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I've just spent some the last 4 days reading this entire forum (along with some sleepless nights!) and it's the best Murrey Math knowledge base I've seen online. Many thanks to XARD777 (you are a legend) for his hard work at coding these indicators and templates. Hats off also to the many coders who've contributed. Absolute big thanks to posters such as CMC, Daraknor, CJ and others.
I met Murrey years ago in Australia when I used MM for stocks. It works! But now I'm learning to apply it to FX and I can't believe I was scared of this market for so long...
Anyway, for all new beginners... take note of XARD777's and Daraknor's earlier posts to understand why the frames change value. This is how fractals work. Interestingly, when you translate it to a trade, I find CMC's comments really insightful - although I don't agree in trading without a stop-loss, he is trading the extremes which I also did in stocks...without a stop loss, mainly because back then I was more an investor than a trader.
Tips for beginners reading this forum:
a) Start from the very beginning and read every post, download every file
b) when you download the files, save them in folders with dates as names eg. 2009-10-03. This way, you can revise/test the versions as they are developed.
c) On MetaTrader, create a Profile for each currency pair. Set up the same currency for all the different time frames you are interested in, ie. M1,M15,H1,H4,etc.
d) Apply different templates/indicators from this Forum to your different timeframes.
In my example, the timeframes have EURUSD 1.3794 as 0/8 for M1 (and M5) whilst for M15, it's at 2/8. Murrey used to say, that even numbers can substitute for the 0/8 and 8/8 lines, depending on the vibration of the stock. So in FX, I've noticed that your interrpetation of the volatility will influence how you use MM, and hence your trade.
Well, I'd hate to see this forum die after 1.95 years! :-P
So I hope to see more posts.
Here is a screen setup that can be used on both 4hr and 30min timeframes...
Simply unrar and copy to metatrader/experts/indicators...
Plus copy the X-Screen.tpl file to metatrader/templates..
restart MT4, right click mouse on screen and select template X-Screen.tpl
This setup works fine on WHC Trader 4, however the X-Math indicator may go tits up on other formats of MT4.
Enjoy:-)
Xard777
PS the X-Math indicator uses P defaulted at 64, you can change to 256 should you wish to see the bigger picture on Daily or leave at 64 for smaller timeframes like 1hr, 30min, 15min ect... If you are unsure simply leave at default 64.
OOPS! forgot text fonts...you need to install 2 fonts enclosed...
I've used MM before in stocks, but not traded FX using MM.
So this is for the other beginners... :-)
At least I got this one right, even if it was for a $0.50 profit
I'm on a Demo Mini, trading EURUSD.
Saw the trend coming up thru 1.3550 which is 4/8 on the M1.
Quick look at M5, M30 and all showing potential bounce on 4/8, possible baby -1/8 from 4/8th line. From my previous knowledge of MM, 4/8 can become 0/8 so switching onto XARD777's Octave Template and another one for Trade I was able to guage direction strength... yep it was gonna go up.
I watched it, even though moving quite fast. The minute it broke up to 5/8 line, Setup, I placed a BUY Limit on 1.3562 (just above 5/8 for the spread). Lot size 0.05 (cos I'm new). Took profit on 1.3572, which is the 6/8th line, which is also a 0/8 line in a smaller timeframe. Now in hindsight, I tend to go for the +1/8th line for exit, but because I'm still a little nervous, I settled for the 0/8 line to exit. My stop loss was at 1.3552 just above the 4/8th line. Got stopped out about 10 minutes later i think.
On the M1, it's trying to break +2/8ths but I don't think it will. Which means it should come back down to 6/8ths. I forget the rules (which I should review from the previous posts on this blog). But I do remember weakness from +1/8ths or +2/8ths will result in a drop to 5-6/8ths: potential re-entry.
If it holds above 8/8ths... (and I don't know how long to do this in FX??? In stocks, I waited 5 days. Thoughts on FX???) then 8/8 becomes the new 0/8th and a new square should be calculated above the old one (excellent work XARD777).
.... and since I am trading on a Demo Account, I'm going to try CMC's trading strategy of not using a Stop Loss. Now admittedly I'm coming in on the EUR/USD a little late (ie from M1 to M30 perspective), but from an H1 point of view, I'm still in the -1/8th area which is still trading the extreme.
I'm in at 1.3582, (just above 7/8 on M1) (just above 5/8 on M15,M30)
HI hard777!
Linear Mode
