Murrey math support and resistance level

Murrey Math basic support and resistance level: like the pivot point, it generates the essential support and resistance level.

+ 2/8ths = This market is too high and needs monitoring closely. + 1/8ths = OverBought (Too high on enthusiasm) Top 8/8ths = Upper end of the Octave (wants to stay in here) 7/8ths = Weak Fast Reverse Line 6/8ths = Pivot Reverse Line 5/8ths = Upper Trading Range (Comfortable trading in here) 4/8ths = 50% = hardest to break through (up or down) the 1st Time 3/8ths = Lower Trading Range (Comfortable trading in here) 2/8ths = Pivot Reverse Line 1/8ths = Weak Fast Reverse Line Zero/8ths = Lower End of Octave (wants to stay in here) - 1/8ths = Oversold (Too Low on enthusiasm) - 2/8ths = This market is too Low and needs monitoring closely.

The two Murrey strategies are recommended:

+ Buy at 1/8 close at 4/8 or Buy at 0/8 close at 2/8

+ Sell at 7/8 close at 4/8 or Sell at 8/8 close at 6/8

For detail strategy, you can refer this one: Murrey math rule.pdf

You can download the indicator for MT4 platform here: Murrey_Math_Line_X_eng.mq4

And find other versions in my forex indicators collections

Point and figure chart ( X O chart)

Intructions Point and figure chart is one of a popular chart was created by the japanese, don't like other chart, it solely calculate the price movement. The prices are showed on both axis. it has been described as one of the simplest systems for better determining solid entry and exit points in trading.

Calculation:

To display point and figure chart, you must specify the box unit, and mark X letter when the prices rise by the box size and mark O when the price fall by the box size

For example:  

I specify the box unit at 1 USD, the prices rise up from 10 to 15 USD, you mark X from 10 to 15, then prices fall down to 12, you mark O from 14 down to 12.

15 X

    14 X O

    13 X O

    12 X O

11 X

10 X

Some ways to use point and figure chart:

Source: http://www.investopedia.com

Renko chart indicator

Renko chart or brick chart, it's a more smoothed than candle stick chart, the price in the same scale will put in the same box (you can modify this box unit) , the changing of the box color generates the entry signal. Renko chart isolates the underlying price trend by filtering out the minor price changes. So, renko charts can also be very helpful when determining support and resistance levels. Calculation

Renko charts are always based on closing prices. You specify a "box size" which determines the minimum price change to display.

To draw Renko bricks, today's close is compared with the high and low of the previous brick (white or black):

+ If the closing price rises above the top of the previous brick by at least the box size, one or more white bricks are drawn in new columns. The height of the bricks is always equal to the box size.

+ If the closing price falls below the bottom of the previous brick by at least the box size, one or more black bricks are drawn in new columns. Again, the height of the bricks is always equal to the box size.

+ If prices move more than the box size, but not enough to create two bricks, only one brick is drawn. For example, in a two-unit Renko chart, if the prices move from 100 to 103, only one white brick is drawn from 100 to 102. The rest of the move, from 102 to 103, is not shown on the Renko chart.

In MT4 platform, you can use this renko live chart v3.4 EA to show the chart. Attact the EA in normal chart, modify the box unit, and then open the offline chart.

Here is the example:

you can set the indicator in this chart to get more accuracy signal.
sources: refer www.metastock.com

Pivot point

Pivot point is one of the popular way to identify the support and resistance level base on the relations with the high, low, open, close price of the previous day.

The fomula is: pivot point (PP) = ( high+low+close)/3 supports and resistances level: First support (S1) = 2*PP - high First resistance (R1) = 2*PP-low Second support (S2) = PP - (high - low) Second resistance (R2) = PP + (high-low)

you can download the indicator indicate the pivot levels in here: pivot custom timeframe

yearly pivot

autopivot...

Many version you can find in my indicators collections.

  

Ichimoku trading strategy

Ichimoku Kinko Hyo-Equilibrium chart at a glance Ichimoku Kinko Hyo is one of the famous trend trading trading system that has been successfully used in nearly every tradeable market. It is unique in many ways, but its primary strength is its use of multiple data points to give the trader a deeper, more comprehensive view into price action. This deeper view, and the fact that Ichimoku is a very visual system, enables the trader to quickly discern and filter "at a glance" the low-probability trading set ups from those of higher probability. There are 5 basic components in this system:

- TENKAN SEN (turning line)

(HIGHEST HIGH + LOWEST LOW)/2 for the past 9 periods

- KIJUN SEN (standard line)

(HIGHEST HIGH + LOWEST LOW)/2 for the past 26 periods

- CHIKOU SPAN (lagging line)

CURRENT CLOSING PRICE time-shifted backwards (into the past) 26 periods

- SENKOU SPAN A (1st leading line)

(TENKAN SEN + KIJUN SEN)/2 time-shifted forwards (into the future) 26 periods

- SENKOU SPAN B (2nd leading line)

(HIGHEST HIGH + LOWEST LOW)/2 for the past 52 periods time-shifted forwards (into the future) 26 periods

The area between senkou span A and B making the KUMO ( the cloud)

Basic signal: 

The Kumo indicates the derection of the trend and the big supports and resistances.
Tenkan and kijun crossover generate the entry signal.
Chikou span messures the momentum of the trend.

+ Strong signals - A strong buy signal occurs when the Tenkan-Sen crosses above the Kijun-Sen from below. A strong sell signal occurs when the opposite occurs. The signals must be above the Kumo.

+ Normal signals - A normal buy signal occurs when the Tenkan-Sen crosses above the Kijun-Sen from below. A normal sell signal occurs when the opposite occurs. The signals must be within the Kumo.

+ Weak signals - A weak buy signal occurs when the Tenkan-Sen crosses above the Kijun-Sen from below. A weak sell signal occurs when the opposite occurs. The signals must be below the Kumo.

+ Overall strength - Strength is shown to be with the sellers if the Chikou Span is below the current price. Strength is shown to be with the buyers when the opposite is true.

+ Support/resistance levels - Support and resistance levels are represented by the presence of the Kumo. If the price is entering the Kumo from below, then the price is at a resistance level. If the price is falling into the Kumo, then there is a support level.

+ Trends - Trends can be determined by simply looking at where the current price is in relation to the Kumo. If the price stays below the Kumo, then there is a downward trend (bearish). Alternatively, if the price stays above the Kumo, then there is an upward trend (bullish).