BUY ZONE FOR DUMMIES INDICATOR
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- TheRumpledOne
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- Real name: Avery T. Horton, Jr.
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- TheRumpledOne
- rank: 10000+ posts
- Posts: 15564
- Joined: Sun May 14, 2006 9:31 pm
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- Location: Oregon
- Real name: Avery T. Horton, Jr.
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OK, Thanks.
For anyone else who is looking, there's info on this at:
http://kreslik.com/forums/viewtopic.php ... sc&start=0
...
For anyone else who is looking, there's info on this at:
http://kreslik.com/forums/viewtopic.php ... sc&start=0
...
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Thank you for your support.
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- TheRumpledOne
- rank: 10000+ posts
- Posts: 15564
- Joined: Sun May 14, 2006 9:31 pm
- Reputation: 3036
- Location: Oregon
- Real name: Avery T. Horton, Jr.
- Gender:
- Contact:
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- rank: 50+ posts
- Posts: 64
- Joined: Mon Feb 11, 2008 2:57 am
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TRO, I'm trading real money with the Buy Zone using MB Trading. I've only been doing this a week so be patient with a newbie. I made profits and losses last week. The losses were all due to my error but at least I broke even for the work AND I'm LEARNING!!!!
I just took a loss this evening (Sunday) because the USD/JPY has a bid/ask spread of 3 pips (Sunday evening) and I'm wondering whether to use "traded through" or "first touch" or maybe some other stop loss plan or switch to mental stops? I don't know. I'm afraid of mental if my family distracts me and the market makes a move.
Here's what happened today.
I shorted at 98.46 on a stop limit with a TTO set at 98.35 for target and 98.53 for stop loss.
Well on my chart it never went over 98.50 but I was filled on my stop loss with a buy at 98.53
From MBT support it turns out that the charts only show the bid. So the bid/ask spread was 98.50 by 98.53 and I got filled at a loss of 7 pips.
So my question: Does the 7 pip stop loss for the Buy Zone work when the bid/ask spread is 3 or 4 pips wide?
Also: Should I switch to "traded through" for the stops? That means that it won't fill my stop loss on the buy side unless the bid gets to that point.
My concern is that if I do that, then the ask will be 3 pips higher and cost me a 10 pip loss on the 7 pip stop.
So maybe I'm asking all this the wrong way. To put it simply, how to handle the stop loss on wider bid/ask spreads? Or stay out of them?
WAIT: If I use traded through, it means my stop limits to enter probably won't get filled because the stop will only fire when the ask touches it. So my sell limit will be 3 pips too high for the bid price, right?
I'm getting confused and need help, please.
Sincerely,
Wayne
I just took a loss this evening (Sunday) because the USD/JPY has a bid/ask spread of 3 pips (Sunday evening) and I'm wondering whether to use "traded through" or "first touch" or maybe some other stop loss plan or switch to mental stops? I don't know. I'm afraid of mental if my family distracts me and the market makes a move.
Here's what happened today.
I shorted at 98.46 on a stop limit with a TTO set at 98.35 for target and 98.53 for stop loss.
Well on my chart it never went over 98.50 but I was filled on my stop loss with a buy at 98.53
From MBT support it turns out that the charts only show the bid. So the bid/ask spread was 98.50 by 98.53 and I got filled at a loss of 7 pips.
So my question: Does the 7 pip stop loss for the Buy Zone work when the bid/ask spread is 3 or 4 pips wide?
Also: Should I switch to "traded through" for the stops? That means that it won't fill my stop loss on the buy side unless the bid gets to that point.
My concern is that if I do that, then the ask will be 3 pips higher and cost me a 10 pip loss on the 7 pip stop.
So maybe I'm asking all this the wrong way. To put it simply, how to handle the stop loss on wider bid/ask spreads? Or stay out of them?
WAIT: If I use traded through, it means my stop limits to enter probably won't get filled because the stop will only fire when the ask touches it. So my sell limit will be 3 pips too high for the bid price, right?
I'm getting confused and need help, please.
Sincerely,
Wayne
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