The Murrey Math Trading System - page 109
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here you go. Just keep in mind it is a repainting indicator and I do not use for entries.
An EA using MMLs is all well and good but like others have said you have to consider overshoot areas of OB and OS. Good levels to sell at are 5/8 if price falls fast it usually finds good support but may reverse at 2/8 which is very good reversal point just as 6/8 can be.
So really the best levels to use are:
-2/8 oversold for long orders
+2/8 overbought for short orders
6/8ths and 2/8ths
5/8 for short orders if price falls fast
4/8, 0/8 and 8/8 levels for good support and resistance levels. Just remember it can change and go opposite way than you thought. So only enter a trade when price confirms this. I am comfortable trading low and high time frames with MMLs.
Use a good filter and maybe an additional indicator for entry confirmation along with price.
An EA using MMLs is all well and good but like others have said you have to consider overshoot areas of OB and OS. Good levels to sell at are 5/8 if price falls fast it usually finds good support but may reverse at 2/8 which is very good reversal point just as 6/8 can be.
So really the best levels to use are:
-2/8 oversold for long orders
+2/8 overbought for short orders
6/8ths and 2/8ths
5/8 for short orders if price falls fast
4/8, 0/8 and 8/8 levels for good support and resistance levels. Just remember it can change and go opposite way than you thought. So only enter a trade when price confirms this. I am comfortable trading low and high time frames with MMLs.
Use a good filter and maybe an additional indicator for entry confirmation along with price.that is what i am thinking. so only trade the extreme levels and have your profit target at 20-30 pips. as long as you are not approaching the 4/8 level.
it would be good if this strategy worked out well.
look at the boxes shown below. it seems valid. I am practicing on the last box to see if it is right. will post the results of the current trade.
it looks good. look at the box below. got out with 20 pips profit. will try the next one with real money. will post results.
well, i got out with a 20 pip profit on real account. if i stayed in it would be 50 pip profit, but i'm not complaining.
is anyone else testing this on a 5 minute chart. i received another 20 pips. increased my lot size also.
3rd trade for 10 pips cause I got nervous, but i got 10 pips. the theory seems to be holding up.
very interesting
The Daily TimeFrame is the way to go.... Xard777
The new one? please post your indy
hi
hi xard77
thanks for sharing this template...
much lines here...
can you give a rough info how you trade this squares.....
would be nice
if you are too busy no problem
thanks
lodol