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Nice setup. On the murrey math system and your also, what is the accuracy rate of this?
Also does the rate go down on the shorter time frames?
Live Trade - from a beginner FXer to another
I've used MM before in stocks, but not traded FX using MM.
So this is for the other beginners... :-)
At least I got this one right, even if it was for a $0.50 profit
I'm on a Demo Mini, trading EURUSD.
Saw the trend coming up thru 1.3550 which is 4/8 on the M1.
Quick look at M5, M30 and all showing potential bounce on 4/8, possible baby -1/8 from 4/8th line. From my previous knowledge of MM, 4/8 can become 0/8 so switching onto XARD777's Octave Template and another one for Trade I was able to guage direction strength... yep it was gonna go up.
I watched it, even though moving quite fast. The minute it broke up to 5/8 line, Setup, I placed a BUY Limit on 1.3562 (just above 5/8 for the spread). Lot size 0.05 (cos I'm new). Took profit on 1.3572, which is the 6/8th line, which is also a 0/8 line in a smaller timeframe. Now in hindsight, I tend to go for the +1/8th line for exit, but because I'm still a little nervous, I settled for the 0/8 line to exit. My stop loss was at 1.3552 just above the 4/8th line. Got stopped out about 10 minutes later i think.
On the M1, it's trying to break +2/8ths but I don't think it will. Which means it should come back down to 6/8ths. I forget the rules (which I should review from the previous posts on this blog). But I do remember weakness from +1/8ths or +2/8ths will result in a drop to 5-6/8ths: potential re-entry.
If it holds above 8/8ths... (and I don't know how long to do this in FX??? In stocks, I waited 5 days. Thoughts on FX???) then 8/8 becomes the new 0/8th and a new square should be calculated above the old one (excellent work XARD777).
Ciao for now.
Homage to CMC
.... and since I am trading on a Demo Account, I'm going to try CMC's trading strategy of not using a Stop Loss. Now admittedly I'm coming in on the EUR/USD a little late (ie from M1 to M30 perspective), but from an H1 point of view, I'm still in the -1/8th area which is still trading the extreme.
I'm in at 1.3582, (just above 7/8 on M1) (just above 5/8 on M15,M30)
Let's see where it goes.
I would humbly suggest that anyone suggesting that you do not use a stop has lost his marbles....... disregard that person as a lunatic and ban him from your world........!!!!
Well, i would also kindly suggest that whilst "no stop loss" is a little insane, he is still able to take 100 pips per trade (so he says).
But I think where he last left us, he was going to adjust his style so he didn't come in first, but on a retracement.
So, no I don't think he's a lunatic. He makes a valid point, which you can adjust to your own trading style. For me, I like his idea of trading the extremes with FX.... and since I'm new to FX, I can see on several charts that he's right. And if you get your entry in right, you won't "need" a stop loss.
But it's early days yet, and I personally would still put one in.... that's what Demo Accounts are for!
BTW, my demo EURUSD trade has no stop loss. I'm banking on the strength of the 5/8 Line (M1) and -1/8(H1)
i like this system. I made 40 pips on a real account. I could have made more, but fear kicked in. And i said to myself not to be too greedy. This is 4 trades on a 5 minute chart BTW. I plan to use it on an hr chart. this may be the most profitable system i have used to date.
As far as stop loss is concerned, i sleep better knowing there is a limit. The thing is on a 5 min chart the stop loss can be small, but if you are trading on an hr chart you need more breathing room which means a bigger stop. That can be harmful if you lose at that trade.
my philosophy; cut your losers short.
Leo showed me a chart today with this stoploss indy and it looks good...maybe it might help with your trading. Xard777
hi xard777, thanks for your great template.I was just add x-tdi to my template. But it keep show some symbol as attached. I need to switch other time frame in order to make it show properly. Can you tell me any solution to permanently solve this problem ?
Try this one... Xard777
still same
Leo showed me a chart today with this stoploss indy and it looks good...maybe it might help with your trading. Xard777
thanks for that. the stops look tighter, so if it is a loss it won't be by much.
it looks like also that it will ride the trend. This will make tracking it a lot easier.
tip !!! Volume
Hey Guys
I was reading a thread about volume and how big players manipulate the market and it can be used with Murrey math.
It's a nice pattern.
3 or 4 bars After long legs bars (check the picture attached to see what I mean) if you re in a good octave for the reversal, check this pattern, it s easy too see. It s good chances the trade will go your way. Check your charts you ll find them everywhere 3 or 4 bars before the turning point. Then just use your Murrey Math Skills to enter the trade.
This is a chart from some minutes ago. guess what happened for the last signal.
Safe Trades
Leo_BR