Forex Murrey Math Support Resistance Trading Strategy
Forex Murrey Math Support Resistance Trading Strategy;
This Forex strategy is a Murrey Math a reversal trading system
Time Frame H1.
Murrey Math Line x setting 60;
Setup for London Session
We always start to look for a potential trade setup at the start of each hour in either the UK session or the US session.
The best entry time is always within the first 30 minutes from the open of the hour candle; however, we never enter a trade near the close of the hour candle because price may reverse in the opposite direction.
After 40 – 45 minutes have past it is best to wait for the next hour candle to open to look for another setup but it is ok to look for trades from say 9:00AM to 9:40AM.
#2 Murrey Math levels
You need price to open at the start of the hour and bounce off of a major line level (1/8, 2/8, 3/8 6/8, 7/8, 8/8) then reverse back up/down to buy or sell.
Buy Zone: 1/8, 2/8, 3/8.
Sell Zone: 6/8, 7/8, 8/8.
If an candle is long and go by the two zones, do not trade.
Once the candle changes from red to blue by 3 pips you will buy.
Once the candle changes from blue to red by 3 pips you will sell as long as it just bounced off of a major lines level .
#4 stops and profit targets:
Your stop loss will be 1 to 5 pips below the swing low of the current hour candle you are trading.
Your take profit target will be the closest level line or ratio 1.3 Stop Loss.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Murrey Math Support Resistance Trading Strategy?
- Download Forex Murrey Math Support Resistance Trading Strategy.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Murrey Math Support Resistance Trading Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.