Kenyuki's BuyZone Trading Blog

[Kenyuki]

Hi Guys,

I thought I would start a trading blog myself, simply just to share and also push myself to keep on going / correct errors / pick up ideas, etc.

I have been trading since December 08 now, blew up my live accounts several times already, had some good experience and many bad. I learned all the basic trading rules and religiously violated them all. I basically learned the hard way and finally managed to find a trading strategy that fits my style. When I was actually doing it I realized it will take me decades to meet my goal, which is to live off forex completely.

So somehow I thought scalping will help accelerate the process, and that was when I stumbled upon TRO. It uncovered a whole new (and very steep) learning experience for me and I felt like I have never heard about forex trading ever before.

So now I want to put some pressure on myself by blogging my trades. That way there will be some people who will nag about my progress (or decline)

I just want to keep it as simple as possible as I am tired of looking at several different parameters to decide if a trade's worth taking or not (I can still do that later on if I'm successful with simple trades ).

So here's what I'm gonna do:

- use the BuyZone for Dummies indi
- trade GBPUSD from 06:00-08:00 BST (that's 0:00 - 02:00 CST / 01:00 - 03:00 EST / 22:00 - 0:00 PST)
- only 1 trade per hour, taking the first trigger

That's it. I placed some trades today already, but I'm still figuring out how to get the summary of all trades from MBT Navi (tips most welcome), as I run my platforms on a VPS.

So I will post my trades from today and tomorrow tomorrow evening, (around late afternoon for our US friends out there ).

Cheers,
Ken.

[pablo101]

Nice one Kenyuki. Look forward to your posts

[noone22]

Couple of clarifications from you, Ken,
if you don't mind:

1) What will be profit-target and stop-loss? (they are inputs to indicator)
With this pair spread is up to 2-2.5 pips even with MBT,
so 8 pips PT and 8 pips SL (default ones) maybe not enough?

2) How far is your BZ from HourOpen (10 pips by def)?

3) Are you going to trade Long only, or Short as well?

4) Where is your exact entry point:
(Top blue line for BZ or bottom blue line or somewhere in between)?

5) Are you going to use any other indicators/tips/etc?

6) What you will doing at the begining of the hour:
place Long (Buy Stop + TTO) order - no matter what
or wait for some specific set up to happen (price need to move up,
etc)?

7) Trading plan (more details):
- What you going to do, if 3 (or more) loses in the row?
- Daily target (qty of win/loss trades, % or qty of pips)?
- How many contracts?
- Exit the trade: fully automatic or manual adjustments
to SL and PT possible?
- When not to trade (news, holidays, low volume, etc)?

[Kenyuki]

Hello noone22,

1) What will be profit-target and stop-loss? (they are inputs to indicator)
With this pair spread is up to 2-2.5 pips even with MBT, so 8 pips PT and 8 pips SL (default ones) maybe not enough?

Profit target usually 6 pips, stop loss 7 pips. After testing I have calculated an average profit of $6.00 per trade. I will then just compound it till it reaches $100.00 per trade, $200.00 per trade, etc.

2) How far is your BZ from HourOpen (10 pips by def)?

Whatever is set on the indi, I am not quite sure how many pips away from the open.

3) Are you going to trade Long only, or Short as well?

Whatever gets triggered; so long or short.

4) Where is your exact entry point:
(Top blue line for BZ or bottom blue line or somewhere in between)?

I know now for a fact that you are using MBT Navi as well , so:

For long:
- upper blue line: Stop price
- lower blue line: Limit price
- upper trigger: +6 pips above entry
- lower trigger: -7 pips below entry

For short:

- upper red line: Stop price
- lower red line: limit price
- upper trigger: -6 pips below entry
- lower trigger: +7 pips above entry

5) Are you going to use any other indicators/tips/etc?

I also have "BetterVolume 1.4_TRO_MODIFIED_VERSION" on my charts but barely look at it (might as well remove it, eh? ). But apart from that, just the BZFD indi.

6) What you will doing at the begining of the hour:
place Long (Buy Stop + TTO) order - no matter what
or wait for some specific set up to happen (price need to move up, etc)?

As soon as the hour opens (and the signals are there), I place 1x Buy Stop limit + TTO and 1x Sell Stop Limit + TTO trade. When one order gets triggered, I cancel the other. Remember, I only trade once per hour.

7) Trading plan (more details):
- What you going to do, if 3 (or more) loses in the row?

I will stop trading for the week if I'm down 5%, so that's after losing 5 trades in the week.

- Daily target (qty of win/loss trades, % or qty of pips)?

I'm still figuring this out, but wanted to go for 2% a day. However, as I reckon we cannot place partial lots on MBT Navi, I only place 3 trades a day (not because of money management, but more because of time management )

I might be uploading a spreadsheet later on to explain.

- How many contracts?

I'm starting with 1 micro lot (=10,000)

- Exit the trade: fully automatic or manual adjustments to SL and PT possible?

Remember I asked you earlier if we can place a stop limit + TTO order AND a trailing stop after we have reached the "greedy" part of the BZ? Once I figured that out, I will adjust my exits - but the profitable ones only

In the meantime, I will only trade the defaults on BZ till I find a better tweak.

- When not to trade (news, holidays, low volume, etc)?

Between Christmas and New Year, mainly because I'll be on holidays myself

On the other days I will not trade during US or UK bank holidays (obviously because I'm trading GBPUSD).

Wish me luck.

Thanks,
Ken.

[noone22]

For long:
- upper blue line: Stop price
- lower blue line: Limit price

For short:
- upper red line: Stop price
- lower red line: limit price

Not quite correct for Long:
It must be
- upper blue line: Limit price
- lower blue line: Stop price

And you need to be aware of small bug in BZ_BFD indi,
there is some inconsistency for these upper and lower
lines between BuyZone and SellZone.
I've fixed it in my version long time ago.

And good luck!

[Kenyuki]

Not quite correct for Long:
It must be
- upper blue line: Limit price
- lower blue line: Stop price

Of course, you are right! Thanks for this.

And you need to be aware of small bug in BZ_BFD indi, there is some inconsistency for these upper and lower lines between BuyZone and SellZone.
I've fixed it in my version long time ago.

What do you mean, can you elaborate please?

Looking good so far, 2 wins, 1 loss. Will post trades later in the evening.

Thanks,
Ken

[noone22]

What do you mean, can you elaborate please?

I will elaboarate, once you'll post a chart.
I don't have older version of this indi anymore.

[Kenyuki]

20/10/2009

My first BZ trades. Was too excited I forgot to make screenshots.

Long @ 1.64187, exit @ 1.64255

Short @ 1.64163, exit @ 1.6410

Total pips = 13 (131)

[Kenyuki]

My account balance before I started trading on 21/10/2009:



Will be posting weekly updates on this.

[Kenyuki]

FYI:

600 = 06:00 BST / 00:00 CST / 01:00 EST / 22:00 -1day PST

700 = 07:00 BST / 01:00 CST / 02:00 EST / 23:00 -1day PST

800 = 08:00 BST / 02:00 CST / 03:00 EST / 00:00 PST