA.

Am losing on Ucad, Gu, Gj (thought I'd be brave and try it; it still might pay).

Am learning to tighten up tp and loosen sl a few pips.

This is a great set it and forget it method. I'm using more pairs to experiement but will limit my pairs to those with best ATR before taking this live.

God bless you all!

Steve
  • #195
  • Oct 27, 2009 4:15pm Oct 27, 2009 4:15pm
really cool ATR indy in left corner of chart above red arrow; change ATR to whatever setting you like and change multiplier to 1. Found at another thread on FF.

Trying to decide what I'm missing by rarely referring to the T_S_D daily range calculator. How is it best used?

I write notes in right hand corner for handy reference.



Steve
Attached Image (click to enlarge)
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File Type: ex4 ATR Pips.ex4   3 KB | 438 downloads
  • #196
  • Oct 27, 2009 5:34pm Oct 27, 2009 5:34pm
Quote
Trying to decide what I'm missing by rarely referring to the T_S_D daily range calculator. How is it best used?

I just use it to determine if the average daily range is over 100.
  • #197
  • Oct 27, 2009 5:59pm Oct 27, 2009 5:59pm
Here are the pairs that have possible setups tonight:

Eur/Jpy- short
Gbp/Usd- long
Gbp/Nzd- long

Gbp/Chf is still active.
  • #198
  • Oct 27, 2009 6:03pm Oct 27, 2009 6:03pm
Wow, I must be doing something right; those were my picks too.

One little nuance that you seem to look at is you want the open and close of the crossing candle to straddle the MM level. A wick that crosses the level doesn't count. Does this capture it?

Oh, a note to you other IBFXers out there. Their D1 candle starts at 0000 hours GMT which is 2000 EDT (USA)
This is an hour later than mer's.
You are in a maze of twisty little passages, all alike.
  • #199
  • Edited Oct 28, 2009 2:01am Oct 27, 2009 6:12pm | Edited Oct 28, 2009 2:01am
Quote
One little nuance that you seem to look at is you want the open and close of the crossing candle to straddle the MM level. A wick that crosses the level doesn't count. Does this capture it?
Yes you are correct, the body of the candle must breach or straddle the Murrey Level. What this tells us is that the there's a probability that the support or resistance that this level provided is no longer valid.


Trades I've taken for today:

Eur/Jpy-Short- TP-150, SL-170, BE-75, BES-38, and TS-19, 4 lots

Gbp/Usd-Long- TP-104, SL-150, BE-52, BES-26, and TS-13, 8 lots

Gbp/Nzd-Long- TP-450, SL-540, BE-225, BES-112, and TS-56, 4 lots
  • #200
  • Oct 27, 2009 6:19pm Oct 27, 2009 6:19pm
Scott,
Love this method! How long have you been using this particular method to manage your forex diversification fund? I assume it is only one of the strategies you use?
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