BUYZONE strategy "for me"

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geoffrod
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BUYZONE strategy "for me"

Postby geoffrod » Wed Apr 14, 2010 3:20 am

Hi,
i am hopeing for a little help in implementing the buyzone strategy for me.
how is the best way to go about trading this strategy.

i understand it is simple as buy if price is 5 pips above the open of the current 1hour candle, with a 8 to 10 pip stop.

or sell if price is 5 pips below the open of the current 1hour candle, with an 8 to 10 pip stop.

when should i exit.

how much should i risk per trade, i know this is personal but i would like help to figure it out.

i have read a lot of times where TRO says not to be greedy, take what you can, how much do you really need.

i hear 4% bandied around a bit, have you ever compounded an amount by 4% in a spreadsheet, it sure adds up

4% per day i think is quite a bit optimistic, 4% per week might be more realistic, even that might be hoping for a bit much.

is setting a daily goal a good strategy, and once it is hit, walk away?

should i only trade this BUYZONE strategy on 1 currency, and maybe only in 1 direction??

should i only try and trade at the same time of the day everyday?

i would really appreciate any and all comments.

cheers
Geoff

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bredin
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Postby bredin » Wed Apr 14, 2010 4:20 am

You ask "Should I ..." a lot....

Before you read ANY answer in this thread answer the questions yourself, as if you knew what you are doing already. Then read others answers and compare with yours, answering the question "Why are the answers the same / different".

G. (I'll answer later)
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Postby geoffrod » Wed Apr 14, 2010 4:34 am

bredin wrote:You ask "Should I ..." a lot....

Before you read ANY answer in this thread answer the questions yourself, as if you knew what you are doing already. Then read others answers and compare with yours, answering the question "Why are the answers the same / different".

G. (I'll answer later)


oh G i only asked it twice i think :roll:

ok
i will answer my own questions as i think i should at this moment.

i think 1% gain per day is all i would need

i think i will risk 0.5% per trade, so therefore 10 pips is worth 0.5% of my account.
i will need total 20 pip gain for the day to stay on target

I will start by only trading the buyzone on the E/U and only on the 1hour chart.

i am not sure if i should limit myself to only 1 direction?

how does this look

cheers
geoff

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Patch
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Postby Patch » Wed Apr 14, 2010 1:38 pm

geoffrod

Welcome to Kreslik !!! 1 or 2% risk is a good risk management target. Even better, demo trade for two weeks, then when you start money trading, begin with a micro account.

Patch
InVA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby noone22 » Wed Apr 14, 2010 2:30 pm

First, it's not 5 pips bracket, but 10 pips.

Second, take my advice (as a struggler,
who spent 3 months with BuyZone testing & twicking)
- if you don't know the basics (and you don't)
- you won't be profitable with BuyZone.

However, BZ is a core thing. Once you understand it -
you could accomplish everything from this site.

I'd recommend to start learning TRO RAT
method as much more straightforward and profitable.

Otherwise you have to read all the posts from this site to have
a general idea, what it is all about.

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TheRumpledOne
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Postby TheRumpledOne » Wed Apr 14, 2010 8:40 pm

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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bredin
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Postby bredin » Wed Apr 14, 2010 8:58 pm

geoffrod, your answers look fine to me :), although I agree with noone that the RAT is an easier starting point.

Welcome to Kreslik, and I apologise for what on reflection looks like shortness. I have mentors that dont answer questions often, just ask them (eg "If its a good investment, why does it need a tax break?") or make short statements like "Never put money into an investment advertised on TV"

G.
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Postby geoffrod » Wed Apr 14, 2010 11:29 pm

Ok,
So the buyzone is 3-4 pips above or below the open.
i widened it a bit to compensate for the fact i dont trade with MB Trading, but i will come back to 3 -4 pips.
the stop is 7 pips.

on the subject of taking profit, i have read that i should start by taking just 3 to 5 pips, and once i am comfortable with that i can start taking more?


as for reading this site, i have been doing a bit of that, trying to find all the BZ blogs and threads.

cheers
geoff

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Postby geoffrod » Sat Apr 17, 2010 11:07 pm

noone22 wrote:First, it's not 5 pips bracket, but 10 pips.

Second, take my advice (as a struggler,
who spent 3 months with BuyZone testing & twicking)
- if you don't know the basics (and you don't)
- you won't be profitable with BuyZone.

However, BZ is a core thing. Once you understand it -
you could accomplish everything from this site.

I'd recommend to start learning TRO RAT
method as much more straightforward and profitable.

Otherwise you have to read all the posts from this site to have
a general idea, what it is all about.



hi Noone,
thanks for the reply.

the reason i picked the buyzone was because it had no sqiggles on it.
i could trade it by just looking at the opening price of the right candles.

i also didn't want to be a method jumper, i had read the wrath of TRO on procharge when he was jumping from place to place.

i will take a look at the TRO RAT, and see whether it is something i can do without colourfull lights all over my screen.

cheers
Geoff

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Patch
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Postby Patch » Sat Apr 17, 2010 11:24 pm

Hi geoffrod

bredin and I have day jobs at Walmart Australia and USA working at the front door as greeters. I have heard through the grape vine that bredin has received several warnings and write ups about his attitude early in the morning after staying up all night coding indis and systems for Kreslik. So we give him lots of slack.

Forgive me for being serious for a moment, I am one who loves the simplicity and straight forwardness of the BuyZone. And believe it is a powerful trading system for great profits. I believe it also lends itself as a candidate for an auto trader.

At the same time I say it is a simple system, it is at the same time rich in deep hidden secrets that are only revealed to those that search hard for its secrets. To tell you the truth, I am coming to believe this is true for any system you choose to master. The rats were just starting to come around when the BZ bit me.

Pick one, any one, and master it my new friend. Welcome.

Patch
InVA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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