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Re MM Octaves
Can someone shed some light on MurreyMath...
Regarding the Daily Octaves chart below - you will see that on the last octave frame, the GBPUSD went all the way up to the +2/8ths (Murrey says that if it fails to close beyond the +/-2/8ths level then it will revert back to the 50% level) and then ran down to the 4/8ths 50% level. fine text book stuff
Now, the market runs back up touching the 7/8ths level but failling to close beyond the 6/8ths (which I think is very important and a clue to market direction....correct me if I wrong...I am still learning) which is telling me that it is meeting strong resistance and therefore getting ready to go further down.
Now Murrey has stated that a market will (should) stop at the 4/8ths line the first time it hits it (its done that) so now I am looking for it to go down below the 4/8ths level with support targets at the 2/8, 0/8th & -2/8th levels.
However, if the market continues up and does not close below the 6/8th level and decides to close above it then scratch that idea as it will not be the case.
can someone post their thinking on this.
The reason I am asking this is that I have a down bet at 1.8982 and was wondering if it was good for 300pips (1.8677 2/8ths)
I know with the Daily timeframe chart the best entry was +1/8th area around 1.9100 with a sell target at 1.8555 for 545pips (I missed this one as I was busy working on the timeframe code (which would not auto change, so I had to use the labellevel ver and adapt the coloured frame around it, whilst going through the best part of 1000 indicators looking for one to confirm entry/exit strategy along with murrey)
Also, have a down bet on the dow at 11361 (+2/8ths daily, period 49) and was wondering if that was good for 424 pips (10937 4/8ths) stop at 11415
thanx
Xard777
enc octave chart, plus timeframe charts for anyone to comment on...
Last edited by xard777; 08-23-2006 at 09:31 PM.
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