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Murrey Math Daily System

  • #201
  • Oct 27, 2009 6:37pm Oct 27, 2009 6:37pm
I was using 3 specific strategies with this one being the only long term strategy of the three. The other two were short term scalping strategies which, over the past 4-6 months as the markets have changed, have not produced the results I'd like to see. I have since dropped them and have fully focused on the long term strategy only. This allows me more time to develop and produce some business related material and spend more time on other projects.
  • #202
  • Oct 27, 2009 6:50pm Oct 27, 2009 6:50pm
Quoting mer071898
I just use it to determine if the average daily range is over 100.

Thanks for the update. I think I will replace the T_S_D daily range calculator with the ATR pips.

Steve
  • #203
  • Edited 6:54pm Oct 27, 2009 6:53pm | Edited 6:54pm
Scott,
Thanks for the reply! This method seems to be pretty robust. I find myself wondering how well it would work in other markets like futures or equities? Have you ever tried it in other markets?
  • #204
  • Oct 27, 2009 6:55pm Oct 27, 2009 6:55pm
A continuous market like forex doesn't really need ATR, just regular range. ATR was designed to take gaps into account on the daily bars of the stock market; today's opening price can be a significant distance from yesterday's close with stocks.

ATR is useful, but the measurement will be almost exactly the same as regular range in forex.
You are in a maze of twisty little passages, all alike.
  • #205
  • Oct 27, 2009 7:03pm Oct 27, 2009 7:03pm
here are my 4 trades that I took tonight
gbp/usd buy, gbp/chf buy, aud/jpy sell, eur/jpy sell. Good luck to all
  • #206
  • Oct 27, 2009 7:28pm Oct 27, 2009 7:28pm
I have closed my gbp/chf trade, I have refreshed my page and it showed that it was in the overshoot +1/8, I think it changed the lines for tonight.... the others are ok. mer071898 were you actually refreshing them everynight?
  • #207
  • Oct 27, 2009 7:39pm Oct 27, 2009 7:39pm
I have doule checked and replaced my gbpchf with gbp/aud quickly when it wasn't too late. gbp/aud closed right above 1/8 which is a better trade.
  • #208
  • Oct 27, 2009 7:53pm Oct 27, 2009 7:53pm
Quoting fed
I have doule checked and replaced my gbpchf with gbp/aud quickly when it wasn't too late. gbp/aud closed right above 1/8 which is a better trade.
hmmm...Mines mygbpaud is showing at 4/8 and 5/8 range. I think it really depends on the broker.
Attached Image (click to enlarge)
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  • #209
  • Oct 27, 2009 8:04pm Oct 27, 2009 8:04pm
Quoting hello
hmmm...Mines mygbpaud is showing at 4/8 and 5/8 range. I think it really depends on the broker.
wow I refreshed it again and it changed and now mine is the same as yours which is no trade. I have closed that one with a small profit to make up for the other small loss

Edit: Ok If I change the P field from 32 to 64 then mine is same as yours, If I have 32 in the P field then it changes and gives you diff data..
  • #210
  • Oct 27, 2009 8:32pm Oct 27, 2009 8:32pm
we are having a very active asian session tonight which is very unusual
  • #211
  • Edited Oct 28, 2009 1:27am Oct 27, 2009 8:54pm | Edited Oct 28, 2009 1:27am
Quote
Scott,
Thanks for the reply! This method seems to be pretty robust. I find myself wondering how well it would work in other markets like futures or equities? Have you ever tried it in other markets?
Tresuz, I only trade forex, so I haven't had any experience in other markets.

Quote
mer071898 were you actually refreshing them everynight?
Quote
Edit: Ok If I change the P field from 32 to 64 then mine is same as yours, If I have 32 in the P field then it changes and gives you diff data..
fed, I reload the charts every day as a precaution to be up to the minute if possible. I don't want to be taking trade then magically the chart changes on me after it's placed. You may change whatever inputs you wish to change.


Also, My Gbp/Chf trade has finally closed out @ BES for 53 pips for a profit of $4152.66 with 8 lots plus $.62 of swap. All the trades placed yesterday all ended up in profit for a grand total of $17,474.75, not bad for a day's work I would say.
  • #212
  • Oct 27, 2009 9:37pm Oct 27, 2009 9:37pm
Quoting mer071898
Tresuz, I only trade forex, so I haven't had any experience in other markets.

fed, I reload the charts every day as a precaution to be up to the minute if possible. I don't want to be taking trade then magically the chart changes on me after it's placed. You may change whatever inputs you wish to change.


Also, My Gbp/Chf trade has finally closed out @ BES for 53 pips for a profit of $4152.66 with 8 lots. All the trades placed yesterday all ended up in profit for a grand total of $17,474.75, not bad for a day's work I would say.
I don't think it can get better than that? Is that still demo?
  • #213
  • Oct 27, 2009 9:49pm Oct 27, 2009 9:49pm
Quoting fed
wow I refreshed it again and it changed and now mine is the same as yours which is no trade. I have closed that one with a small profit to make up for the other small loss

Edit: Ok If I change the P field from 32 to 64 then mine is same as yours, If I have 32 in the P field then it changes and gives you diff data..
I keep my p at 64. This is the value that populated with the template
  • #214
  • Oct 27, 2009 9:49pm Oct 27, 2009 9:49pm
Quote
I don't think it can get better than that? Is that still demo?

Every trade I take on demo is taken live, different risk factor because of the client, but live none the less.
  • #215
  • Oct 27, 2009 9:59pm Oct 27, 2009 9:59pm
All,

I know these are not recommended pairs, but they would be 'textbook' trades

audjpy

**Edit removed cadjpy and nzdjpy as the lines shifted as I accidently closed/reopen platform.
Attached Image (click to enlarge)
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  • #216
  • Oct 27, 2009 10:03pm Oct 27, 2009 10:03pm
There's nothing wrong with any pair, just be consistent and trade the strategy the same for each. I just prefer pairs that have some daily movement.
  • #217
  • Oct 27, 2009 11:19pm Oct 27, 2009 11:19pm
aud/jpy closed with full profit, eur/jpy also secured some pips, from here on it is a free ride. bgp/usd is on the negative side. I am watching it closely, if it breaks out to the down side then most likely it won't go myway and I will close the trade at least to make it 1:1 RR.
  • #218
  • Oct 28, 2009 1:24am Oct 28, 2009 1:24am
My Eur/Jpy trade has already closed out tonight @ BES for 57 pips (BES-38 pips + TS-19 pips x1) for a profit of $2496.80 with 4 lots
  • #219
  • Oct 28, 2009 1:32am Oct 28, 2009 1:32am
Quoting mer071898
My Eur/Jpy trade has already closed out tonight @ BES for 57 pips (BES-38 pips + TS-19 pips x1) for a profit of $2496.80 with 4 lots
hey, looks like my eur/jpy will be BES as well with in 15-20 pips, it is still an ongoing trade but it is getting there. g/u, I am wathing this level, if it breaks then this pair might have more of downside and I will close the trade.
  • #220
  • Edited 4:18am Oct 28, 2009 3:29am | Edited 4:18am
Hi Mer, are the below statements based on back tested results or is this a general MM fact? Thanks

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

Edit: Ok figured it out. "The 0/8, 4/8, and 8/8 MML's are essentially equal to eachother in the sense that they have the most influence over price support and resistance. The 0/8, 4/8, and 8/8 MML's are followed by the 2/8 and the 6/8 MML's, which are in turn followed by the 3/8 and 5/8 MML's. Finally, the 1/8 and the 7/8 MML's have the least influence over price support and resistance". (www.foretrade.com)

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