Daily Wick Zone Trader ( who place pending orders? )
Posted: Thu Oct 17, 2019 5:34 am
Are there any wick zone traders placing pending orders out there? Any method on protecting your profits while you are away from the computer?
https://www.kreslik.com/forums/
LeMercenaire wrote:Running WZ is all about scalping the market. There should be no need to leave trades running for any length of time.
BambinoFlex wrote:LeMercenaire wrote:Running WZ is all about scalping the market. There should be no need to leave trades running for any length of time.
What do you mean by that? I thought Wick zone trading was a break out strategy. I'm under the impression that a breakout would mean price is moving in that direction.
I've never traded that type of strategy so I'm probably wrong.
If wick zone trading is scalping, does that mean price reverts back to its mean? Giving opening to the Rat Zone reversal trade?
LeMercenaire wrote:BambinoFlex wrote:LeMercenaire wrote:Running WZ is all about scalping the market. There should be no need to leave trades running for any length of time.
What do you mean by that? I thought Wick zone trading was a break out strategy. I'm under the impression that a breakout would mean price is moving in that direction.
I've never traded that type of strategy so I'm probably wrong.
If wick zone trading is scalping, does that mean price reverts back to its mean? Giving opening to the Rat Zone reversal trade?
It's both.
If you take a trade entry as say price crosses the outside level and keeps on going that way, riding MOMO all day, without looking back, then you have a breakout strategy.
However the WZ is there all day, so if you take an entry as price breaks the High, you bag +3 pips and then close as it stalls and crosses back into the zone. Then you enter another as price drops back into the body, bag +5 and close as once more we get a retrace back into the zone. Price does this all day, in-and-out, +2 +6 +1 +3, then hey, whaddayaknow, you're scalping.
See line, trade line. Take what it gives you and call it what you want.
BambinoFlex wrote:LeMercenaire wrote:BambinoFlex wrote:
What do you mean by that? I thought Wick zone trading was a break out strategy. I'm under the impression that a breakout would mean price is moving in that direction.
I've never traded that type of strategy so I'm probably wrong.
If wick zone trading is scalping, does that mean price reverts back to its mean? Giving opening to the Rat Zone reversal trade?
It's both.
If you take a trade entry as say price crosses the outside level and keeps on going that way, riding MOMO all day, without looking back, then you have a breakout strategy.
However the WZ is there all day, so if you take an entry as price breaks the High, you bag +3 pips and then close as it stalls and crosses back into the zone. Then you enter another as price drops back into the body, bag +5 and close as once more we get a retrace back into the zone. Price does this all day, in-and-out, +2 +6 +1 +3, then hey, whaddayaknow, you're scalping.
See line, trade line. Take what it gives you and call it what you want.
Got it, thank you for your insightful information
EdwardWinslow wrote:For all those out there not glued to their screen while trading the wick zones and wondering how the heck are you going to protect your profits, exit, and reduce amount of losses let lend an olive branch....
The wick zone is introduced by Avery as a great entry plan but he really fails at painting the entire picture. Is he leaving that up to us... or is he not explaining a complete wick zone plan for us - maybe he is just tired of explaining. I am not sure but I think he would get a lot more 'donations' if he packaged the trade plans a little better and everyone would be less confused.
I think if you were trying to swing trade ( since you have a full time job or life to attend to ) you should take the trades that are month, week, daily in your favor and place a pending order one pip above/below that price.
To protect the trades I've attached an EA that will protect the trades. The plan is to set stop loss to break even ( or as Avery does 1 pip profit) once it has reached 5 pips. Then the EA will auto set a trailing stop of 5 pips to trail it.
Some things I still wonder about is... Is this system a good risk reward method... I mean... if you are only making 10-15 pips profit on trades and you initial stop loss is set 10 pips away.... all those things we learned about 2:1, 3:1.... or whatever go out the window.
In addition - there are many fake out moves in this system... you will get losses (will the losses eat away at this entire system?). I am now forward testing this method for the next few months to see if this method is even profitable. The only way you can find out is to demo this system for months and see what your results.
If anyone is having success with the Wick Zones, please share your strategy or add to this thread your ideas.
I added two EAs - try them both. fvoe 1.6.3.mq4fvoe 1.6.2.mq4