Mastermind this shows Chart 3&4 combined
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Murrey Math and Quantum Method
- #962
- May 19, 2017 3:27am May 19, 2017 3:27am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hi, this is the way right or wrong that I use MurreyMaths, 1. I look for pairs with a reasonable Daily Range (Chart 1) I am happy to bank 25/30pips out of a 100 range with the time of day that I start trading 2. I look at the big picture by means of a Daily with a MM64 over a 256 period (Chart 2) use as a road map to see were we are, also I think the MM levels are much stronger 3. I then drop down to a 1min set to a MM64 over a 1440 period (Chart 3) this clearly lets me see yesterdays price action, ie are we going to make new highs or lows...
Yes taking a portion of pips from a given range is very logical considering we know not what the future holds but we can get some idea from previous trading ranges and the use of averages.
I'm fortunate to live in a time zone (GMT+10) that allows me to trade the Asian session, London session and a part of the NY session.
This means I'm always on the lookout for opportunities within most of these sessions.
I tend to drop down to the M5 TF (and M1 including tick charts on other platforms at times) the most to see the PA occurring at chart critical zones (potential engagement zones).
Thanks for your opinion on the M1 setup and I'll be sure to take a look at this on typical Asian session pairs, although its likely that setups may occur much later in the session as PA is rather calm at the start of the trading day, although with good/bad data release coming out of Tokyo Open or thereabouts a pair can get a good kick up to a potential engagement zone at the MML levels.
Due to a typical decreased pip range in the Asian Trading Window (compared to LO and NY) it therefore suggests that smaller pip gaps between the MML octaves would need to be or should be traded.
In any case I'll have a good look at M1 and M5 TFs using your settings and see how it looks from next week.
I do keep track of certain trading window time slots with regards to ADR and actual trading range averages over given periods of time so an appreciation for a realistic number of pips can be made at trade entry...adjustments can then be made to fit with current chart strcuture and the recent PA for the purposes of stop and TP placement.
I'll post a few charts later and also into next week and see what it all looks like.
Thanks for your input it is appreciated.
Masterrmind............
Master your Mind then Master your Trades
- #964
- May 19, 2017 3:45am May 19, 2017 3:45am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} You carry my upmost respect my friend with what you do on this thread, just wish the thread had a little more support. ps do not forget the 3/8th - 5/8th area (Murrey calls it the pipe)
Certainly not much enthusiasm for the thread.
Its a pity really as the trade setups are not that difficult to understand.
I'll keep an eye on the 3/8 and 5/8ths for sure.
ps. Ofcourse!! ........ this thread lacks the red and green button to push .... that's what's missing.....hehe!
Masterrmind............
Master your Mind then Master your Trades
- #965
- May 19, 2017 3:48am May 19, 2017 3:48am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Watchlist
EURNZD on my radar.
Masterrmind............
EURNZD on my radar.
Masterrmind............
Master your Mind then Master your Trades
- #966
- May 19, 2017 4:04am May 19, 2017 4:04am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Watchlist
EURCAD [possible long continuation but be careful]
Possible long from 8/8 up to +1/8 MML.
But also at a possible reversal zone (refer to chart structure to the left).
ps. it is tempting for me to long this pair to offset the other 0.2 lots still running on the EU pair ... but lets see.
Masterrmind............
EURCAD [possible long continuation but be careful]
Possible long from 8/8 up to +1/8 MML.
But also at a possible reversal zone (refer to chart structure to the left).
ps. it is tempting for me to long this pair to offset the other 0.2 lots still running on the EU pair ... but lets see.
Masterrmind............
Master your Mind then Master your Trades
- #968
- May 19, 2017 4:35am May 19, 2017 4:35am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Watchlist EURCAD [possible long continuation but be careful] {image} Possible long from 8/8 up to +1/8 MML. But also at a possible reversal zone (refer to chart structure to the left). ps. it is tempting for me to long this pair to offset the other 0.2 lots still running on the EU pair ... but lets see. Masterrmind............
Long or short?
Masterrmind............
Master your Mind then Master your Trades
- #969
- May 19, 2017 4:46am May 19, 2017 4:46am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
{quote} EURCAD {image} Long or short? Masterrmind............
- #970
- May 19, 2017 4:50am May 19, 2017 4:50am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Think the clue will be in the Daily Range, in hindsight it was a nice scalp buy, hindsight is a wonder full indicator {image} {image} {image}
ECad heading up to +1/8 MML.
EN heading up to +2/8 MML.
So patience might pay off as I'll be looking for a chance to short from the upper levels.
Interestingly I was just measuring out the ADR's on both pairs and if price hits the MMLs it almost coincides with their average daily trading ranges.
Masterrmind.............
Master your Mind then Master your Trades
- #971
- May 19, 2017 6:07am May 19, 2017 6:07am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
{quote} Yes and price is pushing up to the next level on both pairs. ECad heading up to +1/8 MML. EN heading up to +2/8 MML. So patience might pay off as I'll be looking for a chance to short from the upper levels. Interestingly I was just measuring out the ADR's on both pairs and if price hits the MMLs it almost coincides with their average daily trading ranges. Masterrmind.............
- #972
- May 19, 2017 6:33am May 19, 2017 6:33am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Yes and price is pushing up to the next level on both pairs. ECad heading up to +1/8 MML. EN heading up to +2/8 MML. So patience might pay off as I'll be looking for a chance to short from the upper levels. Interestingly I was just measuring out the ADR's on both pairs and if price hits the MMLs it almost coincides with their average daily trading ranges. Masterrmind.............
EURNZD - My focus is now on this pair as it nears the +2/8 MML zone.
Masterrmind.............
Master your Mind then Master your Trades
- #973
- May 19, 2017 7:46am May 19, 2017 7:46am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} EURCAD - Not moving anywhere at this stage (that may change in about an hour or so time when data is due out. EURNZD - My focus is now on this pair as it nears the +2/8 MML zone. Masterrmind.............
ps. +2/8 MML reset to 5/8 MML looking to TP down near the 3/8 level.
Masterrmind.............
Master your Mind then Master your Trades
- #974
- May 19, 2017 8:09am May 19, 2017 8:09am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
EURCAD
I will not be trading it as I have shorted the EN pair and all lots are now allocated.
Might be an opportunity for another trader though.
Masterrmind............
I will not be trading it as I have shorted the EN pair and all lots are now allocated.
Might be an opportunity for another trader though.
Masterrmind............
Master your Mind then Master your Trades
- #975
- May 19, 2017 8:49am May 19, 2017 8:49am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Now short EN ps. +2/8 MML reset to 5/8 MML looking to TP down near the 3/8 level. Masterrmind.............
+32.6 pips
Masterrmind............
Master your Mind then Master your Trades
- #976
- May 19, 2017 9:06am May 19, 2017 9:06am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
{quote} EURNZD +32.6 pips {image} Masterrmind............
- #977
- May 19, 2017 9:13am May 19, 2017 9:13am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Top Marks my friend and all done with out the aid of a red or green button, you will have all those robots blow there fuses !!!!
Tempting to let it run longer but weekend close by so took a few pips and some profit.
The EU pair is a different story though as I'm still sittting on 2 shorts and the euro has decided to run up high again.
Have a great weekend I'm about to retire for this week but will be back to trade again next week.
Masterrmind.............
Master your Mind then Master your Trades
- #978
- May 21, 2017 9:34pm May 21, 2017 9:34pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GBPCAD
A lot going on here.
Worth a look.
Note 1: Possible to go long at market now with a possible TP at the next MML or above but its risky and there is a lack of momentum in the PA.
Note 2: An entry at market now followed by PA to the downside for a retest of the days lows would have your trade eating extra DD ... is it worth the risk?
Note 3: Or wait for London Open before deciding!
Masterrmind............
A lot going on here.
Worth a look.
Note 1: Possible to go long at market now with a possible TP at the next MML or above but its risky and there is a lack of momentum in the PA.
Note 2: An entry at market now followed by PA to the downside for a retest of the days lows would have your trade eating extra DD ... is it worth the risk?
Note 3: Or wait for London Open before deciding!
Masterrmind............
Master your Mind then Master your Trades
- #979
- May 21, 2017 9:41pm May 21, 2017 9:41pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Watchlist
GBPCAD
GBPCHF
NZDCHF
Masterrmind............
GBPCAD
GBPCHF
NZDCHF
Masterrmind............
Master your Mind then Master your Trades