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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.
Murrey offers you a tool. Sure he cannot understand every market. A trader must deal with pairs that he understands. The trader must trade in accordance with the trend. Trend is your friend!
First of all I want to say thanks to Xard777 for this great system. I've been playing with it and in fact this thing ROCKS.
Could you elaborate on the Franka Lines. I couldn't find any information on it.
Cheers,
Joe
re franka lines....I could not get any info on the net or even in this forum about them so my knowledge on them is pretty vague at best. Basically, Gann & Murrey works both have links to PD Ouspensky's writings which talk about frankas within the octave being 1/3rd > 1/6th > 1/12th > 1/24th > 1/48th, etc... The lower lines being stronger resistance and support lines which we see in the chart with the 1/3rd (yellow) & 1/6th (white) lines. That said, I have adapted the octave indicator to show frankas 1/3rd & 1/6th plus 1/24th lines (which are baby 1/3rds a level down). The 1/3rd frankas also show the shift to the next octave up/down when price CLOSES beyond these lines as opposed to the MM +/-2/8th rule.
Ouspensky - In Search of the Miraculous.pdf is really deep and the applicable stuff tends to be scattered about so you'll have to look attentively. Chapter 9 appears to be the root of Gann and all his schools and again on chapter 14.
I hope this answers your question.
Xard777
Any additional info or corrections would be much appreciated - thanks.
Linear Mode
