How to be a MOnster

[Mira]

Yes, very successfully. Surprised, not many traders use it. I did take enough time to understand ins and outs, special thanks to Billytt at FF. Currently doing the second week of forward-testing and collecting stats, which are foundational for trading the system. Hope you get to come over to FF and learn from the author. An important caveat, one needs to be present at 8:00 London time and for a couple of hours after.

RIP

It would be at 7.00 am for me but I start to work at 8.00.

Would BUY ZONE be a better fit? It was knockout when I (re)tested it last year.

I had it set to Kick Off at UK Midnight. So 23:00 for you? I know it would mean late nights but potentially set-and-forget.

I also have my Dead Zone variant, The Witching Hour, which ran on two optional time slots - either Midnight - 01:00 (so active from Open of 01:00) and/or 23:00 - Midnight (so active from Open of Midnight).

We will crack this!!! Hang in there

LeM, hi!

I was making some research on the BuyZone and I found this thread from Jhx with him trading it live.

beginners-forum/jhx-s-journey-t22186?hilit=Buyzone%20strategy

However I’m not understanding how to run it as a set-and-forget strategy.. can you help me with this? Thank you

[LeMercenaire]

RIP

It would be at 7.00 am for me but I start to work at 8.00.

Would BUY ZONE be a better fit? It was knockout when I (re)tested it last year.

I had it set to Kick Off at UK Midnight. So 23:00 for you? I know it would mean late nights but potentially set-and-forget.

I also have my Dead Zone variant, The Witching Hour, which ran on two optional time slots - either Midnight - 01:00 (so active from Open of 01:00) and/or 23:00 - Midnight (so active from Open of Midnight).

We will crack this!!! Hang in there

LeM, hi!

I was making some research on the BuyZone and I found this thread from Jhx with him trading it live.

beginners-forum/jhx-s-journey-t22186?hilit=Buyzone%20strategy

However I’m not understanding how to run it as a set-and-forget strategy.. can you help me with this? Thank you

Yeah, JHX ran with it for a while and then stopped posting. No idea why, I'm afraid. He seemed to be very keen and it's a shame he didn't stick around.

To me, his way of trading it was quite complex and tbh not very user friendly. I didn't always follow the logic behind his trades, however as he was pretty sure about his way of working, I assumed that he was trading it the way it had originally been intended.

I, on the other hand, simply stuck my triggers + / - 7 pips away from the Day's Open (my midnight) and let it go, lol. I am a man of simple tastes!

If set and forget, I took +1 and played across whatever number of pairs I posted in that thread eventually. If I was around, then there was the opportunity to manage them once they had opened.

I was also revisiting something that Pippy and I talked about at length around that time, that being, if you had a reliable bias, then including it in the Trade-Away-From-The-Weekly-Open list of filters and then basically looking at the possibility of going in as soon as the candle opens.

I kind of let that slip away as other things took precedence and I hadn't come to any conclusions one way or another about that.

I think I'd look at it again, though.

Anyway, although in theory iyt could be set-and-forget, I think that to maximise returns on it, you'd want to work it to some extent.

[Mira]

Would BUY ZONE be a better fit? It was knockout when I (re)tested it last year.

I had it set to Kick Off at UK Midnight. So 23:00 for you? I know it would mean late nights but potentially set-and-forget.

I also have my Dead Zone variant, The Witching Hour, which ran on two optional time slots - either Midnight - 01:00 (so active from Open of 01:00) and/or 23:00 - Midnight (so active from Open of Midnight).

We will crack this!!! Hang in there

LeM, hi!

I was making some research on the BuyZone and I found this thread from Jhx with him trading it live.

beginners-forum/jhx-s-journey-t22186?hilit=Buyzone%20strategy

However I’m not understanding how to run it as a set-and-forget strategy.. can you help me with this? Thank you

Yeah, JHX ran with it for a while and then stopped posting. No idea why, I'm afraid. He seemed to be very keen and it's a shame he didn't stick around.

To me, his way of trading it was quite complex and tbh not very user friendly. I didn't always follow the logic behind his trades, however as he was pretty sure about his way of working, I assumed that he was trading it the way it had originally been intended.

I, on the other hand, simply stuck my triggers + / - 7 pips away from the Day's Open (my midnight) and let it go, lol. I am a man of simple tastes!

If set and forget, I took +1 and played across whatever number of pairs I posted in that thread eventually. If I was around, then there was the opportunity to manage them once they had opened.

I was also revisiting something that Pippy and I talked about at length around that time, that being, if you had a reliable bias, then including it in the Trade-Away-From-The-Weekly-Open list of filters and then basically looking at the possibility of going in as soon as the candle opens.

I kind of let that slip away as other things took precedence and I hadn't come to any conclusions one way or another about that.

I think I'd look at it again, though.

Anyway, although in theory iyt could be set-and-forget, I think that to maximise returns on it, you'd want to work it to some extent.

Thank you LeM.
Tonight I’m going to try some demo trade, I need to start somewhere

I’ll attach an average spread monitor too.

[Mira]

I like doji zones because they’re basically a 1-2-3.
A standard 1-2-3 entry should be at the break of #2, entering in the zone is like trading a TTE instead (at least this is what I see).

However this one was more a short than a long and I don’t understand why.. what is the edge? What are my mistakes?

What is the truth?
Is it that I should trade away from HTF S/R or zlines?
Is that a simple close over isn’t MOMENTUM?
What is the truth?

412DBF3A-9ED7-4996-8856-404A23BA02C1.png (80.4 KiB) Viewed 3130 times

[LeMercenaire]

I like doji zones because they’re basically a 1-2-3.
A standard 1-2-3 entry should be at the break of #2, entering in the zone is like trading a TTE instead (at least this is what I see).

However this one was more a short than a long and I don’t understand why.. what is the edge? What are my mistakes?

What is the truth?
Is it that I should trade away from HTF S/R or zlines?
Is that a simple close over isn’t MOMENTUM?
What is the truth?

412DBF3A-9ED7-4996-8856-404A23BA02C1.png

I think this is the same place.

For me, I go back to my trusty steed. I've left the fib on the level it would have hit on the first drop and assuming I would be looking at the same move you did - which for me is always going to be a retrace...and retrace is what we got. Classic Dead Cat Bounce.

NZDUSD m15 Chart

Screenshot 2019-01-22 at 12.41.20 - Edited.png (84.91 KiB) Viewed 3123 times

So, to be clear, I would have gone short off the 50% level once I had seen signs of rejection. (At the time, I think the higher tf was short bias as well - but can't swear to that).

[LeMercenaire]

You'll notice that as well as the drop away, you could have also played the rebound back up off the 23.6, then back down again from the 50.

[LeMercenaire]

Here's also one from earlier on The DAX. Who wouldn't love fib levels?

DAX m 3 Chart

Screenshot 2019-01-22 at 12.29.28 - Edited.png (77.83 KiB) Viewed 3122 times

[Mira]

I like doji zones because they’re basically a 1-2-3.
A standard 1-2-3 entry should be at the break of #2, entering in the zone is like trading a TTE instead (at least this is what I see).

However this one was more a short than a long and I don’t understand why.. what is the edge? What are my mistakes?

What is the truth?
Is it that I should trade away from HTF S/R or zlines?
Is that a simple close over isn’t MOMENTUM?
What is the truth?

412DBF3A-9ED7-4996-8856-404A23BA02C1.png

I think this is the same place.

For me, I go back to my trusty steed. I've left the fib on the level it would have hit on the first drop and assuming I would be looking at the same move you did - which for me is always going to be a retrace...and retrace is what we got. Classic Dead Cat Bounce.

NZDUSD m15 Chart

Screenshot 2019-01-22 at 12.41.20 - Edited.png

So, to be clear, I would have gone short off the 50% level once I had seen signs of rejection. (At the time, I think the higher tf was short bias as well - but can't swear to that).

Thanks for the reply and for your help.

Is there some rule about drawing fibos?
I was looking for a long at the 50% there:

9BF2FC50-EDB7-4558-9824-86F6D6A7E426.png (82.75 KiB) Viewed 3119 times

[LeMercenaire]

I like doji zones because they’re basically a 1-2-3.
A standard 1-2-3 entry should be at the break of #2, entering in the zone is like trading a TTE instead (at least this is what I see).

However this one was more a short than a long and I don’t understand why.. what is the edge? What are my mistakes?

What is the truth?
Is it that I should trade away from HTF S/R or zlines?
Is that a simple close over isn’t MOMENTUM?
What is the truth?

412DBF3A-9ED7-4996-8856-404A23BA02C1.png

I think this is the same place.

For me, I go back to my trusty steed. I've left the fib on the level it would have hit on the first drop and assuming I would be looking at the same move you did - which for me is always going to be a retrace...and retrace is what we got. Classic Dead Cat Bounce.

NZDUSD m15 Chart

Screenshot 2019-01-22 at 12.41.20 - Edited.png

So, to be clear, I would have gone short off the 50% level once I had seen signs of rejection. (At the time, I think the higher tf was short bias as well - but can't swear to that).

Thanks for the reply and for your help.

Is there some rule about drawing fibos?
I was looking for a long at the 50% there:

9BF2FC50-EDB7-4558-9824-86F6D6A7E426.png

Best way to remember it is to draw from where price has been to where price is going.

Also, I am using fibs specifically here to look for continuation levels, so I will already have a base directional bias. I am then waiting for a pullback and the fib (drawn from in this case, the high to the low) gives me an idea where the price will pull back to.

Yes, you will sometimes get a close over that then turns back - especially on the lower time frames (not so much on the higher) but I will not be looking for that direction. So in my example:

Price has dropped and is now in a pull back. The fib is drawn. I look for rejection at the 23.6 (weak) and the 50 (strong) levels (and I would suggest using the 23.6 as well as the 50 on the indi) I will often have back up from micro S+D. If I get a close over that level, then I do not go in long - I simply don't go in short (see what I mean). I wait for a shrot directional move and jump on board.

I am not anal about it having to be dead on the level. That's why I will go in at market, not by using orders. Use all that knowledge of price action that you've built up over the years to maximise that entry (or again, micro S+D - or even a fib-inside-a-fib!)

[LeMercenaire]

I think this is the same place.

For me, I go back to my trusty steed. I've left the fib on the level it would have hit on the first drop and assuming I would be looking at the same move you did - which for me is always going to be a retrace...and retrace is what we got. Classic Dead Cat Bounce.

NZDUSD m15 Chart

Screenshot 2019-01-22 at 12.41.20 - Edited.png

So, to be clear, I would have gone short off the 50% level once I had seen signs of rejection. (At the time, I think the higher tf was short bias as well - but can't swear to that).

Thanks for the reply and for your help.

Is there some rule about drawing fibos?
I was looking for a long at the 50% there:

9BF2FC50-EDB7-4558-9824-86F6D6A7E426.png

Best way to remember it is to draw from where price has been to where price is going.

Also, I am using fibs specifically here to look for continuation levels, so I will already have a base directional bias. I am then waiting for a pullback and the fib (drawn from in this case, the high to the low) gives me an idea where the price will pull back to.

Yes, you will sometimes get a close over that then turns back - especially on the lower time frames (not so much on the higher) but I will not be looking for that direction. So in my example:

Price has dropped and is now in a pull back. The fib is drawn. I look for rejection at the 23.6 (weak) and the 50 (strong) levels (and I would suggest using the 23.6 as well as the 50 on the indi) I will often have back up from micro S+D. If I get a close over that level, then I do not go in long - I simply don't go in short (see what I mean). I wait for a shrot directional move and jump on board.

I am not anal about it having to be dead on the level. That's why I will go in at market, not by using orders. Use all that knowledge of price action that you've built up over the years to maximise that entry (or again, micro S+D - or even a fib-inside-a-fib!)

As an additional explanation: If on say the m15, I get a close over, I will then drop to the m5 or m3 or m1 and see what's happening there. If they are all closing over from that point, then very cautious indeed.

However, often you will see that in fact they are straddling - close over, close under, close over, close under etc. That can look like a solid close over on the m15. So back up to the m15 I go and if say, price is between the 23.6 and 50, I may even look to begin fading that.

To keep it simple though, on the assumption that we get all this action around the 50, then we have checked down lower and we are getting straddles, The first m15 has closed over but I wait and see what the next m15 does now. If it too closes over, then yeah, maybe we walk away for now but often it will close below and that's us back in the game.

Again, I will be using micro S+D on these very low time frames. The presence of these small zones - although admittedly fragile and ephemeral - can give you a good idea of why price is dancing about where it is.