Leoheart wrote:LeMercenaire wrote:Jhx wrote:I'm reviving this old thread. I'm giving this one a go (I expect to fail
a lot at first
)
Following TRO's advice, I'll be trying to learn and become consistent at following the method and grabbing 3-5 pips, at least, that's the current goal.
I'm trading the USDCAD, the first 3 hours of the NY Session.
"The STOP in the BUYZONE is a natural stop. If you go long and price triggers a short, then exit and go short.""...you can use the London, New York and Sydney open prices."So, I'm drawing the buy zone at the start of the NY Session, with the long and short entries 10 pips above and below the session open, respectively. Stop loss is at the other end of the zone, where I'll exit the trade and open another one in the opposite direction (not revenge trading, just opening trades as price leaves the zone).
---
Absolute and total beginner here, but some thoughts and things I noticed today:
- There wasn't too much movement outside of
this particular buy zone at my trading session (3 hours). Price stayed for the most part within these 20 pips.
- It seemed like I was trying to "fight" against the range of the 1 hour bar range. At least, the hourly bars in those 3~ hours that I traded in had an average of 23 pips while my zone was 20 pips (and it seemed to be that way in previous bars as well, maybe even less).
- After my trading session ended, out of curiosity, I saw other charts, and pairs that had a bigger hourly range had "bigger" breakouts to
maybe profit from.
- Maybe the width of the buy zone depends on the range of the hourly bars? Is the problem that price is stalling within that zone and I wasn't able to identify that early enough? Or is it that my buy zone is too big for this particular pair?
Again, these were my impressions trading today. If I'm talking nonsense, let me know haha!
Thanks!
Good stuff.
I'm running BZ on a select number of pairs, including indices, with the day starting at midnight UK time. I only trade away from the Weekly Open (Monday I take whichever one hits first).
I can say for sure that you will gain an advantage if you adjust the distance away and actual size of the Buy Zones themselves.I wish you well with the thread and hope you're as happy with BZ as I am
[b]Curiosity is as dangerous as a cat sticking its mouth in a tiny space in attempts to eat a mouse.
What Buy Zones size are you running, and how did come up with your numbers?
Needless to say, you are a dangerous man & know how to spark my Curiosity[/b]
Well, I took the Doo-Whah-Bop and subtracted the Fleet-Whop-Whop from the Koobie-Zabie. Then I switched in Mountain Time
Or, maybe not.
In truth, I scanned a number of pairs to see which ones seemed to give a straight forward move for a reasonable length of time.
Then I stuck the Buy Zone Indicator on them. Default.
Watched for a while and then manually adjusted settings to pull some zones closer, others wider, whatever.
This means that for me, the Open is Midnight UK and as I've said, I only take trades in the direction away from the Weekly Open. Quite often, the first tp is on the very first bar.
Reading the recent posts, it seems to me that I have skated over the subtleties of entry, lol.
I just go in as price breaks the first line and take what it gives me, locking in the +2 or +3 or whatever it is. Let it run if it does and then if it has gone a decent distance - gut feeling - then I will kick in with my usual scalp trade-management.
The pairs I have it on are (in no particular order):
AC, GU, EJ, GN, Dollar Index, UC, S&P, UNok, EJ, GOLD, EA, EG, CJ, CAC40, 225JPY, AU, DAX and US30
Of these, yesterday (I think...or Friday) all but the CAC40 and The DAX made the TP. That's not unusual stats. Pretty standard actually.
Those two failed the first move but hit tp the other way or hit sl or whatever way you would play it. I'd be tempted to counter if it got over a certain percentage of move length or something similar. Those two mirror each other as well, so debatable as to whether you'd have both.
I'd have to factor in that these are kicking off out of hours for me, so there would be increased spread and trim the fat if needed.
Anyway, at the moment, it's just something I am playing at in quiet moments. So far it's showing as something that I am willing to faff around with to see if I can swing something - and I would certainly consider running a move as I set myself up for bed if I happened to see it go.
Oh - and I have also looked at whether you would be as well just going in the direction away from the Weekly Open as soon as the Midnight candle kicks off. A kind of Top-Of-The-Hour kind of play.
Jury's still out.