DislikedDividing the high/low of the last 32 (64 was the original based on GANN) bars as long as there is a new high or low and diving that range in 1/8. Thats it.
Advantages it avoids having to draw retrace and looking for the valid swings to plot fibs or ret. Useful in wide ranges.
Disadvantage, like all these tools, the key is in how to use them and more importantly in the range (swings) not in the levels (they are just a healthy reference). So 32 or 64 is usually a good swing thats why it looks very powerful sometimes but as you know market...Ignored
Hi Sisse,
most of the time traders complain about Murrey Math is when there is a strong trend on the TF the trader watches. Then it happens, that price drops simply, without much rejection first, out of the actual octave. Beginners fault.
Murrey Math is a MTF approach. You have to know what the 1h (maybe even the 4h) is doing, when you trade on the 15min, for example.
Regarding p-value:
p-value has to be set to a multiple of 16. So one can try 16,32,64.
Murrey says that you should use that p-value, where the octave lines best cover the latest swing. I did that for a long time but came to the conclusion, that 32 is the best value most of the time. Since then I do not adjust the p-value (maybe in times, when we got wild swings).
Hope you had a nice day today Sisse :-)
Best to you, Markus
