knucklehead,
if its not too much trouble could you tell us what ind u have on the bottom of your charts - looks very good with MM
thanks alot
traderdp
Ignored
Sure, its an MTF RSI. I use the 4hr charts, so I have it set to show what the daily charts are doing. So if the daily is trending, so will the 4hr usually. Also, I have a periods 5 and 9. I also use these to confirm the daily is trending. So the setting for this indicator need to be set at 1440 tf and 5 period. Add the other two if you need off the mt4 indicators.
I am sure some will not understand, others will criticize and even knock this down. For those who really want to "get it" and understand, this will be a blessing to them. I am not going to give away all our trade secrets or the whole picture of what we teach, but suffice to say, once you travel through the above information and apply it, you will begin to understand the value of the above information. If you have any plans to provide negative criticism, please hold it. We are Masters of our craft and experts / Professionals at what...
Ignored
Xcalibur...I've been at this MM approach for a few years with no success. Where can i get more info regarding what you teach?
Xcalibur...I've been at this MM approach for a few years with no success. Where can i get more info regarding what you teach?
Ignored
What approach are you talking about? I am a little more familiar with the SQ9 than Murrey, but since the principles are similar, I may be able to help.
I agree also, that MM does not need any additional indicators for confirmation. I have been trading with a large group for many years, successfully, and we do not use any additional ... Xcalibur
Ignored
The gift is received graciously. Thanks for the share, really appreciate it.
Here is one of my interpretations of a trade using the Murrey rules, not sure if it correct yet, but practice practice practice. going food so far.
8/8 th’s and 0/8 th’s Lines (Ultimate Resistance)
These lines are the hardest to penetrate on the way up, and give the greatest support on the way down. (Prices may never make it thru these lines).
It pierced and retraced past the 7/8 th's.
7/8 th’s Line (Weak, Stall and Reverse)
This line is weak. If prices run up too far too fast, and if they stall at this line they will reverse down fast. If prices do not stall at this line they will move up to the 8/8 th’s line.
I would ass u me this is the same going down.
6/8 th’s and 2/8 th’s Lines (Pivot, Reverse)
These two lines are second only to the 4/8 th’s line in their ability to force prices to reverse. This is true whether prices are moving up or down.
I'll take profit just before the 6/8 th's line. 75 pips, at 38 or so now. I am +5 pips now since that is where my s/l is at his point.
The prices of all entities will spend 40% of the time moving between the 5/8 th’s and 3/8 th’s lines. If prices move above the 5/8 th’s line and stay above it for 10 to 12 days, the entity is said to be selling at a premium to what one wants to pay for it and prices will tend to stay above this line in the “premium area”. If, however, prices fall below the 5/8 th’s line then they will tend to fall further looking for support at a lower level.
Maybe take this down to the 4/8th's....but if you go down some time frames, it tells a different story. So I think you would want to stay out of this trade. Maybe a Murrey connoisseur could advise if this is looking at it correctly.
The gift is received graciously. Thanks for the share, really appreciate it.
Ignored
This isn't mm, but is one of my methods I trade. This is purely price action using indicators to see where the lower tf's are headed. I can't imagine a more 'raw' way of trading. Looks easy, but it isn't. But very accurate once mastered.
Since I trade higher tf's, I can trade several pairs. I close trades on Friday, before the NY session is closed using this script. It closes all trades at once, very helpful.
thanks for the posts they are interesting. can you please share or advise what the indicator is that is drawing the yellow line on your charts?
regards,
mike
Ignored
Its a MTF MA set to 3 period and daily tf. I just use it to see where the higher tf's are going. I don't believe in using indicators to acknowledge where an entry should be, just where things are going. Don't rely on indicators, the charts will tell you everything you need to know.
Started these trades last night...woke and they had hit the TP, which is -1.382. I'll put some charts of these same charts and show how to predict when a tp will be hit.
Trading using Murray Maths and Price Action
