TRO BUY ZONE - KEEP IT SIMPLE

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orion1012
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Postby orion1012 » Mon Jun 11, 2007 12:47 am

WOW! that was quick thanks TRO, couple of problems with the code.

//GetAppInfo ..... word not recognised by easy language line 17, 19


do yo have any suggestions?

thanks

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TheRumpledOne
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Postby TheRumpledOne » Mon Jun 11, 2007 1:08 am

Don't need it...

If you are using charts, use the chart section of the code.

If you are using radar, use the radar section of the code.
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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Postby orion1012 » Mon Jun 11, 2007 2:40 am

Thanks TRO

MR01
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Trade Review - first time with Buy Zone

Postby MR01 » Wed Jun 13, 2007 3:40 am

Hi TRO,
I was hoping you could provide some feedback on my first attempt with the Buy Zone (not a good trade) to nudge/kick me in the right direction.

Trade Date - 12/6/7 (last night), US date = 06/12/07 for you
Pair - USD/CHF
Dierction - Short
Entry - 12398.60
Exit - 12405.60
Entry Time - 22:05 AEST (8:05 NY/EST)
Entry reason - 12404 was NY open at 8am EST, Short Buy Zone was 12401-12400.


Reasons I shouldn't have taken the trade - 1) instrument was a CFD with a 4 pip spread so needed a 9 pip gross to make 1 pip net (very ugly)
2) CHF was making higher highs & higher bottoms on hourly so I was shorting an uptrend
3) I was shorting a stock that was at a weekly high & above last weeks high

Only good point was as I was learning this I only took one contract so only lost $A 60.

Any other learnings I should be taking from this. Also, how many s**wups do I have to do before I get the numnutts of the week award (given I'm batting 2 from 2 with my am vs pm mixup yesterday). :oops:

Cheers & thanks (again)

Mark from Melbourne

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Postby TheRumpledOne » Wed Jun 13, 2007 5:08 am

Entry reason - 12404 was NY open at 8am EST, Short Buy Zone was 12401-12400.

Entry - 12398.60
Exit - 12405.60

Looks like you entered outside the zone.

If you are using a fixed spread broker, you are giving your money away. I can't help you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby MR01 » Wed Jun 13, 2007 5:29 am

TRO - fair call on the fixed spread (which is why I ended up outside the zone on entry), I'd worked that one out & am in the process of setting up an EFX account.

Even if I was using a broker, the trade would've gone against me pretty quickly, any feedback on the reasons I shouldn't have taken the trade ?

Cheers
Mark

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Postby pipette4x » Sun Jun 17, 2007 1:34 pm

TheRumpledOne wrote:Hey BP:

It's simple... for AAPL, you plot one horizontal line .10 above the open and another .20 above the open... that is the LONG ZONE.

Then you plot one horizontal line .10 below the open and another .20 below the open... that is the SHORT ZONE.

Trading rules are simple.

1) You go long when the chart price candle is GREEN and is in the LONG ZONE and the 60 minute candle is GREEN

2) You go short when the chart price candle RED and is in the SHORT ZONE and the 60 minute candle is RED.

I use this on a 1 minute chart the first 15 minutes after the open and then switch to a 5 minute chart.

Rule of thumb while trading... NEVER GO SHORT ABOVE THE OPEN OR LONG BELOW THE OPEN. If you stick to the zones, this is not a problem.

But traders are tempted to trade outside the zones.

Stop loss - If the price crosses the open against you, it's time to give it up!

The most you should lose is a dime.

This method on a bad day, wins about 60% of the time. Once you get the hang of it, you'll be in the 80% or higher range.. that's right, 4 out of 5 winning trades.

Apply the money management matrix to this and you'll see you can rake it in!!

Yes, this works for other stocks, too. I posted my herd of cows - the top 20 stocks to trade. But, if all you trade is 1000 shares of AAPL each trade you should clear $400 or more in 30 - 60 minutes everyday. By focusing all of you attention on ONE STOCK, you should never miss a trade. But the minute you take your eye off AAPL, it'll be the time it pops and you would have missed it!

Anyone for AAPL juice?


hi TRO

I've read your explanation of the buy zone and, no surprise, i'm a little confused. i trade the forex market so i'll use an example to see if i get this.

the 7am est 1 hour candle on the cable is bearish so only look for a sell signal in the sell zone, which is 3-4 pips from the open price at 8am. once prce penetrates the sell zone, sell, using the open price as the s/l

I'm not sure how many pips you look for with this method? what criteria do you use to exit?

also, you mention that you drop down to the 1 min chart for the first 15 min then switch to a 5 min chart. i'm not sure why you need to switch away from a 60 min chart since the entry is based on price? how do you use the 1 min and 5 min.

So this method applies just the NY open? i can also interpret this to mean that you can apply this every hour based on the previous candle's color

I really appreciate an insight you can provide.

Pipette

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Postby jm1111 » Sun Jun 17, 2007 3:59 pm

Hello TRO,
I joined the group yesterday and I was looking around at all the
indicators. You really are a great coder. A friend of mine use to be a regular here and he told me about this website.
I trade using a 1 minute chart for entries.
Do you have a Tradestation indicator that plots a horizontal line on a one minute chart for the last hours high price and the last hours low price?
Thanks
JM1111


TheRumpledOne wrote:Entry reason - 12404 was NY open at 8am EST, Short Buy Zone was 12401-12400.

Entry - 12398.60
Exit - 12405.60

Looks like you entered outside the zone.

If you are using a fixed spread broker, you are giving your money away. I can't help you.

jm1111
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First Hour Range Code

Postby jm1111 » Mon Jun 18, 2007 8:20 am

Here is some code from Tradestation that plots the first hours range
using inputs. I use 1 AM TO 2 AM for the EuroFX on Globex.
It will extend lines to the right for the rest of the day's trade and could be used for breakouts. It would be great to have it work on a hour by hour basis instead so that using the buy zone or sell zone for entries on a 1 minute chart or a 5 minute chart would show you where the previous hours high and low was for potential targets on the 1 minute chart.
Thanks
JM1111

Attachments
20070612184824FIRSTHOURHILOR1.ELD
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Last edited by jm1111 on Tue Jun 19, 2007 9:47 am, edited 1 time in total.

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Postby TheRumpledOne » Mon Jun 18, 2007 2:03 pm

MR01 wrote:TRO - fair call on the fixed spread (which is why I ended up outside the zone on entry), I'd worked that one out & am in the process of setting up an EFX account.

Even if I was using a broker, the trade would've gone against me pretty quickly, any feedback on the reasons I shouldn't have taken the trade ?

Cheers
Mark


Mark:

You would have to post a chart for me to give an opinion.

But if the trade goes against you exit and consider reversing.
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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