How to be a MOnster

[LeMercenaire]

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

Quoting myself to show what I mean with that.

'Tough' day (you can still bank pips, just takes longer):
BZ-UC.png

'Good' day (from today, easy):
BZ-UC2.png

Sometimes it takes time. Note that you can still make it green in a tough day, like the one up there, tough doesn't mean losing day. The only way you can have a 'losing' day is if you have a very bad daily range. And no, it's not a 'you lost everything' day, just a couple of scratches, no big deal.

Right now I'm focused in the USDCAD. Eventually I'll have a day with a bad range, it's part of the game, but I know how I'll handle it so it doesn't bother me. Can it happen? Yes. Is it likely? Well, look at the stats and you'll see . I'm only trading the U/C, but if I was trading more than 1 pair then I think the chances of having a losing day drop substantially.

Drop the buyzone indicator (or plot 2 quick lines 10 pips away from the open without any adjustment) and look at all the pairs for today. Out of 27 pairs the only 2 pairs that didn't move [i]at least 20 pips away from the buyzone were the AUD/USD and the EUR/CHF. And again, this is without doing any adjustment or looking at stats for ranges, and those 2 pairs tend to have lower ranges.[/i]

Do it for yourself and you'll see it

Staying away from anything with CHF involved is always a good idea imo anyway, no matter what the method involved!

[LeMercenaire]

While we're on the subject. Couldn't help but have a look at my favourite beast, The DAX and before you could say, Bob's your Auntie's Husband, we were off and running.

Check yesterday's as well.

Oh, one thing - this was set for the +/- 8 pips, whereas when I had it on the charts previously, I had it at + / - 7 pips. I have no real recollection of why, lol. I am sure it would have made sense at the time

Oh, second thing - this trade (and yesterday's also, in fact) broke the (or at least, my) rule of only trading away from the Weekly Open. This has stood me in good stead in the past, however in this case, I couldn't ignore the fact that price was sitting on Demand and so, a long was the way to go for me, whether against the WO or not.

.DE30.H1-asBZ+-8Jan23rd-24th19.png (41.4 KiB) Viewed 3218 times

[Mira]

While we're on the subject. Couldn't help but have a look at my favourite beast, The DAX and before you could say, Bob's your Auntie's Husband, we were off and running.

Check yesterday's as well.

Oh, one thing - this was set for the +/- 8 pips, whereas when I had it on the charts previously, I had it at + / - 7 pips. I have no real recollection of why, lol. I am sure it would have made sense at the time

Oh, second thing - this trade (and yesterday's also, in fact) broke the (or at least, my) rule of only trading away from the Weekly Open. This has stood me in good stead in the past, however in this case, I couldn't ignore the fact that price was sitting on Demand and so, a long was the way to go for me, whether against the WO or not.

.DE30.H1-asBZ+-8Jan23rd-24th19.png

Yep I was noticing how S/D zones + BZ work well together!

Guys, so you are NOT trading it like a straddle (I.e. stop order at the triggers, OCO)?
You have your bias before the move, and that bias is established with the weekly open or a zone.. am I correct?

[Mira]

At a the end price broke the weekly line and reversed a bit higher, now that line could work as support.. let’s see.

I have to decide if in these situations:

A) I’ll wait for a reaction from a higher line (on a lower time frame for example) and i’ll trade from there TO the weekly line

B) I’ll just wait to see patterns/reactions at or away from the bias line (the weekly one)

2D4BAD3D-3170-4679-81D1-A41037594ED9.png (65.41 KiB) Viewed 3190 times

On the weekly chart price looks like it’s trending down, however on H1 & H4 it’s still a strong bullish..
So I don’t know if I’d trade a close back below the magenta line (that is the same of the blue line on the HTF chart)

6C666E52-41A3-45B1-AD42-D199F97A41E3.png (79.21 KiB) Viewed 3190 times

[Mira]

At a the end price broke the weekly line and reversed a bit higher, now that line could work as support.. let’s see.

I have to decide if in these situations:

A) I’ll wait for a reaction from a higher line (on a lower time frame for example) and i’ll trade from there TO the weekly line

B) I’ll just wait to see patterns/reactions at or away from the bias line (the weekly one)

2D4BAD3D-3170-4679-81D1-A41037594ED9.png

On the weekly chart price looks like it’s trending down, however on H1 & H4 it’s still a strong bullish..
So I don’t know if I’d trade a close back below the magenta line (that is the same of the blue line on the HTF chart)

6C666E52-41A3-45B1-AD42-D199F97A41E3.png

One thing to keep in consideration is that dropping from the weekly to H1 could be too much, as price tends to to pierce the lines and then closing back.

I have to decide then if is better using a smaller tf for the bias line (D1->H1, W1->H4) or readapting HTF lines to small tf vision, with the risk of “altering” the big picture .

[LeMercenaire]

While we're on the subject. Couldn't help but have a look at my favourite beast, The DAX and before you could say, Bob's your Auntie's Husband, we were off and running.

Check yesterday's as well.

Oh, one thing - this was set for the +/- 8 pips, whereas when I had it on the charts previously, I had it at + / - 7 pips. I have no real recollection of why, lol. I am sure it would have made sense at the time

Oh, second thing - this trade (and yesterday's also, in fact) broke the (or at least, my) rule of only trading away from the Weekly Open. This has stood me in good stead in the past, however in this case, I couldn't ignore the fact that price was sitting on Demand and so, a long was the way to go for me, whether against the WO or not.

.DE30.H1-asBZ+-8Jan23rd-24th19.png

Yep I was noticing how S/D zones + BZ work well together!

Guys, so you are NOT trading it like a straddle (I.e. stop order at the triggers, OCO)?
You have your bias before the move, and that bias is established with the weekly open or a zone.. am I correct?

That's the way I'm doing it. I have no idea if that is the way it was originally intended to be used.

[LeMercenaire]

At a the end price broke the weekly line and reversed a bit higher, now that line could work as support.. let’s see.

I have to decide if in these situations:

A) I’ll wait for a reaction from a higher line (on a lower time frame for example) and i’ll trade from there TO the weekly line

B) I’ll just wait to see patterns/reactions at or away from the bias line (the weekly one)

2D4BAD3D-3170-4679-81D1-A41037594ED9.png

On the weekly chart price looks like it’s trending down, however on H1 & H4 it’s still a strong bullish..
So I don’t know if I’d trade a close back below the magenta line (that is the same of the blue line on the HTF chart)

6C666E52-41A3-45B1-AD42-D199F97A41E3.png

One thing you may like to consider - is that Cable likes to move back toward the Daily Pivot after a move away.

[Mira]

Mega Super Iper weak

D1E7D33F-5993-49FC-A5FB-516E2C524E53.png (70.94 KiB) Viewed 3151 times

[Mira]

The chart today gave two possible entries, the second one had more probabilities of being my real entry.
Atm i'd be holding because the red line is a weekly broken zline and i expect some power from it.. however it is already twice over my target, so i'd be taking profits at the first bearish sign.

GBPUSDM15.png (39.3 KiB) Viewed 3135 times

[Mira]

On the BuyZone side: here my spread history at the D1 open. It reached 10p, that is all the buyzone lol

Last night 4p but two nights ago it was 10+ ... and there are pairs even worse

USDCADM15.png (28.42 KiB) Viewed 3132 times