Avery asked me to post some screen shots and explanations of how I trade the hourly BuyZone on the 6E.
My setup consists of drawing horizontal lines on the open of the day 9:30 EST and redrawing those lines each hour so redraw at 10:30, 11:30 EST etc. From there I draw a line 3 ticks above the hourly open and 3 ticks below the hourly open.
Based on the statistics that Avery has talked about among the currencies, the EUR/USD tends to range about 19 pips per hour. I figure this is pretty similar in the Euro futures market.
My target is 10 ticks, stop 5 ticks. I also use a time stop. If the market hasn't moved at least 5 ticks to the good at some point in the first 5 minutes of my trade I'm out. I can always re-enter. Once I get my 10 ticks for the hour I'm done. IT REALLY IS THAT SIMPLE!
Over the past 2 weeks this has averaged me a net of about 4-5 ticks per hour. Doesn't sound like a lot of money right? But that's an average of 16-20 ticks per day.
How the BuyZone works on the Euro Futures (6E)
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- eudamonia
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How the BuyZone works on the Euro Futures (6E)
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- A choppy hour
- 6E_hourlyBuyZone2.GIF (20.72 KiB) Viewed 9702 times
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- An easy hour
- 6E_hourlyBuyZone1.GIF (17.43 KiB) Viewed 9702 times
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LP,
No problemo. I agree - make it your own. I just spoke with a guy on the 2% club this morning who was telling me about just taking the first setup of every hour (he didn't like the idea of getting chopped multiple times an hour). His idea was if it's a winner, great, if its a loser great. Just keep trading that way and you'll make money. Everyone has to find their own twist on a method to make it comfortable for them. Good luck LP and let me know if you have any other questions.
Edward
No problemo. I agree - make it your own. I just spoke with a guy on the 2% club this morning who was telling me about just taking the first setup of every hour (he didn't like the idea of getting chopped multiple times an hour). His idea was if it's a winner, great, if its a loser great. Just keep trading that way and you'll make money. Everyone has to find their own twist on a method to make it comfortable for them. Good luck LP and let me know if you have any other questions.
Edward
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- Patch
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Hi Edward,
Another great post. In the second chart, TradeZone2, I don't understand why the last trade turned out to be a 10 losser. While typing, it the "-" a typo? Please fill me in. jb
Another great post. In the second chart, TradeZone2, I don't understand why the last trade turned out to be a 10 losser. While typing, it the "-" a typo? Please fill me in. jb
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Patch wrote:Hi Edward,
Another great post. In the second chart, TradeZone2, I don't understand why the last trade turned out to be a 10 losser. While typing, it the "-" a typo? Please fill me in. jb
Patch you caught my typo!
Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.
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I still trade the BuyZone on the ER2 in the morning but I've moved from trading the 6E (Euro Futures) to the USDJPY. Because of the massive anti-dollar sentiment at the moment the BuyZone has been on fire.
Edward
Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.
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