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Murrey Math Daily System

  • #381
  • Nov 3, 2009 7:27pm Nov 3, 2009 7:27pm
Quoting kellera6
I'm still paper trading this so forgive me but how did you guys make a profit with EURUSD lastnight? From what I can see, it didn't make it to BE.
Also isn't AUDUSD a sell tonight or you passed because it almost breached 2 levels lastnight?
thanks
Hi kellera6,
I traded EUR/USD on 2009.10.28 when it breached 5/8 mm level down.
I didn't trade AUD/USD because my candle opened just above the 6/8 level tonight.
Anyway even if it opened below it I wouldn't have traded it because yesterday's candle(2009.11.03) already touched the 5/8 level (as a support). But this is just a feeling, not a rule of mer071898
  • #382
  • Nov 3, 2009 7:35pm Nov 3, 2009 7:35pm
Quoting InterMania
Hi kellera6,
I traded EUR/USD on 2009.10.28 when it breached 5/8 mm level down.
I didn't trade AUD/USD because my candle opened just above the 6/8 level tonight.
Anyway even if it opened below it I wouldn't have traded it because yesterday's candle(2009.11.03) already touched the 5/8 level (as a support).
That explains your EURUSD profit on a sell. Nice one! Some people here have been closing a trade like that if the trade goes the opposite way and closes beyond the breached level where they entered. I think what you did worked because it's stuck in a range but probably would have turned into a bigger loss if it started a new trend. Interesting on your AUDUSD candle opening above the 6/8 when mine opened below it. Thanks for the scoop!
  • #383
  • Edited Nov 4, 2009 10:44am Nov 3, 2009 10:00pm | Edited Nov 4, 2009 10:44am
Sorry about the late post but here is what I've taken tonight:

AUD/USD-Short- TP-116, SL-130, BE-58, BES-29, and TS-15, 2 lots

NZD/USD-Long- TP-104, SL-140, BE-52, BES-26, and TS-13, 2 lots

CAD/JPY-Long- TP-46, SL-110, BE-23, BES-12, and TS-6, 4 lots

CHF/JPY-Short- TP-46, SL-114, BE-23, BES-12, and TS-6, 2 lots

USD/CHF-Long- TP-110, SL-136, BE-55, BES-28, and TS-14, 4 lots

USD/CAD-Short- TP-44, SL-204, BE-22, BES-11, and TS-6, 8 lots

EUR/CAD-Short- TP-68, SL-182, BE-34, BES-17, and TS-9, 2 lots

GBP/CAD-Short- TP-156, SL-340, BE-78, BES-39, and TS-20, 8 lots

AUD/CAD-Short- TP-100, SL-146, BE-50, BES-25, and TS-13, 4 lots

EUR/NZD-Short- TP-124, SL-370, BE-62, BES-31, and TS-16, 8 lots

AUD/NZD-Short- TP-58, SL-190, BE-29, BES-15, and TS-8, 8 lots



***UPDATE***


My AUD/USD trade has already closed out @ BES with 29 pips for a profit of $580.00 with 2 lots.


My CHF/JPY trade has already closed out with 18 pips (BES-12 pips + TS-6 pips x1) for a profit of $399.33 with 2 lots.


I still have 9 active trades from today plus 1 from still going from yesterday (GBP/NZD).

  • #384
  • Nov 3, 2009 10:18pm Nov 3, 2009 10:18pm
I thought I'd join in with the pip festivities. Here are my live trades (although using only micros until my backtest is done). My entries are all using limit orders. Daily bars have enough of a range to retrace a bit and trigger. Make for lower risk and greater gain. Just my way of entering... same concept though. 7 orders. 4 triggered so far and all 4 positive.

AUD/USD - Long (.9012) - SL (-122) TP (138)
(This pair has been riding the 50% Fib for 4 days now.. tried to break yesterday and failed miserably... On my broker I have a close above MM level + Fib support... hence my long)

NZD/USD - Long (.7190) - SL (-125) TP (130)

EUR/JPY - Long (132.75) - SL (-160) TP (160)

EUR/AUD - Short (1.6345) - SL (-145) TP (105)

Pending entries:
GBP/USD - Long
EUR/GBP - Short
AUD/CAD - Short
  • #385
  • Edited 10:31pm Nov 3, 2009 10:19pm | Edited 10:31pm
I am a little miffed why my AUD/NZD didn't close out as the price hit the target Murrey Level and even went past a little. Same thing on AUD/CAD, it should have moved to BES of 25 pips, but didn't. Anyone else have this issue?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 98 KB
Click to Enlarge Name: audcad.gif Size: 97 KB
  • #386
  • Nov 4, 2009 12:15am Nov 4, 2009 12:15am
Quite confusing to try to trade this method along with you.
There are multiple pairs you have listed such as nzdusd, eurnzd, usdcad and some others that are completely opposite of what I see on my onecorp demo with freshly loaded template.
That's a pretty frustrating aspect of this, how even on the same broker we can't seem to get the MM levels showing the same.
Wish there was a way around this issue.
  • #387
  • Nov 4, 2009 12:34am Nov 4, 2009 12:34am
Quoting mer071898
I am a little miffed why my AUD/NZD didn't close out as the price hit the target Murrey Level and even went past a little. Same thing on AUD/CAD, it should have moved to BES of 25 pips, but didn't. Anyone else have this issue?
Maybe the spread was too large at that moment.
  • #388
  • Nov 4, 2009 12:47am Nov 4, 2009 12:47am
Quoting mer071898
I am a little miffed why my AUD/NZD didn't close out as the price hit the target Murrey Level and even went past a little. Same thing on AUD/CAD, it should have moved to BES of 25 pips, but didn't. Anyone else have this issue?
Those pairs usually have high spreads about 9-10 pips that is why I don't trade them.
  • #389
  • Nov 4, 2009 12:48am Nov 4, 2009 12:48am
Quoting mer071898
Sorry about the late post but here is what I've taken tonight:

AUD/USD-Short- TP-116, SL-130, BE-58, BES-29, and TS-15, 2 lots

did you meant aud/usd long?
  • #390
  • Nov 4, 2009 1:59am Nov 4, 2009 1:59am

***UPDATE***

My USD/CAD trade has closed with 29 pips (BES-11 pips + TS-6 pips x3) for a profit of $2180.72 with 8 lots.

My CAD/JPY trade has closed out @ Target with 47 pips for a profit of $2063.88 with 4 lots.

9 trades are still active.


Quote
Quite confusing to try to trade this method along with you.
There are multiple pairs you have listed such as nzdusd, eurnzd, usdcad and some others that are completely opposite of what I see on my onecorp demo with freshly loaded template.
That's a pretty frustrating aspect of this, how even on the same broker we can't seem to get the MM levels showing the same.
Wish there was a way around this issue.
tazmaan, I've mentioned it numerous times, you're confused because you are using a different broker than I am and you are receiving different data. It gets frustrating trying to get people to understand that every broker's data is different! I can only give you the trades I take that I see on my broker. That's why I suggest you use the same demo as I do so you will see what I see. I can't make it any more plain and simple as that, sorry.

Quote
Those pairs usually have high spreads about 9-10 pips that is why I don't trade them.
fed and fewhills, The Collective FX spreads on AUD/NZD and AUD/CAD are never more than 5-7 pips on my platform, even during low liquidity (because I've checked). Even if it was a big spread increase, the AUD/NZD still should have moved the stop to BES at least.

Quote
did you meant aud/usd long?
No, it was a short, look at the stats page. I took a short trade because my candle closed below the Murrey Level.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 69 KB
  • #391
  • Nov 4, 2009 4:12am Nov 4, 2009 4:12am
Here's what my AUDUSD chart looks like:

Attached Image (click to enlarge)
Click to Enlarge Name: audusd_long.gif Size: 15 KB


As you can see, the difference in broker feed caused a slightly different calculation in MM lines, where MER071898 has a close BELOW the MM level and I have a close ABOVE the level... causing my entry long. Whereas he went short. Learn the concept of this method and simply apply it to your charts. Otherwise... as stated... you will need to download the same platform as him and then you can follow along.

MM levels are simply mathematical calculations based on data provided by your broker. Since a new daily bar forms at several different times (depending on the broker).. i.e. GMT, GMT+1, GMT+2, GMT+3, etc... not everyone in the world has the same Daily bar, causing MM levels to be calculated differently. However, the bars DO form during slow trading periods, making the bars close.. but not identical. This is why intraday traders rely on HOURLY bar closes, since everyone in the world will then see the same data. Top of the hour is the same in all parts of the world.

MER... May I suggest that you edit the first post in big, capital, bold letters stating that "if you want to follow along and see the same charts as me... you will need to download the demo account from X broker".

BTW... That AUDUSD trade - in my account - is now at B/E and about +60. MER went short and already took his profit. Beauty of Daily bars. Has room to profit in both directions
  • #392
  • Nov 4, 2009 4:29am Nov 4, 2009 4:29am
Quoting mer071898
I am a little miffed why my AUD/NZD didn't close out as the price hit the target Murrey Level and even went past a little. Same thing on AUD/CAD, it should have moved to BES of 25 pips, but didn't. Anyone else have this issue?

this happened to me also, it was caused by a sudden spike down & there was no time for the EA to react before the price had gone back up again.

Steve.
  • #393
  • Nov 4, 2009 4:33am Nov 4, 2009 4:33am

***UPDATE***

My EUR/CAD trade has closed with 35 pips (BES-17 pips + TS-9 pips x2) for a profit of $659.92 with 2 lots.

Quote
MER... May I suggest that you edit the first post in big, capital, bold letters stating that "if you want to follow along and see the same charts as me... you will need to download the demo account from X broker".
Done.
  • #394
  • Edited 7:16am Nov 4, 2009 7:12am | Edited 7:16am
sorry,double post...see below.
  • #395
  • Nov 4, 2009 7:14am Nov 4, 2009 7:14am
Quoting mer071898
EUR/NZD-Long
NZD/USD-Short
USD/CAD-Long
AUD/CAD-Long
Just as a matter of curiosity, I've downloaded The Collective Fx platform.

EUR/NZD

http://img267.imageshack.us/img267/7977/eurnzd.gif

Yesterday's candle breached 4/8 Murray Math Level down.
Why did you open a LONG?

NZD/USD

http://img237.imageshack.us/img237/1160/nzdusd.gif

Yesterday's candle breached 3/8 Murray Math Level up.
Why did you open a SHORT?

USD/CAD

http://img253.imageshack.us/img253/4741/usdcad.gif

Yesterday's candle breached 4/8 Murray Math Level down.
Why did you open a LONG?

AUD/CAD

http://img215.imageshack.us/img215/3755/audcad.gif

Yesterday's candle breached 7/8 Murray Math Level down.
Why did you open a LONG?
  • #396
  • Edited 7:34am Nov 4, 2009 7:20am | Edited 7:34am
Sorry...found it....lol

I've just seen your mt4live stats and they are right. You have just made some mistakes posting your trades here.
Attached Image (click to enlarge)
Click to Enlarge Name: mistakes.png Size: 49 KB
  • #397
  • Nov 4, 2009 7:59am Nov 4, 2009 7:59am
Hey Scott,

I have one critique of this system that maybe you can address. I've always been a "fixed fractional bet" kinda guy but the way trades are sized in this system doesn't fit with this.

As part of my trading plan, I have a fixed percentage of my account I'm willing to risk per trade. Therefore, when I enter a trade, I look at my entry price and stop (I always have a hard stop). Based on the difference between the entry and stop I size my position so that if the stop is hit, my loss is my pre-defined max risk.

As we've seen, the position sizing strategy used in this thread can result in significant drawdowns when things don't go right. This is because the MM lines (which are used to determine stops and targets) can be wider or narrower depending on the currency pair's volatility. Yet we put on lot sizes that completely ignore how far away the stop is.

In order to even out the risk, I'd propose sizing according to the (entry-stop)/max risk formula. This way every loss is the same amount, as opposed to having some trades be potentially large losses and some small.

In addition, we can still have the original idea of "large-medium-small" sizes depending on the unique rules of this approach (i.e. which MM line is the target, did the daily bar breach 2 MM lines or just 1). The way I'd trade it is to define "large" as my max loss size and set "medium" and "small" as fractions of this - maybe 1/2 and 1/4.

You gave the impression that this system is working for you as-is and that's fine. What I'm suggesting is a way to smooth out the equity curve and control the drawdowns better.
You are in a maze of twisty little passages, all alike.
  • #398
  • Nov 4, 2009 9:29am Nov 4, 2009 9:29am
[quote=mer071898;3206686]

***UPDATE***

My USD/CAD trade has closed with 29 pips (BES-11 pips + TS-6 pips x3) for a profit of $2180.72 with 8 lots.

My CAD/JPY trade has closed out @ Target with 47 pips for a profit of $2063.88 with 4 lots.

9 trades are still active.


tazmaan, I've mentioned it numerous times, you're confused because you are using a different broker than I am and you are receiving different data. It gets frustrating trying to get people to understand that every broker's data is different! I can only give you the trades I take that I see on my broker. That's why I suggest you use the same demo as I do so you will see what I see. I can't make it any more plain and simple as that, sorry.

I know you had said this many times, as I mentioned, I am using the collective also. Which is why I said it was frustrating to try to match trades with you. When a freshly loaded template on collective still doesn't match the trades you are taking.
  • #399
  • Nov 4, 2009 10:49am Nov 4, 2009 10:49am
Quote
There are multiple pairs you have listed such as nzdusd, eurnzd, usdcad and some others that are completely opposite of what I see on my onecorp demo with freshly loaded template.

You said you were using onecorp. I can only respond to what you post.
  • #400
  • Nov 4, 2009 11:03am Nov 4, 2009 11:03am
Scott,

What experiences have you had with your boutique broker and how long have you been with them?

Thanks
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