The Murrey Math Trading System - page 52
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Market Profile indicator help
Hi guys
I tried the marketprofile indicator mentioned a few posts previously but can't get it to work, the log file just says:
1;21;F:\MetaTrader 4\experts\indicators\6102-market-profile-marketprofile.mq4;10:29;'' - date literal string is incomplete
Am I being stupid? Any help greatly appreciated
Answer to 100pips
hi CMC
im interested in your way of using MM. the question i have is what if price has already been to the 1/8 lines before?
like cable is coming back down from the +1/8 will that make a difference?
i seem to remember that once a MM line has already been breached the first time it loses it power so to speak. is that true in your experience
Hi 100 pips,
My view is that a journey back to the 1/8 is another trading opportunity.
A few weeks ago I shorted the GBP @ 1.9643 (1/8) and took 100 pips. It's now heading north again. I have a entry sell at the recalaculated MM which is now @ 1.9775
The JPY last month gave me 2 shorts, both with 100 pips, both times hitting the same 1/8th
I've had a short trade on the AUD for a while @ 78.43 (1/8) price went up bit, then fell, then went back up to the new MM level of 78.74 (new 1/8) where I took another short. To me it doesn't matter, it's a new opportunity. Trading the extreme MM requires waiting and waiting sometimes a while between trades. This is very difficult for us to learn to sit a move out until we feel the market may reverse (according to MM)
The 2 skills I have perfected the most which has helped me as a trader is money management (don't spend too much, keep heaps of margin) and how to wait for the right opportunity.
My short trade on the CAD @ 1.1536 has recalculated, the new 1/8 now sits at 1.1780 I wish the lines didn't recalculate, I hate that, but nor do I like the fixed Octaves.
Anyway, looks like a choppy time ahead in the next few weeks
CMC
Hi guys
I tried the marketprofile indicator mentioned a few posts previously but can't get it to work, the log file just says:
1;21;F:\MetaTrader 4\experts\indicators\6102-market-profile-marketprofile.mq4;10:29;'' - date literal string is incomplete
Am I being stupid? Any help greatly appreciatedNo you are not stupid
It appears that after compiling you get an error, however the indicator works
Use it on M15, M30 and H1 charts only, there it will show up
Good luck
Working now thanks TMM
Hi Guys,
Have closed my 2 short AUD trades for a 80 pip profit (not bad for the AUD)
This leaves a long CHF (currently @ breakeven) and short CAD (also @ breakeven)
The EUR is making a double bottom @ 1.3131 and may rebound again. I don't really want any open positions prior to Christmas trading patterns and now's my chance to get out with a good trading month behind me.
I have faith in the system and will hang in a bit longer, I'll just see what the EUR does at this level.
The CHF has broken good resistance @ 1.2117 so may keep going.
CMC
Changing MM levels
Hi guys
I'm a bit confused as to how the MM levels change. I'm a total novice when it comes to using MM so I apologise if I'm asking a newbie question, at the moment I'm just having a look at the different MM indicators on this thread to try and get a feel for it.
I am currently looking at the spot gold chart (H1) with MM Timeframe v504.
The price is hovering around 30cents either side of 623. The price is around the 2/8 level but it is sometimes switching around to say that 623 is then the -2/8 level and it keeps alternating between 2/8 and -2/8 when I swap to a different timeframe and come back.
Does the indicator redraw levels according to current price or at the close of a candle? It seems a bit difficult to fathom out if levels can swap around so quickly. Again sorry if I'm missing a fundamental aspect of it all.
Any help much appreciated
MML are set in stone. Which MML apply varies based on your square in time. Murrey hasn't documented how to calculate the best square in time based on the thousands of pages of documentation and slides I have reviewed. I think I figured it out. If you aren't using 'squares in time' you can kind of eyeball the lines and figure it out.
If you go above +2 or below -2, skip to the next set of 8 octaves.
If you stay above 8/8 or below 0/8 for 4 days, skip to the next set of 8 octaves.
If you are riding a 0/8 or 8/8 line for a while, shift the numbers +4/8.
That doesn't give you 'best square in time' but it does give you some fairly decent MML octaves to look at. There are 64 trading rules, not counting the rules to set up the trading area. I'm thinking about making a decent list as a 'cheat sheet' for people who have read the manual.
Murrey Math could be close to the "Holy Grail".
Reading all the info here lead me to load the Murrey Math Template (thanks xard777) on Friday early am right before the news. I had positions in the GBP/USD following the recent down trend for further down movement. But after loading Murrey, (if I read the chart right) it showed that the Pound had hit the bottom -1/8 position and was prime for a big move up.
I decided to take the plunge, sold out of my sell positions and placed new buys. I will admit I was pretty excited to see a 13% return materialize on a live account over the next two hours, riding the move up and then back down again.
Just want to check if I am reading the Pound 30 min chart correctly. At the close of trading on Friday, I read Murrey as showing the market hitting -1/8, prime for another big move up - Is that correct?
Is the basic idea behind Murrey (aside from his math) that if the market hits a certain level (-1/8 for example) on one side of the grid, that it will likely hit the corresponding level on the other side of the grid?
Thanks from a newby trying to quickly learn how to read and incorporate Murrey into my trading.
At all my last posts here (#415 , #417 , #419 , #478 , #533 ) i wanted to say that we can build a profitable trading strategy depending on the correlation between mm lines and Chart patterns ,
this 'll never be the Holly Grail but it may lead to a better understanding of the Market situation ( long or short ) ,
here is a new example on the AUD/NZD where we can see that the pair draw a Wedge on the chart which's confirmed by the ultimate support-1/8 mm line,
cause 95% of the time if price reach -1/8 then it'll continue to -2/8 then we'll wait for price bars to touch then retrace from -2/8 ,
As expected the CAD hit the +2/8 , then the mm lines recalculated as you can see here i think that this mean that the CAD got the force to climb higher than that so let's watch what'll happen latter
cause recalculation was at the same direction of the pair so it lead the CAD to jump higher as you can see at the pic
MM line can be helpful at determining the targets for chart patterns !