THE BUY ZONE - TheRumpledOne

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Old Jan 13, 2008, 1:37am   #1
 
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THE BUY ZONE - TheRumpledOne

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THE BUY ZONE RULES:

The long zone is the Open Price + .0003 and +.0004.

The short zone is the Open Price - .0003 and -.0004.

For the USDJPY use .03/.04 instead.

Go long on green (bull) candle in the long zone and short on red (bear) candle in short zone.

I reset the Buy Zone at the start of the hour.

Or you can use the London, New York and Sydney open prices.

SL is 5 to 7 pips.

TP is whatever you can get before it goes against you.
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Old Jan 14, 2008, 9:25am   #2
Joined Dec 2002
Question Re: THE BUY ZONE - TheRumpledOne

I've been looking at the BUYZONE indicator on my background chart this morning, and it has presented decent opportunities.

The success of this approach to a large extent would depend on being able to trade with low spreads without being impeded by your broker. For example, i would think that trading a fixed 3-pip spread on GBPUSD would go a long way to reducing the effectiveness of this scalping approach, as you'd struggle to cover the spread. Speed of execution also being important.




Quote:
Originally Posted by TheRumpledOne View Post

THE BUY ZONE RULES:

The long zone is the Open Price + .0003 and +.0004.

The short zone is the Open Price - .0003 and -.0004.

For the USDJPY use .03/.04 instead.

Go long on green (bull) candle in the long zone and short on red (bear) candle in short zone.


I reset the Buy Zone at the start of the hour.

Or you can use the London, New York and Sydney open prices.

SL is 5 to 7 pips.

TP is whatever you can get before it goes against you.
Do you, when the bid price on the chart, hits the the "LgBot" price go long, and short at the "ShTop" price? (i.e. when the chart bid price hits the middle/least extreme lines/levels of the 4)

Thanks.

PS. cool band TRO . Refering to TRO's member profile.
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Old Jan 14, 2008, 9:46am   #3
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If that is the case then trading with a direct access broker may be the only way forward. The approach is still good though and I am looking forward to using it once I have things in place.


Paul
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Old Jan 14, 2008, 12:42pm   #4
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If that is the case then trading with a direct access broker may be the only way forward. The approach is still good though and I am looking forward to using it once I have things in place.


Paul
I suppose it could be tried with wordspreads up to 100 per pip, who have 1pip USDJPY, AUSUSD, EURUSD & 2p GBPUSD spreads from 0800-1600. I suspect it'd only be a matter of time before they put you on dealer referal though, as this is scalping....

Last edited by JTrader; Jan 14, 2008 at 12:49pm.
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Old Jan 14, 2008, 3:31pm   #5
 
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TheRumpledOne started this thread I use EFX: Experience Forex Freedom as my forex broker. There is NO FIXED SPREAD in forex. It's a myth!

It's like when I go to Mexico and I want to buy Pesos. I walk around and look for the best exchange rate. If one place is give 10.95 to 1 and another is giving 10.85 to 1, who do you think gets my business?

It is the same in the forex market.

At EFX, when I trade USDJPY, all I need is 2 gross pips and I am making money. At the FIXED SPREAD BANDITS, whoops, I mean BROKERS, you need 3 or 4 pips just to breakeven.

It's about time forex traders become aware of what is going on.
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Old Jan 14, 2008, 3:32pm   #6
 
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As you can see, another successful Buy Zone trade was triggered.
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Old Jan 14, 2008, 3:34pm   #7
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Question Re: THE BUY ZONE - TheRumpledOne

Quote:
Originally Posted by TheRumpledOne View Post
I use EFX: Experience Forex Freedom as my forex broker. There is NO FIXED SPREAD in forex. It's a myth!

It's like when I go to Mexico and I want to buy Pesos. I walk around and look for the best exchange rate. If one place is give 10.95 to 1 and another is giving 10.85 to 1, who do you think gets my business?

It is the same in the forex market.

At EFX, when I trade USDJPY, all I need is 2 gross pips and I am making money. At the FIXED SPREAD BANDITS, whoops, I mean BROKERS, you need 3 or 4 pips just to breakeven.

It's about time forex traders become aware of what is going on.
Cheers TRO.

When you are trading USDJPY for example, how big is the spread (+ any seperate commission) typically?
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