The Murrey Math Trading System - page 81
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The chart looks right from Murrey, but if you look at the chart you'll notice that not one of his "automatic reversal days" happened. I also notice that none of the 'speed lines' are accurate, and it violated a circle of conflict and avoided none. When a circle of conflict is violated, the price is supposed to shoot out of the circle. It just hobbled along. My studies of Murrey Math indicate that Murrey Math doesn't apply to forex. I think Murrey likes forex because of "no commissions paid" and lots of leverage for the average person. I don't think he understands the scale, the danger, or the built in commissions... let alone how the currencies work.
Back in December, EURUSD was slamming right through the MML drawn in that chart with no regard whatsoever. We haven't seen any retracements off of the MML listed either. On the other hand, we did see a series of retracements off of 1.3375 *shrug* My 2 cents worth.
Edit: I'll give Murrey benefit of the doubt and say March 6 was a Circle of Conflict and an automatic reversal - off by a bar, but not significantly.
When trading with Murrey you can forget the circles of conflict, forget the speedlines, the people at Murrey dont even use them. They sell a baby down from the seven eights with a baby sl and a 2 eights tp, if it runs thru the seven eights and hits your sl Murrey wants another order in at a baby below the eight eights, same format with sl and tp, then another order at plus +1eight, same format. Then its up to you if you want to do the same at + 2 eights, by this time youve had 3 stopped out, but murrey said he's done the math and you will make it up.
When trading with Murrey you can forget the circles of conflict, forget the speedlines, the people at Murrey dont even use them. They sell a baby down from the seven eights with a baby sl and a 2 eights tp, if it runs thru the seven eights and hits your sl Murrey wants another order in at a baby below the eight eights, same format with sl and tp, then another order at plus +1eight, same format. Then its up to you if you want to do the same at + 2 eights, by this time youve had 3 stopped out, but murrey said he's done the math and you will make it up.
I was in a web class, he wanted us to short 6/8, 7/8, 8/8 +1/8 and +2/8 all for ?? octave (I think 1-2). Well since each of these movements is several hundred pips and I saw the prices shoot through the +3/8 many times from 4/8 in December, I think that is not only irrational but irresponsible for Murrey to recommend. Xard mentioned using the MML, but not exclusively. Since we have these sorts of spikes on a regular basis, I think Murrey's recommendation was just dumb.
Depends on which time frame you use. I look for +1/8 or + 2/8, and -1/8 or -2/8 to place orders. If i'm on lower time frame I try to hit smaller targets. I agree that over time you will make money. There are times, such as now in GBPUSD and EURUSD that prices keep going in the direction of trend and blow right through MM lines, but price will retrace, so there are opportunities there.
BTW what time frames are you guys using the most?
i noticed that MML will redraw if price are moving alot.eg:+2/8 level will become 4/8 level after redraw
IMHO, you don't need all those circles, etc. Just trade the lines. Much simpler, and there are several indicators for just the lines on this thread.
To me it isn't so much a matter of "keep the faith" as "fix the bugs" and recognizing which parts are valid. I'd like to study one aspect of Murrey Math and Gann's observations more, but it requires a pivot indicator that writes to disk each time a pivot occurs. I'm thinking about using Heiken Ashi or something similar.
Although a EA would be nice to tryout selling 7/8ths and 8/8ths and plus 1/8 and buying minus 1/8 and 0/8ths 1/8. on a 15m 30m 1hr chart. Because he's said he did the math and he said it works.
Although a EA would be nice to tryout selling 7/8ths and 8/8ths and plus 1/8 and buying minus 1/8 and 0/8ths 1/8. on a 15m 30m 1hr chart. Because he's said he did the math and he said it works.
Your chart is wrong...
Use the chart you posted earlier...
This chart does not come into effect until price closes beyond +2/8th of previous chart.
Price is still in overbought area.
Xard777