Never Miss the BUYZONE Again!

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eudamonia
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Never Miss the BUYZONE Again!

Postby eudamonia » Wed Jan 30, 2008 5:04 pm

It's happened to you countless times before. You get ready to trade the BuyZone again today. It's your first hour. The last hour was pretty tight. The hour opens. The market moves - right into the BuyZone. This is your chance! You place your limit order - but it took you too long. The market blows by you in a second and never comes back. You blew it! Easy money and you MISSED it.

Don't you hate that feeling? Missing a great BuyZone trade? Don't feel bad - it even happens to the best of us.

But now there is a way to NEVER miss another BuyZone trade.

It's called the magical STOP LIMIT order. In this easy step by step tutorial I will explain how I use a stop limit order in EFX to never miss another trade.

1. Right click on your TYPE button and scroll down to Stop Limit or Stop Limit TTO order.
2. Look at current price on your chart (should be the ASK) and look at your current ASK. If they don't match like for EFX and MT then you need to keep this in mind when setting your stop limit order.
2. Find the BuyBottom and BuyTop prices in your charting platform. enter the BuyBottom as your Stop and the BuyTop as your limit (don't forget to adjust if your broker data feed is different - usually EFX is 1 to 2 pips higher on the ASK).
3. Enter your Long Buy STOP LIMIT.
4. Now enter the same data for your ShortTop and ShortBottom.
5. If the price moves into the long BuyZone then you will automatically be in. If the prices moves toward the short BuyZone then you cancel your existing order (2 right clicks in your order book) and press the Short in your order bar. Three clicks and you're set to go short.

There you go. Never miss another BuyZone trade again!
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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Postby scrambleded » Wed Jan 30, 2008 9:57 pm

that's what i've been doing, i'm working on an EA that will do all of that automatically, so i can backtest and see how accurate this method is.

thanks

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Postby Ken_S » Wed Jan 30, 2008 10:59 pm

Uh..OH!! LOL
scrambleded, not sure what EA stands for, but if using TS, see CraigAudio's Buyzone Thread toward the end for strategy code to trade like this.
You might want to sim trade it as well to see if this method fits your personality and trading style.
Good trading,
Ken

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Postby scrambleded » Wed Jan 30, 2008 11:19 pm

EA - expert advisor, used in metatrader, you can script ideas to make it trade automatically and use to test on previous data to rate it's accuracy and to optimize

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Re: Never Miss the BUYZONE Again!

Postby Dracozny » Wed Jan 30, 2008 11:56 pm

eudamonia wrote:It's happened to you countless times before. You get ready to trade the BuyZone again today. It's your first hour. The last hour was pretty tight. The hour opens. The market moves - right into the BuyZone. This is your chance! You place your limit order - but it took you too long. The market blows by you in a second and never comes back. You blew it! Easy money and you MISSED it.

Don't you hate that feeling? Missing a great BuyZone trade? Don't feel bad - it even happens to the best of us.

But now there is a way to NEVER miss another BuyZone trade.

It's called the magical STOP LIMIT order. In this easy step by step tutorial I will explain how I use a stop limit order in EFX to never miss another trade.

1. Right click on your TYPE button and scroll down to Stop Limit or Stop Limit TTO order.
2. Look at current price on your chart (should be the ASK) and look at your current ASK. If they don't match like for EFX and MT then you need to keep this in mind when setting your stop limit order.
2. Find the BuyBottom and BuyTop prices in your charting platform. enter the BuyBottom as your Stop and the BuyTop as your limit (don't forget to adjust if your broker data feed is different - usually EFX is 1 to 2 pips higher on the ASK).
3. Enter your Long Buy STOP LIMIT.
4. Now enter the same data for your ShortTop and ShortBottom.
5. If the price moves into the long BuyZone then you will automatically be in. If the prices moves toward the short BuyZone then you cancel your existing order (2 right clicks in your order book) and press the Short in your order bar. Three clicks and you're set to go short.

There you go. Never miss another BuyZone trade again!


all well and good, if the market is moving slow enough. I have had frequent times where price moves out of the buyzone before I even get the first limit order set.
as far as all this backtesting talk goes, its well documented that mt4s backtester is severely flawed, but if you insist be my guest.

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Postby eudamonia » Thu Jan 31, 2008 12:24 am

Guys let's please keep this thread to it's original purpose. ACTUAL TRADING!

Not fantasizing, not backtesting, not dreaming of hot women, not anything else. Thanks. This thread is intended to discuss REAL trading done by REAL traders on REAL trades.

As part of REAL trading, manual order execution (or partially manual at least) is highly relevant and is probably one of the most important things that beginning traders fail to grasp. Being off by 1 pip is huge! And THAT is why I started this thread - to discuss how to make sure your real trading is executed properly. Thank you.

Edward.

P.S. For those who use TTO exit orders be warned. TTO setups use an OCO (order cancel order) which sets up a STOP MARKET and STOP LIMIT order which do not float.

So if you enter your STOP LIMIT TTO order and your stop component is 106.25 and your limit is 106.26 and you are filled at 26 your stop will be 1 pip less than you would want (same with your target). Make sure you verify your TTO orders once you are in the trade to ensure that it is the actual stop and target you desire.
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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Postby daniil » Thu Jan 31, 2008 1:50 am

2. Find the BuyBottom and BuyTop prices in your charting platform. enter the BuyBottom as your Stop and the BuyTop as your limit (don't forget to adjust if your broker data feed is different - usually EFX is 1 to 2 pips higher on the ASK).
3. Enter your Long Buy STOP LIMIT.


Ed! Maybe better put your stop one pip higher than limit for Buy? i suppose it will be better to earn extra one pip than to miss the trade?
BRGDS, Dan

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Postby jamtheman » Fri Feb 01, 2008 1:19 am

Hey Ed, you better start back testing. Tell me when you're done.

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Re: Never Miss the BUYZONE Again!

Postby noone22 » Wed Apr 15, 2009 1:20 pm

eudamonia wrote:But now there is a way to NEVER miss another BuyZone trade


The problem is, that to enter 2 stop limit + TTO orders
via MBT Navigator could take you up to 15-20 seconds,
but sometimes price is moving very quickly just from open
via either sell or buy zone in seconds, and you're too late
to catch this train.

Interesting thing, that in NinjaTrader or in TradeStation
one could pre-set up this 2 shoulders order (OCO),
so if one order (buy) fills - another (sell) will be cancelled automatically.
I cannot find the way (yet) in MBT Navigator - how to do this.

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eudamonia
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Postby eudamonia » Wed Apr 15, 2009 1:30 pm

noone22,

That's true and I agree that setting it up in Ninja is a lot easier. I have to admit I don't use a lot of TTO orders. I know where my targets and stops are - I don't typically let anyone else but me exit the market.

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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