Daily Wick Zone Trader ( who place pending orders? )

[EdwardWinslow]

LeMercenaire, sounds interesting.

What do you think of my plan of using the EA to protect the profits, exit and move the stop loss to B/E? You think that would work?

[EdwardWinslow]

Lem,

Is the Z-line info in the overall pa shape? ( what the heck does this mean? this is not in any of TRO videos I've seen)

Is there Supply + Demand info ( again, what the heck does this mean? this is not in any of TRO videos I've seen)

If you want to supply links or search terms to the above information I'd be more than happy to check it out and learn.

Sounds like you are incorporating more into the wick zone that is not shown by TRO.

[LeMercenaire]

Lem,

Is the Z-line info in the overall pa shape? ( what the heck does this mean? this is not in any of TRO videos I've seen)

Is there Supply + Demand info ( again, what the heck does this mean? this is not in any of TRO videos I've seen)

If you want to supply links or search terms to the above information I'd be more than happy to check it out and learn.

Sounds like you are incorporating more into the wick zone that is not shown by TRO.

Lol, yeah, sorry, sometimes I forget and include things that assume a certain level of knowledge.

What I meant by 'Z-Line info' is simply that I will check if there is a Z-Line in the Wick Zone.

Supply and Demand is at the heart of all trading in every market, from oranges, ballpoint pens and Forex. Just Google search the term and you will have links coming out the wazoo.

What you need to understand is that Wick Zones ARE areas of Supply and Demand...Upper WZ - Supply...Lower WZ - Demand.

Wick Zones exists on every single candle, on every time single time frame.

As for Z-Line information, that exists all through Kreslik.

You are correct, however, that I do incorporate other information into Wick Zone. This is what I do, layer concepts over one another to form a basket of overlapping techniques that complement one another.

For me, Wick Zone on the higher time frames are used as an overview, while on the lower ones, they trigger direct entries.

This is my way of running my methods, they are my interpretation, they are not by any means the only way.

These indicators and techniques are only tools, traders need to mix their own formulas.

[Jhx]

It's both.

If you take a trade entry as say price crosses the outside level and keeps on going that way, riding MOMO all day, without looking back, then you have a breakout strategy.

However the WZ is there all day, so if you take an entry as price breaks the High, you bag +3 pips and then close as it stalls and crosses back into the zone. Then you enter another as price drops back into the body, bag +5 and close as once more we get a retrace back into the zone. Price does this all day, in-and-out, +2 +6 +1 +3, then hey, whaddayaknow, you're scalping.

See line, trade line. Take what it gives you and call it what you want.

Some things I still wonder about is... Is this system a good risk reward method... I mean... if you are only making 10-15 pips profit on trades and you initial stop loss is set 10 pips away.... all those things we learned about 2:1, 3:1.... or whatever go out the window.

In addition - there are many fake out moves in this system... you will get losses (will the losses eat away at this entire system?). I am now forward testing this method for the next few months to see if this method is even profitable. The only way you can find out is to demo this system for months and see what your results.

Hah. I'd get mad and frustrated everytime I'd read a "take what it gives". Like it frustrated me so much. I was like "yeah but how do I know?!". The truth is it works just like that.

I was so fixated on the 1:1, 2:1, whatever:1 that I couldn't understand the opportunities that trades gave. I would set really weird TPs in places that didn't make much sense because I was targeting X amount of risk, and it either hit TP or SL. If you trade every-single-candle on a X:1 with no discretion you'll probably end up in the losing side, I've been there (trust me ). There's no magic SL / TP formula that I know of.

Again, not that you can't have 3:1 trades, just don't place a TP x times your risk "just because". That just as bad as entering a trade "just because". It can happen that your TP is about~ 3 times your risk because maybe you're targetting a ZLine or something, but every trade is different.

This is just personal experience. For exits and targets you can look at stats, ranges, candle color counts, zones, ZLines, but if you mix everything up you might get confused or get mixed signals. You have to pick things that make sense to you and keep in mind that it's not always necessary to let a trade hit your full SL or TP (exiting with a small loss or profit is alright).

[LeMercenaire]

It's both.

If you take a trade entry as say price crosses the outside level and keeps on going that way, riding MOMO all day, without looking back, then you have a breakout strategy.

However the WZ is there all day, so if you take an entry as price breaks the High, you bag +3 pips and then close as it stalls and crosses back into the zone. Then you enter another as price drops back into the body, bag +5 and close as once more we get a retrace back into the zone. Price does this all day, in-and-out, +2 +6 +1 +3, then hey, whaddayaknow, you're scalping.

See line, trade line. Take what it gives you and call it what you want.

Some things I still wonder about is... Is this system a good risk reward method... I mean... if you are only making 10-15 pips profit on trades and you initial stop loss is set 10 pips away.... all those things we learned about 2:1, 3:1.... or whatever go out the window.

In addition - there are many fake out moves in this system... you will get losses (will the losses eat away at this entire system?). I am now forward testing this method for the next few months to see if this method is even profitable. The only way you can find out is to demo this system for months and see what your results.

Hah. I'd get mad and frustrated everytime I'd read a "take what it gives". Like it frustrated me so much. I was like "yeah but how do I know?!". The truth is it works just like that.

I was so fixated on the 1:1, 2:1, whatever:1 that I couldn't understand the opportunities that trades gave. I would set really weird TPs in places that didn't make much sense because I was targeting X amount of risk, and it either hit TP or SL. If you trade every-single-candle on a X:1 with no discretion you'll probably end up in the losing side, I've been there (trust me ). There's no magic SL / TP formula that I know of.

Again, not that you can't have 3:1 trades, just don't place a TP x times your risk "just because". That just as bad as entering a trade "just because". It can happen that your TP is about~ 3 times your risk because maybe you're targetting a ZLine or something, but every trade is different.

This is just personal experience. For exits and targets you can look at stats, ranges, candle color counts, zones, ZLines, but if you mix everything up you might get confused or get mixed signals. You have to pick things that make sense to you and keep in mind that it's not always necessary to let a trade hit your full SL or TP (exiting with a small loss or profit is alright).

Good advice. How are you doing, Jhx, still going well?

The thing is. Here at Kreslik, things are done a little differently - ok, often a LOT differently, lol - as here, there is no attempt to say, "This thread is a method X, here's the roolz, use it."

Instead, the use of your brain is actively encouraged. Critical and creative thinking is positively encouraged. Be an individual and build your own reality.

One thing I would say, is that I have never, ever, used a set r:r on any trade. Never - and that includes "back-in-the-day", where I was lucky enough to have a boss who actively encouraged that contrarian kind of thinking, very radical at that time.

[Jhx]

Good advice. How are you doing, Jhx, still going well?

The thing is. Here at Kreslik, things are done a little differently - ok, often a LOT differently, lol - as here, there is no attempt to say, "This thread is a method X, here's the roolz, use it."

Instead, the use of your brain is actively encouraged. Critical and creative thinking is positively encouraged. Be an individual and build your own reality.

One thing I would say, is that I have never, ever, used a set r:r on any trade. Never - and that includes "back-in-the-day", where I was lucky enough to have a boss who actively encouraged that contrarian kind of thinking, very radical at that time.

Yup, confidence is hard to build sometimes, but always getting a little bit better .