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I agree, stops are essential, if you are using the wrong trading plan.
I too, have been wiped out, I know the pain.
That is why I'm qualified to speak so loudly.
Use MM, if you are in this thread, why are you questioning the MM way?
Follow the light my son (grain of salt)
OK, if there is anybody out there who will debate me, please speak up
I will love to tear you to apart
Trading MM, where are you? you love to take the p..s out of me
I just love to take 100 pips at a time
How much did you make in Nov?
I'm not gonna debate! No stops is your style, not mine.
If you are a consistent winner with your 'system' great! Really mean that!
I'm a consistent winner using stops and NO I don't work for a broker.
What we have in common, we use MM (and Market Profile for me) NOTHING else.
To all other traders: learn MM!!!!!! Forget about Trin, Vix, Indexes, (other) Stocks, Crossing MA's, Fibo's, Pivots etc etc etc etc etc. And don't bother about the news!!!!!
THERE IS NO HOLY GRAIL!!!!!!
Learn MM, take profit(s) in time and be a consistent winner too. With or without stops, just what YOU prefer.
Good luck in trading to all.
While writing this, your message came in. I don't want to take the p..s out of you!!! I do respect your way of trading, although it is not mine!!!!!
And Nov was great, even with stops
Am curious though with the Market Profle, seems to be a lagging indictaor.
I've loaded it up and tried to use it, but can't see how it can be of benefit.
I like this indicator, and I've read all the the blurb, but still can't incorporate into my using the MM and MP together
I actually deleted it from my MT, but in the back of my mind thought it had merit, but just couldn't figure it in
First of all I'm a daytrader. No positions overnight, sleeping very well. Day after day, after......
Secondly, MP is not a lagging indicator. It shows me where the volume is.
Volume = acceptance
Moreover the 'real' MP gives you much much much much more information, but unfortunatelly it is not available on the Metatrader plaform (yet?).
I, randomly, scrolled my window back to show you some of my thoughts....
At what price stayed the market, most of the time, on Nov 24?
Where did we find support on Nov 27?
Where did it stay a long time on Nov 27?
Where did we find support on Nov 28?
etc etc etc
Got it?
Combine it with MM and you have a hell of a system.
Murrey says you have xx% chance it will do this at that level and xx% at another level etc etc. MP shows me acceptance of price levels, if they 'match' with MM most times you are Spot on.
And of course it doesn't stay forever at a price level, but hey we are traders aren't we?
Hope this helps.
Edited:
That's the reason I NEVER tell other traders what to do.
You want to short GBP @ 1.9975? Great!!!
Would I? Don't tell you.......
Why? Our strategies don't match......... Neighter in time, nor in money management and........
I just attended a class last night where Murrey went over a bunch of charts and then recommended trades for the next few days. I took screenshots of the charts (the new Trading software looks nice) and will try to confirm the MML I have with what Murrey has. We looked at a few different currencies (EURUSD, JPYUSD, etc) and I work on that today.
I noticed something rather odd to me. Murrey appears to be doing EOD on the NY market only. He had 8 16 32 64 day charts that he showed us. It looks like 3 good trades are coming. I learned some new trading rules and was interested to find he removed some of the confirmation signal checking vs his book. He definitely hammered in some more confirmation signals to look for. I recorded, took notes, screenshots.
Regarding which software to use, and which one draws accurate lines, we should have an authoritative answer that is 12 hours old and from the mouth of Murrey today. I have screenshots of EURUSD, CHFJPY, JPYUSD. I won't be able to confirm GPBUSD. I have a hunch what he does with currencies but I'd rather check first.
This new v8 octave looks great for Day Trading (even though I am trying to get away from it). Here is cable with the shift modified triggerlines plus the ema 4,9,18 indicator on a M30 chart. I will probably post this version over the weekend for traders to try out, just bear in mind it's untested; I would appreciate if feedback comes back re this release (good or bad, does'nt matter).
Xard777
hi Xard777
I am trialling your M30 MM system today. I have a quick question re exits.
You say you use the blue dotted zigzag line as price for exit.
As you know it paints and then repaints if a new high, or low is created.
Do you take the first time it paints as the new high/low as your exit or do you have a method to determine that you should wait because its just a pause during a larger move and it will repaint at new high/low level(s).
hi Xard777
I am trialling your M30 MM system today. I have a quick question re exits.
You say you use the blue dotted zigzag line as price for exit.
As you know it paints and then repaints if a new high, or low is created.
Do you take the first time it paints as the new high/low as your exit or do you have a method to determine that you should wait because its just a pause during a larger move and it will repaint at new high/low level(s).
Thanks
Adam F
Hi Adam,
I use H4 charts but the same would apply with M30 charts, I exit on the first blue dotted line and look for another trade. My settings on the blue line are 40,5,5.
hi CMC
im interested in your way of using MM. the question i have is what if price has already been to the 1/8 lines before?
like cable is coming back down from the +1/8 will that make a difference?
i seem to remember that once a MM line has already been breached the first time it loses it power so to speak. is that true in your experience?
