The Murrey Math Trading System - page 49
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Will somebody please ask XARD777 to pass me another shovel, I have another hole to did.
Have closed my short EUR postion for 100 pips, have gone short again on the CAD @ 1.1536 (1/8th)
Currently still at breakeven on the AUD which hit the 1/8th again last night, and 126 pips down on the long CHF trade.
Can honestly say, I couldn't have done it without the Fish Indicator!
Thankyou, that was real help, almost made me doubt my appartently oversimplified Murrey theory.
CMC
As you can see Murrey lines confirmed the pattern for a nice 156 pips ,
i was stopped at the 1.1500 but i think the CAD can go higher to the +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
Hi Kappari,
It's interesting to see that your version has shown the CAD to already have flipped to 2/8th, as mine is still showing price sitting on the 1/8th mine may move over today.
Anyway, I was re reading this thread, and noticed that Trading MM had asked me a question on post 64 that I hadn't answered. The question was "why do I manage my profit and not my loss" the very simple answer is that I don't have any losses with the system. That is my whole point to the simple approach, and not using stops. You are confusing losses with drawdown, you question should ask "how can you live with such a large drawdown" It's only a loss when you close the position (or a margin call)
It's interesting to re read this thread and see the reaction to my comments re stops. I have been killed by stops so often it's wiped me out, why? simply because my trading strategy was not good enough. In other words I should have never been in the trade in the first place.
The reason we use stops and filters and backup strategies, and what if systems, is beacause our main trading theory is flawed. If you have absolute confidence in your trading (as I do now with Murrey) you can throw eveything else out the window. If I put a stop in even for 100 pips, I can't help but constantly fire the computer up to see if I've been stopped out. that is NEGATIVE and STRESSFUL trading, because I'm half expecting my stop to be hit.
There is lots of cool stuff within the MM extremes, with lots of small profit targets, and even more complcated stratergies, but why bother? it's just more chance to get hit. If you aren't confident enough to use Murrey on a daily chart, and put a small amount of money on an extreme trade, without a stop, then you will probably stay locked in forums searching for a better trading angle.
After I've closed my trades, I may not add any more to this thread, but I would love to convert a few traders over to my system of stress free, low spend, consistent profit trading by using the genius of Murrey.
TRADE WITH REAL MONEY, DON'T PONTIFICATE, STOP SEARCHING
CMC
This is an exciting journey but I'm having trouble with my maps!
Would somebody please clarify what the true values for the Octaves on the charts should be?
For example at the moment I have three templates/versions all with different readings.
On USDCAD
Xard777-Octave v6 price is near 1/8
Xard777 - price is above 5/8
MURREYMATHTIMEFRAME by Xard777 - price is below 5/8
These are all on 4 hour charts
Which one is the recommended one to use?
thanx
This is an exciting journey but I'm having trouble with my maps!
Would somebody please clarify what the true values for the Octaves on the charts should be?
For example at the moment I have three templates/versions all with different readings.
On USDCAD
Xard777-Octave v6 price is near 1/8
Xard777 - price is above 5/8
MURREYMATHTIMEFRAME by Xard777 - price is below 5/8
These are all on 4 hour charts
Which one is the recommended one to use?
thanxWhat period that default setting from your template? Is it same period each other?
mml
cmc
thanks for sharing your simple system, I can see real benefit in it .I like you have been knocked out by my stop placements.
my mml must be diferent to yours as the markets are not at the levels you say. Can you pls tell me where to get the same mml indicator. Also are you using any other indicator ?
Regards and
Hi AND,
Please see my post 348 for the version I use (which works great)
Leave the "Dark Side" and join the world of the "No Stop" stress free trading
It's only those who have not been converted who will suffer "Death By Stop"
Stop giving your money away, trade with confidence, trade without a stop.
The only reason you should put in a stop is because you have NO FAITH in your trading approach.
Trade the MM, you will not look back, I've proved it, just wish I could sell it, but it is not my idea, I've just run with it.
I'm telling you guys, do this, if you're still not sure then get out of this great forum and forget MM. If you are borderline, trade a demo if you must (waste of time)
I have to say though, I would never trade without a stop using anything else other than MM. So MM is all you need.
Have just gone short (again) on the AUD wich is at the 1/8th @ 78.74
So I have 2 contracts short on the AUD
It will probably go up over $0.80 who cares? MM says it will fall again, and so it will, just "set it and forget it"
Good Trading All
CMC
Hi AND,
Please see my post 348 for the version I use (which works great)
Leave the "Dark Side" and join the world of the "No Stop" stress free trading
It's only those who have not been converted who will suffer "Death By Stop"
Stop giving your money away, trade with confidence, trade without a stop.
The only reason you should put in a stop is because you have NO FAITH in your trading approach.
Trade the MM, you will not look back, I've proved it, just wish I could sell it, but it is not my idea, I've just run with it.
I'm telling you guys, do this, if you're still not sure then get out of this great forum and forget MM. If you are borderline, trade a demo if you must (waste of time)
I have to say though, I would never trade without a stop using anything else other than MM. So MM is all you need.
Have just gone short (again) on the AUD wich is at the 1/8th @ 78.74
So I have 2 contracts short on the AUD
It will probably go up over $0.80 who cares? MM says it will fall again, and so it will, just "set it and forget it"
Good Trading All
CMCHi CMC,
Thank you for sharing your MM indicator. Kindly let us know do you use any other indicator for trade confirmation?
Regards,
Vasu
Hello to all,
Firstly, thanks for all your great work.
I read, and re-read the thread, but excuse-me, but i'm little confused,
I have three versions of murrey, and none corresponding to each other when they draw lines ?????
So, i want your oponion, on what is the most accurate ?
From my point of view, i think it is octave 9b, but i want your experts confirmations.
This sounds like paper trading or micro trading
I would never encourage anybody to trade without stops
Once you've been wiped out you'll feel the same
Hi AND,
Please see my post 348 for the version I use (which works great)
Leave the "Dark Side" and join the world of the "No Stop" stress free trading
It's only those who have not been converted who will suffer "Death By Stop"
Stop giving your money away, trade with confidence, trade without a stop.
The only reason you should put in a stop is because you have NO FAITH in your trading approach.
Trade the MM, you will not look back, I've proved it, just wish I could sell it, but it is not my idea, I've just run with it.
I'm telling you guys, do this, if you're still not sure then get out of this great forum and forget MM. If you are borderline, trade a demo if you must (waste of time)
I have to say though, I would never trade without a stop using anything else other than MM. So MM is all you need.
Have just gone short (again) on the AUD wich is at the 1/8th @ 78.74
So I have 2 contracts short on the AUD
It will probably go up over $0.80 who cares? MM says it will fall again, and so it will, just "set it and forget it"
Good Trading All
CMC