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MightyOne
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Postby MightyOne » Wed Jan 14, 2009 11:21 pm

MBtrading has MT4?

http://www.mbtrading.com/forex.aspx

If that doesn't put an end to bucket shops then nothing will...

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cfabian
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Postby cfabian » Wed Jan 14, 2009 11:35 pm

TRO, is it possible to have a fixed 1/3rd indicator on the H1 candles outlayer, to be used on lower timeframes to use in Mighty's approach?

Thanks

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Postby MightyOne » Wed Jan 14, 2009 11:50 pm

pierre23 wrote:Ah MightyOne, so the dots are the high and low of the candle and your 'go long/go short' lines are at 1/3 from the top and from the bottom of the previous H1 candle?

You'll only trade short if the the M5 candle hits/is just below the lower 1/3 of the previous H1 and vise versa for long. The middle third is the 'whatever zone'.

Am I on the right track or have I misundersood something along the way?

You should come on paltalk some time. We were all on it last night trading and discussing.

btw spot on with the colours my painter friend!


Think of 1/3 from the high and low as a sort of Inside bar every hour.
If price is moving toward the high/low of the IB you can enter in anticipation of the break out.
Upon break out you are not looking to trade in the other direction, but get as many pips as you can in the direction of the BO.

1/3 dots work like that...

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Postby dragon33 » Thu Jan 15, 2009 12:15 am

MightyOne wrote:MBtrading has MT4?

http://www.mbtrading.com/forex.aspx

If that doesn't put an end to bucket shops then nothing will...


It's only for demo at the moment!

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TheRumpledOne
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Postby TheRumpledOne » Thu Jan 15, 2009 1:26 am

cfabian wrote:TRO, is it possible to have a fixed 1/3rd indicator on the H1 candles outlayer, to be used on lower timeframes to use in Mighty's approach?

Thanks


Yes, it is possible.
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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winny
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Re: Thank you

Postby winny » Thu Jan 15, 2009 10:51 am

cfabian wrote:Thanks for such explanation Winny, I'm sure many people will benefit from it.

As I also like buyzone, for its simplicity and the logic that a price has to pass that line in order to follow a move. How many pips from opening you use for your BZ?

As per spread, that's the reason I'm trying to concentrate on EURUSD, which is the lowest, and has big volumes.

Cheers,


winny wrote:
cfabian wrote:



I was always concerned about some brokers who do and can manipulate price on the Metatrader datafeed. I did not want to use that anymore, so was looking for a solution, and that is why I do trade futures now. And it helps. A lot. I also have to mention that I only use the buyzone setup at the opening of the market. So if there is no profitable setup at the beginning I will not look at a new buyzone at the nect hour. In fact I stay focused on the buyzone at the opening of the market. I will only look at it for a few hours at max. If there is no good setup I will not trade that day. I do not care if the market moves 300 pips 5 hours later. As I know I will be back the next day. The 1 or 2 minute price is crucial here. I can do it by just looking at price movements. But as said, if you need guidance then use a fast non lagging indicator/MA on the 1 or 2 minute chart. I will only take position above or below the buyzone (simply follow TRO's setup that will do). But it needs to be CONFIRMED by the 1 or 2 minute chart. Use the non lagging indicator as your trailing stop, or train your eyes and you will never need that indicator. But it general it is a good idea just to get confirmation from that non lagging indicator that you choose to use. This way you can not make mistakes. Again, this will be your trailing stop, so you will not have to worry anymore about getting whipsawed all over if price touches the other side of the buyzone (or the opening price). Just trade in the direction of that Zone, simple. Be happy whit what you get. Sometimes it is only 10 pips. But most of the times, and certainly in these volatile market conditions it is much much more. As the futures market and the datafeed can not be manipulated I am very confident to take these trades and know for sure what I get. Thats it. simple. There is nothing more to explain about this strategy. You just need to do it, and stick to it.

Off course there are also other comparible methods to do this, but I am not going to burn my fingers and money on it. This is it. It works for me. And I am very happy with it. Many thanks.

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Postby MightyOne » Thu Jan 15, 2009 6:57 pm

This was definitely not very easy price action to trade.

Again, short only had the lowest risk potential as price was respecting major ZL's

Image

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Re: Thank you

Postby cfabian » Thu Jan 15, 2009 7:32 pm

Very good explanation. Thanks winny.
What broker you use for futures? and which ones you trade?




winny wrote:
cfabian wrote:Thanks for such explanation Winny, I'm sure many people will benefit from it.

As I also like buyzone, for its simplicity and the logic that a price has to pass that line in order to follow a move. How many pips from opening you use for your BZ?

As per spread, that's the reason I'm trying to concentrate on EURUSD, which is the lowest, and has big volumes.

Cheers,


winny wrote:
cfabian wrote:



I was always concerned about some brokers who do and can manipulate price on the Metatrader datafeed. I did not want to use that anymore, so was looking for a solution, and that is why I do trade futures now. And it helps. A lot. I also have to mention that I only use the buyzone setup at the opening of the market. So if there is no profitable setup at the beginning I will not look at a new buyzone at the nect hour. In fact I stay focused on the buyzone at the opening of the market. I will only look at it for a few hours at max. If there is no good setup I will not trade that day. I do not care if the market moves 300 pips 5 hours later. As I know I will be back the next day. The 1 or 2 minute price is crucial here. I can do it by just looking at price movements. But as said, if you need guidance then use a fast non lagging indicator/MA on the 1 or 2 minute chart. I will only take position above or below the buyzone (simply follow TRO's setup that will do). But it needs to be CONFIRMED by the 1 or 2 minute chart. Use the non lagging indicator as your trailing stop, or train your eyes and you will never need that indicator. But it general it is a good idea just to get confirmation from that non lagging indicator that you choose to use. This way you can not make mistakes. Again, this will be your trailing stop, so you will not have to worry anymore about getting whipsawed all over if price touches the other side of the buyzone (or the opening price). Just trade in the direction of that Zone, simple. Be happy whit what you get. Sometimes it is only 10 pips. But most of the times, and certainly in these volatile market conditions it is much much more. As the futures market and the datafeed can not be manipulated I am very confident to take these trades and know for sure what I get. Thats it. simple. There is nothing more to explain about this strategy. You just need to do it, and stick to it.

Off course there are also other comparible methods to do this, but I am not going to burn my fingers and money on it. This is it. It works for me. And I am very happy with it. Many thanks.

winny
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Re: Thank you

Postby winny » Thu Jan 15, 2009 8:56 pm

cfabian wrote:Very good explanation. Thanks winny.
What broker you use for futures? and which ones you trade?

winny wrote:
cfabian wrote:Thanks for such explanation Winny, I'm sure many people will benefit from it.

As I also like buyzone, for its simplicity and the logic that a price has to pass that line in order to follow a move. How many pips from opening you use for your BZ?

As per spread, that's the reason I'm trying to concentrate on EURUSD, which is the lowest, and has big volumes.

Cheers,





CFabian,

Let me first say that there are many futures brokers out there. Some are good, some are bad. I have to say that the United Kingdom has the best protection for private clients and asset protection.

But in the USA there is the Rosenthal Collins Group.
Now, I know that there are people out there who think there are better brokers. Sure. But I personally get the best price, the best service and the best platforms to trade with them. They can offer you almost all trading platforms, including TT and Strategyrunner.

You need to talk to them yourself and negotiate the best price for both
the platform you want to trade with and the trades you do. I only trade the
EuroFX full contracts at the opening of the market as I said.
After that I have other things to do. And later in the day I do trade the
S&P500 futures. So I have different needs.

If Rosenthal is not willing to give you backup then you may want to talk to Global Futures (clearing at Rosenthal Collins). These guys also are very good in my personal opinion. And they do offer you the best platform and fee at the lowest price.

Its a personal choice you will have to make. I just mention the ones I am familiar with and that do offer you best price, and the best trading platforms out there. These platforms can also be linked to Tradestation if needed. So you will have your futures datafeed/trading grid directly linked to your Charting Analysis.

You need to decide for yourself what it is that you want and need.

winny
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Re: Thank you

Postby winny » Thu Jan 15, 2009 9:20 pm

cfabian wrote:Very good explanation. Thanks winny.
What broker you use for futures? and which ones you trade?

winny wrote:
cfabian wrote:Thanks for such explanation Winny, I'm sure many people will benefit from it.

As I also like buyzone, for its simplicity and the logic that a price has to pass that line in order to follow a move. How many pips from opening you use for your BZ?

As per spread, that's the reason I'm trying to concentrate on EURUSD, which is the lowest, and has big volumes.




I always struggled trading forex in the past. I used Tradestation but also Metatrader. But somehow I always felt that these forex brokers and their platform were doing me no good at all. When I read about TRO and his simple Buyzone strategy I became interested as I was searching for a simple but working technique. And I finally found it. I am happy that I can use his Buyzone technique on Tradestation also. Its so simple. But this is just what I personally do. Trading FX only at the open. If people can make money at the FX market with some other technique during the rest of the day, then they must certainly follow it. Its just not for me, I already tried.
TRO has so programmed so many beautifull indicators for Metatrader. So I can imagine that you want to use his indicators. For this I would recommend to stick with MBtrading, as I just read that they also offer Metatrader. But trading the S&P 500 is something completely different, and therefor I need the best platform that can be connected to Tradestation.

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