How to be a MOnster

[LeMercenaire]

Ok - I will try and add a completely non-inked chart to get that price info included.

AJ-PinBall M5 Jan22nd19 price info inc - crop.png (16.42 KiB) Viewed 586 times

Woo-Hoo! It worked

[LeMercenaire]

(Obviously?) all the trades come on the up-move of the ''V''.

[LeMercenaire]

A pretty high probability move overnight on the Cable H4...

GU H4 Chart

Screenshot 2019-01-23 at 10.47.22 - Edited.png (75.74 KiB) Viewed 563 times

[BlindMan]

RIP

It would be at 7.00 am for me but I start to work at 8.00.

Would BUY ZONE be a better fit? It was knockout when I (re)tested it last year.

I had it set to Kick Off at UK Midnight. So 23:00 for you? I know it would mean late nights but potentially set-and-forget.

I also have my Dead Zone variant, The Witching Hour, which ran on two optional time slots - either Midnight - 01:00 (so active from Open of 01:00) and/or 23:00 - Midnight (so active from Open of Midnight).

We will crack this!!! Hang in there

LeM, hi!

I was making some research on the BuyZone and I found this thread from Jhx with him trading it live.

beginners-forum/jhx-s-journey-t22186?hilit=Buyzone%20strategy

However I’m not understanding how to run it as a set-and-forget strategy.. can you help me with this? Thank you

Haha, that's me (you can verify because I use the same font for my notes in my charts ). For real, at the time I wasn't able to post anymore because of a bug I was having with the forums. I had lost access to that account so I started "fresh". Doing it that way for some time I ended at around break even, it was very 'mechanical' but a bad range would always get me. In hindsight, if I had to to that again, I would look at the stats of the session I was trading and look at the ranges to have a better profit target and adjust the zone accordingly. Maybe changing that would be enough. Using ranges and scratching trades was the biggest change probably, but then again that's just me.

Funny that I thought it wasn't working and went through a bunch of other stuff in between. Now came back to the buyzone and I still haven't had a losing day in (now) 9 days.

I'm not trading it exactly like that now though. I 'scratch' trades differently (I use my SL as 'emergency stop' sort of thing). And the profit target might change depending if I had losing/scratched trades or not. It has been working well so far, I just need to tighten up my plan to how I manage the trade throughout the day.

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

[LeMercenaire]

Would BUY ZONE be a better fit? It was knockout when I (re)tested it last year.

I had it set to Kick Off at UK Midnight. So 23:00 for you? I know it would mean late nights but potentially set-and-forget.

I also have my Dead Zone variant, The Witching Hour, which ran on two optional time slots - either Midnight - 01:00 (so active from Open of 01:00) and/or 23:00 - Midnight (so active from Open of Midnight).

We will crack this!!! Hang in there

LeM, hi!

I was making some research on the BuyZone and I found this thread from Jhx with him trading it live.

beginners-forum/jhx-s-journey-t22186?hilit=Buyzone%20strategy

However I’m not understanding how to run it as a set-and-forget strategy.. can you help me with this? Thank you

Haha, that's me (you can verify because I use the same font for my notes in my charts ). For real, at the time I wasn't able to post anymore because of a bug I was having with the forums. I had lost access to that account so I started "fresh". Doing it that way for some time I ended at around break even, it was very 'mechanical' but a bad range would always get me. In hindsight, if I had to to that again, I would look at the stats of the session I was trading and look at the ranges to have a better profit target and adjust the zone accordingly. Maybe changing that would be enough. Using ranges and scratching trades was the biggest change probably, but then again that's just me.

Funny that I thought it wasn't working and went through a bunch of other stuff in between. Now came back to the buyzone and I still haven't had a losing day in (now) 9 days.

I'm not trading it exactly like that now though. I 'scratch' trades differently (I use my SL as 'emergency stop' sort of thing). And the profit target might change depending if I had losing/scratched trades or not. It has been working well so far, I just need to tighten up my plan to how I manage the trade throughout the day.

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

Ha ha - busted!

Good to hear the update on what went on.

[BlindMan]

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

Quoting myself to show what I mean with that.

'Tough' day (you can still bank pips, just takes longer):

BZ-UC.png (31.33 KiB) Viewed 533 times

'Good' day (from today, easy):

BZ-UC2.png (31.27 KiB) Viewed 533 times

Sometimes it takes time. Note that you can still make it green in a tough day, like the one up there, tough doesn't mean losing day. The only way you can have a 'losing' day is if you have a very bad daily range. And no, it's not a 'you lost everything' day, just a couple of scratches, no big deal.

Right now I'm focused in the USDCAD. Eventually I'll have a day with a bad range, it's part of the game, but I know how I'll handle it so it doesn't bother me. Can it happen? Yes. Is it likely? Well, look at the stats and you'll see . I'm only trading the U/C, but if I was trading more than 1 pair then I think the chances of having a losing day drop substantially.

Drop the buyzone indicator (or plot 2 quick lines 10 pips away from the open without any adjustment) and look at all the pairs for today. Out of 27 pairs the only 2 pairs that didn't move at least 20 pips away from the buyzone were the AUD/USD and the EUR/CHF. And again, this is without doing any adjustment or looking at stats for ranges, and those 2 pairs tend to have lower ranges.

Do it for yourself and you'll see it

[Mira]

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

Quoting myself to show what I mean with that.

Tough day:
BZ-UC.png

'Good' day (from today, easy):
BZ-UC2.png

Sometimes it takes time. Note that you can still make it green in a tough day, like the one up there, tough doesn't mean losing day. The only way you can have a 'losing' day is if you have a very bad daily range. And no, it's not a 'you lost everything' day, just a couple of scratches, no big deal.

Right now I'm focused in the USDCAD. Eventually I'll have a day with a bad range, it's part of the game, but I know how I'll handle it so it doesn't bother me. Can it happen? Yes. Is it likely? Well, look at the stats and you'll see . I'm only trading the U/C, but if I was trading more than 1 pair then I think the chances of having a losing day drop substantially.

Drop the buyzone indicator (or plot 2 quick lines 10 pips away from the open without any adjustment) and look at all the pairs for today. Out of 27 pairs the only 2 pairs that didn't move at least 20 pips away from the buyzone were the AUD/USD and the EUR/CHF. And again, this is without doing any adjustment or looking at stats for ranges, and those 2 pairs tend to have lower ranges.

Do it for yourself and you'll see it

Nice post and explanation!

I gave it a try last night but I prefer to understand better the system before I trade it, demo too.

Is the SL set x pips away from the entry or do you trade with a mental stop?

[BlindMan]

The only 'downside' (if you want to look at it like that) is that I'm not trading just the US session now, I'm spending more time on it. Usually the move out of the zone (from the daily open) happens in the first hours, but in other cases it'll take more time until the range finally expands. Not complaining though!

Quoting myself to show what I mean with that.

Tough day:
BZ-UC.png

'Good' day (from today, easy):
BZ-UC2.png

Sometimes it takes time. Note that you can still make it green in a tough day, like the one up there, tough doesn't mean losing day. The only way you can have a 'losing' day is if you have a very bad daily range. And no, it's not a 'you lost everything' day, just a couple of scratches, no big deal.

Right now I'm focused in the USDCAD. Eventually I'll have a day with a bad range, it's part of the game, but I know how I'll handle it so it doesn't bother me. Can it happen? Yes. Is it likely? Well, look at the stats and you'll see . I'm only trading the U/C, but if I was trading more than 1 pair then I think the chances of having a losing day drop substantially.

Drop the buyzone indicator (or plot 2 quick lines 10 pips away from the open without any adjustment) and look at all the pairs for today. Out of 27 pairs the only 2 pairs that didn't move at least 20 pips away from the buyzone were the AUD/USD and the EUR/CHF. And again, this is without doing any adjustment or looking at stats for ranges, and those 2 pairs tend to have lower ranges.

Do it for yourself and you'll see it

Nice post and explanation!

I gave it a try last night but I prefer to understand better the system before I trade it, demo too.

Is the SL set x pips away from the entry or do you trade with a mental stop?

"I gave it a try last night but I prefer to understand better the system before I trade it, demo too."
It's not a "system" per se. There are no set in stone rules for the buyzone, you make your own rules to trade it . I made my own rules by looking at the charts, the frequency distribution of ranges and asking myself "How would I trade this?". And it's nothing complicated by the way. Price ranges every day, aim to grab some of that and scratch the trade when it doesn't go your way.

Is the SL set x pips away from the entry or do you trade with a mental stop?
I set the SL at the daily open, but it's sort of an 'emergency' stop, it will rarely get hit and I'll often scratch it sooner.

[Mira]

Quoting myself to show what I mean with that.

Tough day:
BZ-UC.png

'Good' day (from today, easy):
BZ-UC2.png

Sometimes it takes time. Note that you can still make it green in a tough day, like the one up there, tough doesn't mean losing day. The only way you can have a 'losing' day is if you have a very bad daily range. And no, it's not a 'you lost everything' day, just a couple of scratches, no big deal.

Right now I'm focused in the USDCAD. Eventually I'll have a day with a bad range, it's part of the game, but I know how I'll handle it so it doesn't bother me. Can it happen? Yes. Is it likely? Well, look at the stats and you'll see . I'm only trading the U/C, but if I was trading more than 1 pair then I think the chances of having a losing day drop substantially.

Drop the buyzone indicator (or plot 2 quick lines 10 pips away from the open without any adjustment) and look at all the pairs for today. Out of 27 pairs the only 2 pairs that didn't move at least 20 pips away from the buyzone were the AUD/USD and the EUR/CHF. And again, this is without doing any adjustment or looking at stats for ranges, and those 2 pairs tend to have lower ranges.

Do it for yourself and you'll see it

Nice post and explanation!

I gave it a try last night but I prefer to understand better the system before I trade it, demo too.

Is the SL set x pips away from the entry or do you trade with a mental stop?

"I gave it a try last night but I prefer to understand better the system before I trade it, demo too."
It's not a "system" per se. There are no set in stone rules for the buyzone, you make your own rules to trade it . I made my own rules by looking at the charts and asking myself "How would I trade this?"

Is the SL set x pips away from the entry or do you trade with a mental stop?
I set the SL at the daily open, but it's sort of an 'emergency' stop, it will rarely get hit and I'll often scratch it sooner.

Yes, sorry.
I use words as “system” or “method” but I know what you mean.

I was thinking about LeM’s words about supply and demands levels, in particular when he sayed that he considers ‘temporary’ everything inside those borders (the borders of the S/D zones), and i thought that maybe I could set up “my own” BuyZone.. and that maybe THIS IS what he’s doing.
The Close/Open of a bar creates a pattern (or a small congestion) and zones work at the same way, so maybe a trade at the break of those borders could be a good strategy.

[BlindMan]

Nice post and explanation!

I gave it a try last night but I prefer to understand better the system before I trade it, demo too.

Is the SL set x pips away from the entry or do you trade with a mental stop?

"I gave it a try last night but I prefer to understand better the system before I trade it, demo too."
It's not a "system" per se. There are no set in stone rules for the buyzone, you make your own rules to trade it . I made my own rules by looking at the charts and asking myself "How would I trade this?"

Is the SL set x pips away from the entry or do you trade with a mental stop?
I set the SL at the daily open, but it's sort of an 'emergency' stop, it will rarely get hit and I'll often scratch it sooner.

Yes, sorry.
I use words as “system” or “method” but I know what you mean.

I was thinking about LeM’s words about supply and demands levels, in particular when he sayed that he considers ‘temporary’ everything inside those borders (the borders of the S/D zones), and i thought that maybe I could set up “my own” BuyZone.. and that maybe THIS IS what he’s doing.
The Close/Open of a bar creates a pattern (or a small congestion) and zones work at the same way, so maybe a trade at the break of those borders could be a good strategy.

As long as you can consistently identify those zones then I think you're good to go. I guess you could trade away from any zone, the buyzone just keeps it simple to identify because you always have the open line as the reference. In these types of methods it's all you're essentially doing, you're trading away from your zone, and towards somewhere else. My 'somewhere' is based on the daily range stats, it could be another zone, a pivot, another point in price, or whatever you think it'll work for you.