The Murrey Math Trading System - page 157
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Jayjonbeach, on that one try defbackbars = 20 and LabelsShift = 10, and when you do that the font size for me too small, just changed it to 7
Thanks so much for your reply. What I can do is set defbackbars at 5, and it makes a nice small line which I can live with and I found this before.
What is interesting, is I can enter I negative number like -20 for LabelShift, and it WILL put the text 20 bars to the right which is great. When I do this with the defbackbars it does NOT work, and it draws full lines across the chart instead.
My trouble is I never read up on Indy's, only EA's....
So while I see the object create line I am not sure what everything is doing in that line. Of course I am a only a greenhorn atm at any rate as well...
Let me know if you figure out a way to move the lines to the right of the candles! I might try fooling around with it but I don't want to mess up how the Indy is functioning! Looking closer, I see this line too
if( LabelsShift < 0 ) time = Time[0] + MathAbs(LabelsShift)*Period()*60;
So now I wonder if putting a negative number here is screwing something up!
Hello everybody. I'm trading with Murrey trading system. And it seems to me rather profitable. Could anybody recommend how to combine this trading strategy with others. And what is the best strategy to combine trading with Murrey to your mind? Thanks in advance.
I have not been using MM yet, I am hoping to soon. What I think, thus far, is it would combine VERY well with TMA lines and a good ZZ Indy, which is what I plan to do with it anyway.
Sometimes a picture is worth more than words, here is what I am trying to achieve with the MM Indy, similar to short line Indy you posted except hopefully lines will stay there when chart shift is applied (getting the line and text over to the right where the Pivot stuff is)
Sometimes a picture is worth more than words, here is what I am trying to achieve with the MM Indy, similar to short line Indy you posted except hopefully lines will stay there when chart shift is applied (getting the line and text over to the right where the Pivot stuff is)
Well I looked at this thing for the last 6 hours, and I think I mostly figured out what is up with the lines.
Attached is my current fix, BUT there is NO gap between the current bar and the line, which would be nice, AND when switching TF you have to re-initialize the Indy or the lines go back to painting the whole chart, not sure why atm.
Also note, when zooming the lines appear to be fine in this case, but the TEXT disappears! I did not change any of the Label or LabelsShift code, so this issue must have already been there. What I did do was copy its code into the line drawing process, since the labels are printing to the right with negative number.
What also concerns me, is when the lines need to "move" or "recalc", what will happen, not sure this is accounted for.....
Here is what I did:
datetime time2 = Time [defbackbars];
if ( defbackbars < 0 ) time2 = Time[0] + MathAbs(defbackbars)*Period()*60;
{
if( ObjectFind(buff_str) == -1 )
{
ObjectCreate( buff_str, OBJ_TREND, 0, time2, mml, Time[0], mml );
}
else if ( defbackbars > 0 ) ObjectCreate( buff_str, OBJ_TREND, 0, Time [defbackbars], mml, Time[0], mml );
----
I also commented out the void ShowTipLines, since there was a warning it was not being called anywhere, and upon checking indeed the prior person to mod this thing commented all that code out but left the void function in place, so now its gone too.
My first post...
HI guys,
this is my first post on Forex-tsd. I trade index mostly, occasionally Fx futures.
While searching for a good answer to how to trade MML properly, I was led to this post. It sound very informative, but I am sure it will take a few re-reads to fully understand it.
Right now, I only sell 7/8 8/8 +1/8 and buy the 1/8 0/8 -1/8, hoping to get out at 4/8 or sometimes 2/8 or 6/8. It works find if the market is somewhat stagnant. However, once market start trending quickly, frames are redrawn and I have no clue if i should just stop out all my positions and wait for a new start.
I am not on MT4. I use NT7 with a third-party MML lines written by integrity-traders. Can someone share more experience on what to do when frame redraws? sometimes it looks like it can be due to time, sometimes it's breach of the extreme lines.
thanks very much,
Jack
Octaves resetting / redrawing
Jack, take a read on post 1492 through 1496, I have an article about what you are requesting. Hope it helps.
HI guys,
this is my first post on Forex-tsd. I trade index mostly, occasionally Fx futures.
While searching for a good answer to how to trade MML properly, I was led to this post. It sound very informative, but I am sure it will take a few re-reads to fully understand it.
Right now, I only sell 7/8 8/8 +1/8 and buy the 1/8 0/8 -1/8, hoping to get out at 4/8 or sometimes 2/8 or 6/8. It works find if the market is somewhat stagnant. However, once market start trending quickly, frames are redrawn and I have no clue if i should just stop out all my positions and wait for a new start.
I am not on MT4. I use NT7 with a third-party MML lines written by integrity-traders. Can someone share more experience on what to do when frame redraws? sometimes it looks like it can be due to time, sometimes it's breach of the extreme lines.
thanks very much,
JackThank you!
Thank you Xcalibur!
I jumped the gun in asking the question before getting to your posts. When I read it, it made more sense to me.
So the best way to trade is using several time frame. It's safe to say we should always look at HTF to confirm a trade projected in a LTF.
However, is there a set of rules as of how many HTF's to look at or which HTF?
If i remember correctly, someone suggests 3:1 as TF selection. say using 3min to confirm 1min.
Since MML is based on octaves, should we use 8:1?
I am going back to your posts and read again .
Rgds,
Jack
HI Xcalibur,
I have spent an entire day going back old data (about 3 months), looking at 1min, 5 min and 30 mins trying to see if i would filter out some trades that creates frame redraw.
However, I think it's quite "discretional". Perhaps I don't have enough training or knowledge.
I also tried to look up more material from Murrey math lines, but i dont' believe there's an official website hosted by him or sells his books/software or teachings.
Can you send us more xmas gift from your experience?
thanks
Jack
Octaves Continued ...
HI Xcalibur,
I have spent an entire day going back old data (about 3 months), looking at 1min, 5 min and 30 mins trying to see if i would filter out some trades that creates frame redraw.
However, I think it's quite "discretional". Perhaps I don't have enough training or knowledge.
I also tried to look up more material from Murrey math lines, but i dont' believe there's an official website hosted by him or sells his books/software or teachings.
Can you send us more xmas gift from your experience?
thanks
Jack===============================================
Jack,
Maybe this will help. You caught me in a period with some spare time. This is one of my favorite subjects which I enjoy writing about. I truly hope this is helpful to you and anyone who happens upon this contribution. For purposes of this discussion I will limit this write up to Gann Octaves. With respect to MurreyMath, this is simply one part of the larger system of Gann / MurreyMath Principles program.
I present a chart of GBPUSD on 4 time periods. Starting left, moving right, Daily, 4 Hour, 1 Hour, 15 minute. In this example, you can see how the various levels lineup under each time period but more importantly, you can see how momentum changes occur in price direction as price moves between the various levels. When looking at the charts, view them as a magnification of price action moving from one direction to the other. With this in mind, it is important to recognize that the higher time period will always be in control. Until the higher time period rules are broken or violated, they remain in control. This is why there is a resetting of the octaves on lower time periods. Obviously there is a master mathematical theorem that goes behind this, but for this writing, I want to keep it simple.
Others may have different methods and techniques, however, I would like to share some setups and a few tips that work for me. In this example, I chose Daily, 4H, 1H, and 15M. The periods chosen have no specific reason, except that I prefer to look at a larger overall period on the daily perspective to learn and monitor where price is in relation to the larger frame work. I do personally prefer to work on the power of the 4x multiple. I know several Bank traders and Institutional internal fund traders and CTA's who prefer to work with Weekly and Daily. Longer term traders or even bigger picture traders may use the weekly and monthly in addition to these periods. There are often a convergence of Monthly, Weekly Octave Levels with Daily Octave Levels which can produce incredibly powerful moves. From this, I developed my trading style based on short term momentum events and market structure events. Octaves are a tool which can be used quite diligently, but also a great tool to provide key confirmations and support along side other utilities or market structure principles.
With regards to charting, I use simple lines to represent price action market structure. Within MT4, I set the magnet sensitivity to 0 pixels. This allows me to draw lines directly to where I choose, as opposed to being offset by "X" number of pixels. You can do this via tools/options/objects and changing "Magnet Sensitivity" to zero (just a little trick I like to do). For any charts, whether it be a paid subscription charting service, or MT4, I start with daily or higher, and begin creating the market structure. Learn where the market is within that structure. Save that chart as a template, including all the lines you draw.
I prefer the practice of using two instances of Gann Octave settings on my charts. Again, this is a personal preference but one I have found to work successfully. On H1 or higher charts, I set Gann Octave frame period to 256. On M15 or lower, I set periods to 64. The power of the 4 multiple is at work here within the time periods. You can create a template with 2 instances of Gann Octaves, setting one to only be seen on H1, H4, Daily, Weekly and the other to only be seen on M1, M5, M15. This keeps you from having to change the settings or using multiple charts. Just need one chart. Zoom in, zoom out on a single chart when you need to change the view, doing so by changing the time period. When you need to trade or monitor higher time period market structure just change the period of view. You can use this with scalping techniques, swing trading techniques, trend trading techniques, hedging techniques, long term position trading techniques. In the first chart I show 4 charts for the purpose of illustrating how to view the price action and how octaves look on different levels. In this 4 chart example, you can also see which charts will reset should price begin to move to the next lower octave level. In this example, the next Daily Octave level lower is 1.5625. This price point is not even on the other three charts, thus, you can expect all three of the lower periods to incur a resetting of their octave levels. You can also see in advance, that if price moves below 50% of the level, which is 1.5747, that the 4 hour (H4) octaves will reset. Conversely, you can also see that if price moves above 1.64795 (H4 +2/8) that the H4 chart will reset. This is a move on the Daily chart to level 3+50%. Again, the smaller time periods are controlled by higher time periods.
By monitoring the higher time period, such as Daily or H4, you can see price when it is on a key level. It is more viable to determine potential trade direction based on a few simple natural laws and observations. Generally, each pair will have a few characteristics that will vary from each pair. Example, if price breaks a level, does it move completely to the next level, or does it move 30%, 50% 78.6% before retesting previous level. Another example, how much retracement will occur before continuing to the next level? Did it blow through Level 4 and move directly to the next level before pausing, or did it respect Level 4 rules? Maybe this... price moved around a natural number which included an octave level, performing an over-under maneuver before continuing to the next octave level; or maybe this... Price broke a Trade Line, at an Octave level, tripping stops ( dragging in unsuspecting traders), then reversing to retest the previous Octave and Trade Line? or Maybe at the CME FX Group 10:00 am Options Cut, price tends to move to a Level 6 or level 3 Octave after a 5 level move and only reversing 1 level before continuing in the original direction making a new high or low in the session range, taking it to level 8 or +1/8 or -1/8 for reversal? As you can see, many potential opportunities / characteristics.
continued....
Continued from previous post 1574
Regarding the following two images:
Image #1 is a Daily chart with two green shaded areas to highlight the two octave levels. Notice on the Daily chart the use of Fibonacci Tool between the Octave levels. (Million Dollar Tip). Code the fibs to show the price values of each Fib level. You will be able to better use this to align key octave levels on smaller time periods with the various fib levels in between higher level octaves. An example of this also would be to monitor the current price in relation to the closing price of previous bar and in relation to an Octave Level or Fib Level. You may see current price is hovering just above a key support Octave level, yet below the previous bar close. Many traders tend to have sell stops (protective and limit to enter) below the close or low of previous bar. Yet, (in my opinion) price is controlled by the natural forces/Rules/Laws of the Octaves and thus price bounces back above previous bar close thus causing a squeeze in the market (stopping out unsuspecting traders). This happens very frequently. By using Octaves / Fibs as shown in the image, this very well may help improve your risk and trade management. Save any additions and changes to the template made previously.
Image #2: Same Daily chart, drilled down to H1. The green shaded areas represent the two levels 1/8 and 0/8 on the Daily Octaves. Boxes are drawn to give perspective of the next octave level down should price move below the current octave level. This gives the ability to create a targeting system. Included in this H1 level are the same Fib levels from the Daily chart. Using this setup, I can combine Fib rules with Gann Octave Rules. Fib Levels can also be used for extensions / targets from swing points to fib levels. Depending on your risk profile, Fibs can be used as Stop levels or the Octaves can be used as Stop levels. You can use Octave Rules and Fib levels for adding onto or reducing (trade management) positions size.
The Daily chart shows that if GBPUSD loses 1.5869 level (I would use the natural price point of 1.5865 (minus spread) with a bar closing below that level), the next key Octave objective is 1.5625 (again, I would look to 1.5635 natural price point first [minus spread] ). You would want to review history to see if price has bounced off of that level previously. Also look for any potential Trade Lines that may intersect with price before meeting the Octave Level.
In this example, there is a Trade line that comes in between Level 2 and 3 on H1, around 1.5775/85 area (1.5785 being a natural price level - I would look for price to bounce a bit at that level). A normal occurrence is to see price move to 30/50% between levels and then reverse to create a retest of previous level. A characteristic I have found to work well is that if price fails to move past 78.6% of an octave level, it will tend to retest the previous octave level (another Million Dollar Tip).
The biggest tip I could maybe impart is that price will not remain between levels and must move to a different level because of the natural forces of the Laws of Vibration. Just as Newton's Laws, the Conservation Law of Momentum, Conservation Laws of Angular Momentum and Conservation of Energy create a harmonizing energy effect, the harmonics of the vibrations move in tune or become aligned which then the markets react in a reversing nature. Every market in the world has these vibrations of all degrees.
Imagine it like this: Energy is built up when different cycles (in this case, Octave levels) move into alignment. Example: if a 15 min cycle is moving into sync with a H4 cycle, then a certain level of energy is expected to occur. That energy will be different than a M5 cycle moving in sync with a H1 cycle as the M5 cycle is harmonizing off of the H1 cycle energy force. But imagine the combining of multiple levels. An even stronger reaction occurs. It is possible to forecast potential price movement and potential price target(s) with a high degree of authority and success. The energy effect is the ability for price to move or react in response to a certain level or combination of levels, as well as, the speed (Time) and distance (# of Pips) it yields (results).
Here is something to consider: 8:25 a.m. edt, the EUR/USD Price moves to Level -1/8. At 8:30 a.m. edt price begins a move up from the -1/8 level to 1/8. Simultaneous to this hypothetical move, economic news is released at 8:30 a.m. edt. What caused the move -The news release or the natural forces? If you were not watching for the news release, would price still have moved its two natural levels? Something to consider. This happens every day. Watch a financial news channel as the financial reporters try to explain why price moved or why a market moved the way it did? Compare that move to the octaves levels and the rules of the Natural Laws of Vibration. There is a very old saying that the future is priced into the charts. You only need to watch history.
Isn't it amazing how news releases are scheduled or how "More market upheavals have happened on Sept 22 -- "Gann Day" -- than any other [as posted by Barrons, Friday Sept 21, 2012 article 'It's the Most Dreadful Time of the Year -- for Stocks']. There is much more that can be discussed to fill a large volume book. And we haven't even began to discuss time fractals. There is still much to learn.
Hope this helps.
Many Pips and God's Blessings to all.
Xcalibur
Copyright
11/12/2012