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Thanks for all your input. On which timeframe do you apply your indicator of mm?
Kind regards.
Ingwe
Everyone has their own quirky taste as to which timeframe to use, I like to use the 4hr chart a lot for trading.
I will make two charts of the same pair, the left chart I will use mm timeframe, the right chart I will use mm octaves.
When you look at the mm octaves chart you will see that the market wants to run from 0/8th to 8/8th and reverse back down to the 4/8th level, it also wants to run from 4/8th up to the next 4/8th and reverse back down to the 8/8th (the market likes to run in octaves...0/8 to 8/8th...4/8th to 4/8th & 0/8th to 8/8th again) when the market runs these octaves it will go past these levels and use the breakout area of -1, -2 & +1, +2 or in the case of octave 4/8th to 4/8th 3, 2 & 5, 6. As murrey states if the market fails to close beyond the breakout area then it wants to go back to it's 4/8th level, a lot of the time the market will go back down to it's 4/8th level and continue to drop to 2/8, 1, 0, or -1, -2. A lot of money is made when this happens. When the market fails to close beyond the breakout area and heads south you are basically looking at 6/8th, 4/8th, 2/8th & 0/8th target levels. If it stops at 4/8th or 2/8th you ask yourself is this a possible 4/8th to 4/8th next octave?
Same when it fails to close beyond the -2/8th and goes north 2/8th, 4/8th 6/8 & 8/8th (if it hits 8/8th look at a reverse back to 4/8th, If it only goes up to 4/8th or 6/8th ask is this the start of next octave run down 4/8th to 4/8th? At times it will go back down and reverse at the 1, 0, -1 or 2 and still be in it's existing octave and run up to 4, 6, 8)
People say that mm is only a ranging indicator fine, when the market continues to run in one direction watch for it running out of steam after two, three or five octaves, then the whole process starts again. 8/8th to 0/8th and 4/8th to 4/8th or sometimes it will run 0/8th up past the 8/8th and stop at the next 4/8ths (this is actually a two octave run, if it goes from 0/8th past the 8/8th and stops at the next 8/8th, this a three octave run, now if it continues past that and stops at the next 8/8th, thats a five octave run...maybe the market is not running away after all, maybe its just moving in a mm range...I'll let you figure that one out).
You would be nuts to use MM on its own...you would fail
If you use it with a couple of other indictators you enhance your chance of predicting a future move from a toss of the coin to 80/20, use a trailing stop loss for the 20% time it's a runaway market.
If you do start to lose trades STOP, pull out all your capital and walk away from the pc....you will only throw good money after bad. Go for a swim, buy yourself new clothes, just take your mind off the market. you can go back the next day and see how much you would have lost and feel better for staying away.
Just remember your winnings are free of tax, paye, vat, insurance, employees wages, sickness, maternity leave, rent, rates, telephone, bank charges, gov charges, fuel at the pump duty charges etc...
Would you be willing to post the indicator in your screenshots? The "it's life Jim" indicator. It looks interesting.
Thanks
Quote:
Originally Posted by xard777
Everyone has their own quirky taste as to which timeframe to use, I like to use the 4hr chart a lot for trading.
I will make two charts of the same pair, the left chart I will use mm timeframe, the right chart I will use mm octaves.
When you look at the mm octaves chart you will see that the market wants to run from 0/8th to 8/8th and reverse back down to the 4/8th level, it also wants to run from 4/8th up to the next 4/8th and reverse back down to the 8/8th (the market likes to run in octaves...0/8 to 8/8th...4/8th to 4/8th & 0/8th to 8/8th again) when the market runs these octaves it will go past these levels and use the breakout area of -1, -2 & +1, +2 or in the case of octave 4/8th to 4/8th 3, 2 & 5, 6. As murrey states if the market fails to close beyond the breakout area then it wants to go back to it's 4/8th level, a lot of the time the market will go back down to it's 4/8th level and continue to drop to 2/8, 1, 0, or -1, -2. A lot of money is made when this happens. When the market fails to close beyond the breakout area and heads south you are basically looking at 6/8th, 4/8th, 2/8th & 0/8th target levels. If it stops at 4/8th or 2/8th you ask yourself is this a possible 4/8th to 4/8th next octave?
Same when it fails to close beyond the -2/8th and goes north 2/8th, 4/8th 6/8 & 8/8th (if it hits 8/8th look at a reverse back to 4/8th, If it only goes up to 4/8th or 6/8th ask is this the start of next octave run down 4/8th to 4/8th? At times it will go back down and reverse at the 1, 0, -1 or 2 and still be in it's existing octave and run up to 4, 6, 8)
People say that mm is only a ranging indicator fine, when the market continues to run in one direction watch for it running out of steam after two, three or five octaves, then the whole process starts again. 8/8th to 0/8th and 4/8th to 4/8th or sometimes it will run 0/8th up past the 8/8th and stop at the next 4/8ths (this is actually a two octave run, if it goes from 0/8th past the 8/8th and stops at the next 8/8th, this a three octave run, now if it continues past that and stops at the next 8/8th, thats a five octave run...maybe the market is not running away after all, maybe its just moving in a mm range...I'll let you figure that one out).
You would be nuts to use MM on its own...you would fail
If you use it with a couple of other indictators you enhance your chance of predicting a future move from a toss of the coin to 80/20, use a trailing stop loss for the 20% time it's a runaway market.
If you do start to lose trades STOP, pull out all your capital and walk away from the pc....you will only throw good money after bad. Go for a swim, buy yourself new clothes, just take your mind off the market. you can go back the next day and see how much you would have lost and feel better for staying away.
Just remember your winnings are free of tax, paye, vat, insurance, employees wages, sickness, maternity leave, rent, rates, telephone, bank charges, gov charges, fuel at the pump duty charges etc...
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