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Murrey Math and Quantum Method

  • #61
  • Feb 28, 2017 6:59am Feb 28, 2017 6:59am
First trade of the day, off of the EURCAD, hourly +2/8 level. Strong movement before the level was hit, and fresh bounce.
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  • #62
  • Feb 28, 2017 7:24am Feb 28, 2017 7:24am
Second trade but might exit early since news is coming
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  • #63
  • Feb 28, 2017 7:26am Feb 28, 2017 7:26am
Quoting rnsfrd
{quote} Hi aaven, I'm as new to this system as anyone else is so what I say is just based off of what I have studied and examined this first week trading it. 1. The bounce does not have to be the first in the 64 periods. He stated that it should be the first for that session, preferably a New York or London session. First bounce for the day, not the week or month, or whatever period setting you choose. 2. This is very tricky and something I still struggle with when it comes to scalping. What happens if there is a strong reversal before price reaches...
Rnsfrd,

Your patience in answering my queries is much appreciated...

"I realize that not every set up is going to be ideal, and price is not always going to reach the level I want it to before reversing, but in my case, I'd rather wait for the ideal set up where price reaches, or goes through and then pulls back before entering."...

Discipline at it's best. You have given me something to think about...Grateful for this...

Thanks
  • #64
  • Feb 28, 2017 8:09am Feb 28, 2017 8:09am
Exit strategy is still tricky for this, I find that on the 1 minute chart, 5 pips is reasonable, and if I'm trading off 1 hour levels, then 10 pips is reasonable to catch from a bounce before it retraces. Catching 4-5 of these moves a day isn't too hard.

I am aware that a lot of these 1 minute and hourly bounces can be scaled into larger trades, but again I'm just scalping the initial bounces. I do not have a system for re-entering trades, or deciding what happens to price after the initial bounce. I cannot predict that with much accuracy. Sure I might miss out on a 50 pip move, but I'd rather take my 10 guaranteed pips over and over.
  • #65
  • Feb 28, 2017 8:23am Feb 28, 2017 8:23am
Quoting rnsfrd
Exit strategy is still tricky for this, I find that on the 1 minute chart, 5 pips is reasonable, and if I'm trading off 1 hour levels, then 10 pips is reasonable to catch from a bounce before it retraces. Catching 4-5 of these moves a day isn't too hard. I am aware that a lot of these 1 minute and hourly bounces can be scaled into larger trades, but again I'm just scalping the initial bounces. I do not have a system for re-entering trades, or deciding what happens to price after the initial bounce. I cannot predict that with much accuracy. Sure...
Rnsfrd,

The movement from +1/8 to 8/8 should be more than 10 pips, correct? Does it not take a toll on you vis vis the stress levels of watching continuously?

Please give me your take on this:

I am thinking For sell: Entry on +1/8; Exit on 8/8 and S/L on +2/8

Thanks
  • #66
  • Feb 28, 2017 8:26am Feb 28, 2017 8:26am
Trade 3 off a 1 minute scalp. Strong price movement up, stochs up above the 80 level so more than overbought, and clear previous resistance. Exited with +5.

To some I guess the Murray Math Lines are a glorified S/R indicator, but to me they aren't necessarily that. They kind of assign weights to each of the S/R. I could draw many S/R lines, and use other S/R indicators, but the lines they draw are often broken and redrawn. With the murray lines I can usually go into a trade knowing, "Ok the +1/8th line should give me a decent move, the +2/8th line should give me a stronger move, etc etc." I have never been able to look at a S/R with as much confidence until these lines. Usually I would go into a trade saying, maybe I can scrape 1 or 2 pips off this scalp, even if it looks like a good S/R line, you never really know what you are getting.
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  • #67
  • Feb 28, 2017 8:37am Feb 28, 2017 8:37am
Quoting aaven
{quote} Rnsfrd, The movement from +1/8 to 8/8 should be more than 10 pips, correct? Does it not take a toll on you vis vis the stress levels of watching continuously? Please give me your take on this: I am thinking For sell: Entry on +1/8; Exit on 8/8 and S/L on +2/8 Thanks
Yes it should be more than 10 pips, however psychologically at least for me, someone who scalps and likes to keep as much profit and get out, I don't like waiting or seeing if it will hit the 8/8 level. The +1/8 to 8/8 level might be 20+ pips depending on the pair and levels, however when I say the initial bounce I mean the movement of price before it stalls or retraces and rallies again. Price from what I've seen, bounces 8-10 pips from hourly levels and then will either return to the +1/8th level and go down to the 8/8 or stall and then push again. Again this is completely up to how you wan to trade it, personally I just rather take my guaranteed profit and get out and look for the next trade.

As for continuously watching price, I don't spend that much time watching the screen. If my laptop is around I will check on the hourly levels and make note of what is close to my key levels of +- 1/8 and 2/8, and set alerts for those, and then scan to see if there are any good set ups on the minute chart. If not I check again later. I find that if I sit and try to wait to find trades, then my trading is bad. I look and force myself to see things that aren't really there, because I am itching to trade and make a profit. If something doesn't pop out at me, I simply just check again later. There are enough set ups on the minute 1 and hourly chart to take at least 5 trades without having to spend all day staring.

As for your strategy, I believe someone developed an EA with those levels in mind, and I myself was considering doing that. I am sure that strategy would work just fine, myself scalping would not risk the +1/8 to +2/8 stop loss however, if I see price go through or start heading the other way, I would exit. But my strategy requires me staring at price which I'm sure many are trying to avoid. I tend to avoid placing orders at levels and waiting for profits to get hit and such mainly because I feel like it is a very subjective area. What happens if price gets within 2 pips of your TP and then turns, and goes past your S/L by .1 pips and then turns. Just because price never really stops dead on to levels, and at least for me, when using strategies like that, I still end up having to babysit my trade because I need to feel out where I'm exiting and placing stops.
  • #68
  • Feb 28, 2017 8:39am Feb 28, 2017 8:39am
Quoting rnsfrd
Trade 3 off a 1 minute scalp. Strong price movement up, stochs up above the 80 level so more than overbought, and clear previous resistance. Exited with +5. To some I guess the Murray Math Lines are a glorified S/R indicator, but to me they aren't necessarily that. They kind of assign weights to each of the S/R. I could draw many S/R lines, and use other S/R indicators, but the lines they draw are often broken and redrawn. With the murray lines I can usually go into a trade knowing, "Ok the +1/8th line should give me a decent move, the +2/8th line...
Ok what about eurcad and euraud? Are closed by sl right? My order on tf 1h in eucad was stopped..
And what's happen after murray line are changed? Wait for next setup?
Thanks
Regards
  • #69
  • Feb 28, 2017 9:23am Feb 28, 2017 9:23am
Quoting rnsfrd
{quote} Yes it should be more than 10 pips, however psychologically at least for me, someone who scalps and likes to keep as much profit and get out, I don't like waiting or seeing if it will hit the 8/8 level. The +1/8 to 8/8 level might be 20+ pips depending on the pair and levels, however when I say the initial bounce I mean the movement of price before it stalls or retraces and rallies again. Price from what I've seen, bounces 8-10 pips from hourly levels and then will either return to the +1/8th level and go down to the 8/8 or stall and then...
Thanks Rnsfrd for the continuous guidance. I am little wiser after my interaction with you.
  • #70
  • Feb 28, 2017 9:30am Feb 28, 2017 9:30am
Quoting aaven
{quote} Thanks Rnsfrd for the continuous guidance. I am little wiser after my interaction with you.
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New setup?
  • #71
  • Feb 28, 2017 9:47am Feb 28, 2017 9:47am
Quoting cescof
{quote} {image} New setup?
It is, but looks like it will hit S/L and once it crosses +2/8, the lines will readjust...
  • #72
  • Feb 28, 2017 10:48am Feb 28, 2017 10:48am
Quoting cescof
{quote} Ok what about eurcad and euraud? Are closed by sl right? My order on tf 1h in eucad was stopped.. And what's happen after murray line are changed? Wait for next setup? Thanks Regards
EUR/AUD I closed with +3 because I didn't want to risk anything during news. My EUR/CAD trade had a burst down to +12 and then started to pull back a little so I exited with +10, but yes you would have gotten stopped out if you stayed in. That's kind of what I was saying in my earlier post, is that I can't tell you for certain that price will fall all the way back to the +1/8 level, what I can say with a high certainty is that there will be a bounce.

The EUR/CAD trade also was at the +2/8 level and not the +1/8 level where the bounce back to 8/8 is more common.

As for minor pairs, like EUR/CAD which I did trade today, I follow the idea that minor pair technical analysis can only be exploited in the short-term. This is my theory and my idea so you don't have to agree with it. With the exception of news releases, minors like EUR/CAD, EUR/AUD, GBP/CHF, GBP/JPY, are directly affected by the movement of the most heavily traded pairs EUR/USD, GBP/USD. Meaning those minor pairs won't make a large move unless the "master pairs" make a large move. The minor pairs do not affect the majors, the majors affect the minors.

What this means is that, yes I will still scalp the minors off the minute chart, and off the initial bounces on the hour levels, however I will not expect a big move UNLESS the technical analysis from EUR/USD or GBP/USD tell me that a big move is coming, and in that case I would be trading EUR/USD and GBP/USD instead. I do not expect the bounce on a +1/8 minor level to go all the way back down to 8/8, a possible 20-30 pip move, unless the major pair technical analysis agrees with the minor pair analysis.

I will scalp minor pairs, and look for big profits from the major.

For example: Today we both saw EURCAD hit the +2/8 level however one would have gotten stopped out in a few minutes if they stayed in. I was able to keep +10 pips from the bounce because I did not expect it to push much lower than that. However if you looked at the EUR/USD chart, you would see that EUR/USD did not reach it's +1/8 level, so there was no reason for it to have a strong reversal. The strong reversal which is occurring now on EUR/CAD is likely related to EUR/USD hitting it's +1/8 level. If you were just looking at the EUR/CAD you would be baffled as to why it decided to turn at that +1/8 level because there is no apparent resistance near it, but if you look at EUR/USD it would be obvious.

My advice, which you don't have to take, is to still trade the minors but to scalp them, and don't expect large moves unless technical analysis on the majors is in line with them as well.
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  • #73
  • Feb 28, 2017 11:17am Feb 28, 2017 11:17am
Look it as a jigsaw puzzle, the puzzle we will say is a Daily then we drop down timeframes collecting the jigsaw pieces attempting to fit them together to form the main jigsaw
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  • #74
  • Feb 28, 2017 11:27am Feb 28, 2017 11:27am
Quoting rnsfrd
{quote} EUR/AUD I closed with +3 because I didn't want to risk anything during news. My EUR/CAD trade had a burst down to +12 and then started to pull back a little so I exited with +10, but yes you would have gotten stopped out if you stayed in. That's kind of what I was saying in my earlier post, is that I can't tell you for certain that price will fall all the way back to the +1/8 level, what I can say with a high certainty is that there will be a bounce. The EUR/CAD trade also was at the +2/8 level and not the +1/8 level where the bounce back...
Rnsfrd,

That's a subtle yet potent nuance you have shown vis a vis the strength of the pair.

So the expected behavior of bouncing from +1/8 to 8/8 is apparent in EUR/USD and GBP/USD, can we include the pairs with USD like NZD/USD or USD/CAD?

Do you consider EUR/GBP as part of the group of EUR/USD and GBP/USD?

Thanks
  • #75
  • Feb 28, 2017 3:06pm Feb 28, 2017 3:06pm
Quoting aaven
{quote} Rnsfrd, That's a subtle yet potent nuance you have shown vis a vis the strength of the pair. So the expected behavior of bouncing from +1/8 to 8/8 is apparent in EUR/USD and GBP/USD, can we include the pairs with USD like NZD/USD or USD/CAD? Do you consider EUR/GBP as part of the group of EUR/USD and GBP/USD? Thanks
Well if EUR/USD and GBP/USD are hitting the +1/8 levels I would advise to trade that pair to get the strongest move. As for NZD/USD, yes, if you saw the +1/8 bounce from EUR/USD, NZD/USD followed it as well, USD/CAD made a move too, but not nearly as strong on the USD/CAD. EUR/GBP will run opposite of what EUR/GBP and GBP/USD are doing. If those two are trending, then EURGBP will run flat, if they are ranging, the EUR/GBP will trend.

What I am trying to say is that the only pairs I would trade confidently for over 20 pip gains are EUR/USD, GBP/USD, and USD/JPY Because these are the majors, and the volume and trades from these pairs are the most, and directly affect the movement of minor pairs. So, since these pairs are the "master pairs" I would have more confidence in technical signals because they are leading, and not affected by the minors. Technical analysis on the minor is affected by the movement on EUR/USD and other majors which is why I only use it for short term gain. If you looked at EURCAD, it did not have as strong a move as EUR/USD it stayed flat. EUR/USD, USD/JPY, and GBP/USD all had really strong reversals from the +1/8 line.
  • #76
  • Mar 1, 2017 1:38am Mar 1, 2017 1:38am
I have not good day yesterday.EC break the +2/8 zone and with quantum expert loss 30%.....
Must search filter!
Or into expert programming Murrey Math exit settings
Find it The Best Entry Points
  • #77
  • Mar 1, 2017 2:04am Mar 1, 2017 2:04am
Daily Weekly Monthly Range indicator
AN only sell MQ 240/725
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Find it The Best Entry Points
  • #78
  • Mar 1, 2017 6:07am Mar 1, 2017 6:07am
Quoting rnsfrd
{quote} Well if EUR/USD and GBP/USD are hitting the +1/8 levels I would advise to trade that pair to get the strongest move. As for NZD/USD, yes, if you saw the +1/8 bounce from EUR/USD, NZD/USD followed it as well, USD/CAD made a move too, but not nearly as strong on the USD/CAD. EUR/GBP will run opposite of what EUR/GBP and GBP/USD are doing. If those two are trending, then EURGBP will run flat, if they are ranging, the EUR/GBP will trend. What I am trying to say is that the only pairs I would trade confidently for over 20 pip gains are EUR/USD,...
Thanks Rnsfrd. Will be sticking to your advice... It's much appreciated...
  • #79
  • Mar 1, 2017 6:09am Mar 1, 2017 6:09am
Quoting vgyuszko
I have not good day yesterday.EC break the +2/8 zone and with quantum expert loss 30%..... Must search filter! Or into expert programming Murrey Math exit settings
Sorry to hear Vgyuszko.
  • #80
  • Mar 1, 2017 10:11pm Mar 1, 2017 10:11pm
Didn't get to trade today, busy with school but I took some off time to study the system some more. One important thing I came up with is the importance of taking trades only when the price has reached the level for the FIRST time. Notice the 4/8 level, which btw is a very strong hourly level.

Both GBPJPY, and GBPCAD hit the 4/8 pivot level during the New York Session but only GBPCAD reversed while GBPJPY went through. Why did this happen? Well if you look at both charts you will notice that GBPJPY hit its 4/8 level at 23:00 (broker time) and had a significant pull back, where as GBPCAD did not hit it until the New York Session, and that is why it reversed and GBPJPY did not.
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