Tuesday, April 15, 2008

Buy Zone or AAPLing the Juice

Buy Zone is the very simple trading setup based at classic breakout strategy with very small breakout straddle width. It was introduced by Avery The Rumpled One at http://www.kreslik.com/.

Originally it was used for trading AAPL and some other tickers at the beginning of the trading session. Avery says that the trading setup is "so easy as to wake up in the morning and to squeeze some apple juice". Sweet apple juice. Later Avery began to use this setup for currency trading at session open, i.e. Tokyo, Sydney, NY open breakout. Then he found that this seup can be used every hour not only session open. He traded GBP, EUR, but now he trades JPY only. Why? Because the comission for this pair is the lowest one, the spread is usually 0-1 pip, no sudden spikes as with GBPUSD. But Avery used Tradestation and he wrote all the indicators for it. So many traders asked somebody to code the BuyZone for Metatrader.

My small contribution for the BuyZone was writing the bz_everyhour.mq4 - so after that I inspired Avery and other pirate traders to code extra stuff for MT4.

So look at the right picture. The buy entry is when the price is within 2 blue lines. Opposite entry - 2 red lines. No stops - opposite entries (personally I do not reverse). You must begin to think about close and reverse whe price returns to hour open dash line. The takeprofit is ~6 pips, do not be greedy. The setup is very simple. Do you believe that "cool" indicators will help you to earn money? Trade the price but not indicators.

P.S. You can visit http://www.kreslik.com/ and download all the extra stuff and documentation for the BuyZone absolutely free.

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