It has to do with the twist Murrey does on Gann's work. He applies physic mathematics to the problem. Not to spend a lot of time on it but yes the spacing can be set to precision spacing depending on which market your trading. Usually an auto adjust function in most charting systems that have MM. Simple explaination 19.50 cents equals 1.95 points per line or 39 cents equals 3.90 points per line spacing. Either spacing will work. I prefer 1.95 for trading ES mini's Do a search on Murrey Math you would like additional info on it. This is the esignal thread and I don't want to see it drift from it's original intent. Curious can someone post a picture of the chart using the MM efs in esignal? I would like to compare it. Thanks in advance. Bsulli
Here's a picture of how I traded with it today.But of course it doesn't work, just look at all those pretty stupid lines.
Do you see on the chart the Gann lines from top down and bottom up, those create the irregular shaped boxes I told you about, true time .
Way too much stuff for me. The horizonal lines look pretty close, but could be cleaner. The Fan lines would drive me nuts. Murrey Math does have that function but most users turn it off because of the clutter. MM doesn't use the Elliott Wave stuff either. I will post a chart later so you can get a better idea of what it should look like. Bsulli
This is not supposed to be an exact duplicate of Murreymath, but an efs (java script) that is like any other indicator. The EW stuff is the Advanced GET and I wouldn't trade without it as it played out perfectly today and the fan lines showed perfect support which is pretty good since ES is so inefficient. I didn't post the charts for scrutiny, just to show people who don't have Esignal what is possible with it.
Maybe I should of phrase my response differentally. I don't have anything against EW or anything else that works for traders. My apologies no offense was intended. I greatly appreciate you taking the time to post the picture. It help me in seeing the difference in the esignal from what I'm currently using. Murrey twist is the market will tend to trade between the 1/8 and 7/8. The first bounce off of the 1/8th is considered by him to be a conservative long trade for at least one or two 1/8th. Here is one of the Murrey lines by itself from the platform I'm using. Fwiw. Thanks again, good luck and good trading. Bsulli
Use what works for you ... My two cents ... I dont see anything unique about the approach. It appears to just be a re-hash of things traders already know .... perhaps a useful tool for new traders just starting out - many approaches work as long as you consistently apply them in a disciplined way ... Trading is still an art as much as it is a science....
I am using the efs in eSignal for conformation of and timing end of EW. I use a 15 minute 16 frame and mainly looking for the 8/8 and 0/8 levels at the end of a wave. From there I use candles on 5 minute chart.
I use a 5 minute chart for basic overall trend and the efs worked to perfection as the 851.56 overbought level turned back the rally 7am this morning (as well as the wheel 851 resistence level and end of wave 5 in GET) and landed all the way down to the 0/8 level for a nice bounce.