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DAILY WICK ZONE TRADING
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- TheRumpledOne
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Re: DAILY WICK ZONE TRADING
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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Re: DAILY WICK ZONE TRADING
Thanks Everyone.
Okay. On the East Coast, I work a day job which makes it difficult to trade the European and US open/markets.
I was thinking about setting up buy stops, stop loss, and take profit using the Wick Zone indicators.
I'd go only long and use proper money management. Of course, all this would be paper traded first.
What are your thoughts/suggestions?
V/r
Kirk
Okay. On the East Coast, I work a day job which makes it difficult to trade the European and US open/markets.
I was thinking about setting up buy stops, stop loss, and take profit using the Wick Zone indicators.
I'd go only long and use proper money management. Of course, all this would be paper traded first.
What are your thoughts/suggestions?
V/r
Kirk
- TheRumpledOne
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Re: DAILY WICK ZONE TRADING
kcbnyc wrote:Thanks Everyone.
Okay. On the East Coast, I work a day job which makes it difficult to trade the European and US open/markets.
I was thinking about setting up buy stops, stop loss, and take profit using the Wick Zone indicators.
I'd go only long and use proper money management. Of course, all this would be paper traded first.
What are your thoughts/suggestions?
V/r
Kirk
Forget paper trading. You need some skin in the game. A penny a pip or a dime a pip but something!!
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.
Please do NOT PM me with trading or coding questions, post them in a thread.
Re: DAILY WICK ZONE TRADING
TheRumpledOne wrote:kcbnyc wrote:Thanks Everyone.
Okay. On the East Coast, I work a day job which makes it difficult to trade the European and US open/markets.
I was thinking about setting up buy stops, stop loss, and take profit using the Wick Zone indicators.
I'd go only long and use proper money management. Of course, all this would be paper traded first.
What are your thoughts/suggestions?
V/r
Kirk
Forget paper trading. You need some skin in the game. A penny a pip or a dime a pip but something!!
There is almost nothing that I hate more than to hear people call the act of pushing buttons 'paper trading'.
Paper trading is where you manually update charts and use a pen to record your paper entries as prices become available to you:
I used to sit down with a chartbook and call the broker every 30 minutes or so to update my charts and when I was ready to place
a real trade then I would follow the same method and place the trade for real; I only had $2000 when I first started so I did more
paper trading than real trading and eventually I did more real trading than paper trading.
When the markets are closed you go through your charts and you relive each stroke of the pen, it is a completely different experience than traders have today.
Their 'paper trading', so called, is worth the same as an online diploma: they will always be an entry level trader.
If a person does decide to trade live then I would suggest that they deposit 25% of their gross income and risk .4% or less per trade;
that is similar to depositing 10% and risking 1% per trade only you have more upside potential because of increased buying power.
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Re: DAILY WICK ZONE TRADING
How do add more symbols to the dashboard on the wick zone indicator?
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- TheRumpledOne
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Re: DAILY WICK ZONE TRADING
trade2winz wrote:How do add more symbols to the dashboard on the wick zone indicator?
Enter them via inputs on the dashboard indicator.
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.
Please do NOT PM me with trading or coding questions, post them in a thread.
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Re: DAILY WICK ZONE TRADING
Hi TRO, Mighty One and others . . .
This note is really for the little guys out there. Seeing the work of TRO and MO can be pretty intimidating, I think, but also inspiring. At least for me.
Anyway, I wanted to lob in that I often sit down to keep an eye on things at 5pm (East) as the market day begins anew following NY close.
At this point we get a fresh set of wick zones and I pay attention to the J pairs especially along with some to the A and N pairs for the next few hours. And, of course, Tokyo is not yet open at my 5pm, or 2pm in Oregon for instance for your west coast guys like TRO. The Tokyo open often brings promising zone exits.
This may not be so good . . . maybe checking on too many pairs . . . not sure since TRO seems to prefer using EJ WZ for trading. I probably do need to weed out some pairs to make watching easier. I won't look at anything without at least one side of the pair being in an open market for their region, and I won't try to track everything open either. There are some high spreads in there, although those usually offer greater rewards . . . or losses. Right or wrong, I may not allow my SL to range up or down to the other end of the wick zone. Depends how wide the zone is.
I do pay attention to the D1 HTBL. Obviously, if something is IN a WZ we can watch for it to move along out.
I pay a fair amount of attention to prior support and resistance areas and use those as targets for an exit, along with the (B)RNs. I kind of like Murrey Math, too, and often I find that useful to suggest an exit point at the next octave line. No doubt this makes almost no sense to most readers, and is certainly not essential to succeeding with D-WZ trading.
I suppose this all means I exit in profit before TRO would and take smaller profits along the way. I still kind of think that any winning trade is a good thing. I am sure MO could baffle me with 106 clever reasons to trade differently, and I am in awe of his work . . . but I'm not MO, although I do attempt to learn from him.
I do like to watch on the H1. I think you can see everything you want at that level, although I sneak down to M15 now and then.
My way is obviously not complicated, and my entries are just what TRO does as price glides out of the wick zones on all sides.
If you are thinking about introducing wick zone trading into your repertoire I heartily encourage you to do so. Simple. Logical. Profitable.
Finally, most obviously waiting for the Pacific and Asian opens is hardly the only time you can wick zone trade, but much of that a depends on your work schedule and ability to log screen time. Opportunities will surely be there while London is open and especially the NY morning. It is possible to get 2 or 3 successful trades in the US evening, and that may be all you want or need. If you hit a personal daily pip target, I would stop. Greed kills accounts.
I've gone on too long and said too many obvious things.
Great trading to all. And watch those Horizontal Lines . . .
Columba
This note is really for the little guys out there. Seeing the work of TRO and MO can be pretty intimidating, I think, but also inspiring. At least for me.
Anyway, I wanted to lob in that I often sit down to keep an eye on things at 5pm (East) as the market day begins anew following NY close.
At this point we get a fresh set of wick zones and I pay attention to the J pairs especially along with some to the A and N pairs for the next few hours. And, of course, Tokyo is not yet open at my 5pm, or 2pm in Oregon for instance for your west coast guys like TRO. The Tokyo open often brings promising zone exits.
This may not be so good . . . maybe checking on too many pairs . . . not sure since TRO seems to prefer using EJ WZ for trading. I probably do need to weed out some pairs to make watching easier. I won't look at anything without at least one side of the pair being in an open market for their region, and I won't try to track everything open either. There are some high spreads in there, although those usually offer greater rewards . . . or losses. Right or wrong, I may not allow my SL to range up or down to the other end of the wick zone. Depends how wide the zone is.
I do pay attention to the D1 HTBL. Obviously, if something is IN a WZ we can watch for it to move along out.
I pay a fair amount of attention to prior support and resistance areas and use those as targets for an exit, along with the (B)RNs. I kind of like Murrey Math, too, and often I find that useful to suggest an exit point at the next octave line. No doubt this makes almost no sense to most readers, and is certainly not essential to succeeding with D-WZ trading.
I suppose this all means I exit in profit before TRO would and take smaller profits along the way. I still kind of think that any winning trade is a good thing. I am sure MO could baffle me with 106 clever reasons to trade differently, and I am in awe of his work . . . but I'm not MO, although I do attempt to learn from him.
I do like to watch on the H1. I think you can see everything you want at that level, although I sneak down to M15 now and then.
My way is obviously not complicated, and my entries are just what TRO does as price glides out of the wick zones on all sides.
If you are thinking about introducing wick zone trading into your repertoire I heartily encourage you to do so. Simple. Logical. Profitable.
Finally, most obviously waiting for the Pacific and Asian opens is hardly the only time you can wick zone trade, but much of that a depends on your work schedule and ability to log screen time. Opportunities will surely be there while London is open and especially the NY morning. It is possible to get 2 or 3 successful trades in the US evening, and that may be all you want or need. If you hit a personal daily pip target, I would stop. Greed kills accounts.
I've gone on too long and said too many obvious things.
Great trading to all. And watch those Horizontal Lines . . .
Columba
- TheRumpledOne
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Re: DAILY WICK ZONE TRADING
Columba wrote:Hi TRO, Mighty One and others . . .
This note is really for the little guys out there. Seeing the work of TRO and MO can be pretty intimidating, I think, but also inspiring. At least for me.
Should be encouraging not intimidating.
The curtain has been lifted.
You can see OZ!
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.
Please do NOT PM me with trading or coding questions, post them in a thread.
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Re: DAILY WICK ZONE TRADING
Oh, wait . . . I think I do see OZ and TRO is the wizard!
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Re: DAILY WICK ZONE TRADING
Hi there,
I'm new to the forum and new to the daily wick zone method.
From my understanding of the method, I went long above the prior day high as the prior day was bullish and current week was bullish. Is this the correct application of the method?
Thank you,
K-FX
I'm new to the forum and new to the daily wick zone method.
From my understanding of the method, I went long above the prior day high as the prior day was bullish and current week was bullish. Is this the correct application of the method?
Thank you,
K-FX
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