Another Newbie Question

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camdavis
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Another Newbie Question

Postby camdavis » Fri Dec 07, 2007 5:58 am

I was wondering about the candlestick criteria requirements in the BuyZone. Do you only go long when the price is moving up through the buy zone or can you also go long when the candle is green but moved down to touch the buy zone long zone? Does the candle body have to be touching the long zone or can you go long when the wick touches it?
Thanks, Cam

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whittakerj
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Re: Another Newbie Question

Postby whittakerj » Fri Dec 07, 2007 1:33 pm

camdavis wrote:I was wondering about the candlestick criteria requirements in the BuyZone. Do you only go long when the price is moving up through the buy zone or can you also go long when the candle is green but moved down to touch the buy zone long zone? Does the candle body have to be touching the long zone or can you go long when the wick touches it?
Thanks, Cam


I think if you look at the logistics of this trading system you are over analyzing it. Let's say the market moves on average 26 pips an hour. Then your goal is to setup a trap where you basically capture the pips coming out of the gate. They either have to go up or down, remember 26 pips. Your traps are .03 or .0003 and .04 or .0004 depending on the currency pair. If the price falls in between those two variables just go with the flow. Look for 5min candle to support your decision.
-Jeremy
MCSE MCSA CCNA

camdavis
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Postby camdavis » Fri Dec 07, 2007 4:12 pm

Thanks Jeremy, so you use a 5 minute candle on all currency pairs?
Also, you only take the trade when the body of the candle hits the buy or sell zone, not the wick. Correct?

whittakerj
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Postby whittakerj » Fri Dec 07, 2007 4:24 pm

camdavis wrote:Thanks Jeremy, so you use a 5 minute candle on all currency pairs?
Also, you only take the trade when the body of the candle hits the buy or sell zone, not the wick. Correct?


I'm not really sure what you mean by trading the wick... You are trading live price action...Remember the goal is not large pips but large leverage(in theory). You are looking for minimal time in the market to limit risk. You are just trying to scalp a couple of pips. But if the live price is in the zone that is when you take the trade...The wicks are old prices... You may want to try the paltalk chat room 2% club... Avery is very helpful in there although he has been away this week.
-Jeremy

MCSE MCSA CCNA

camdavis
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Postby camdavis » Sat Dec 08, 2007 12:36 am

I was curious if you take the long zone trade when the wick of the candle touches the line or do you have to have a candle body touch the line.

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whittakerj
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Postby whittakerj » Sat Dec 08, 2007 12:46 am

camdavis wrote:I was curious if you take the long zone trade when the wick of the candle touches the line or do you have to have a candle body touch the line.

Once the candle body is in the buyzone... You are trading current price. Wick reflects old price levels. Hope this helps.
-Jeremy

MCSE MCSA CCNA

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