DAILY WICK ZONE TRADING

[TheRumpledOne]

How do add more symbols to the dashboard on the wick zone indicator?

Enter them via inputs on the dashboard indicator.

[Columba]

Hi TRO, Mighty One and others . . .

This note is really for the little guys out there. Seeing the work of TRO and MO can be pretty intimidating, I think, but also inspiring. At least for me.

Anyway, I wanted to lob in that I often sit down to keep an eye on things at 5pm (East) as the market day begins anew following NY close.

At this point we get a fresh set of wick zones and I pay attention to the J pairs especially along with some to the A and N pairs for the next few hours. And, of course, Tokyo is not yet open at my 5pm, or 2pm in Oregon for instance for your west coast guys like TRO. The Tokyo open often brings promising zone exits.

This may not be so good . . . maybe checking on too many pairs . . . not sure since TRO seems to prefer using EJ WZ for trading. I probably do need to weed out some pairs to make watching easier. I won't look at anything without at least one side of the pair being in an open market for their region, and I won't try to track everything open either. There are some high spreads in there, although those usually offer greater rewards . . . or losses. Right or wrong, I may not allow my SL to range up or down to the other end of the wick zone. Depends how wide the zone is.

I do pay attention to the D1 HTBL. Obviously, if something is IN a WZ we can watch for it to move along out.

I pay a fair amount of attention to prior support and resistance areas and use those as targets for an exit, along with the (B)RNs. I kind of like Murrey Math, too, and often I find that useful to suggest an exit point at the next octave line. No doubt this makes almost no sense to most readers, and is certainly not essential to succeeding with D-WZ trading.

I suppose this all means I exit in profit before TRO would and take smaller profits along the way. I still kind of think that any winning trade is a good thing. I am sure MO could baffle me with 106 clever reasons to trade differently, and I am in awe of his work . . . but I'm not MO, although I do attempt to learn from him.

I do like to watch on the H1. I think you can see everything you want at that level, although I sneak down to M15 now and then.

My way is obviously not complicated, and my entries are just what TRO does as price glides out of the wick zones on all sides.

If you are thinking about introducing wick zone trading into your repertoire I heartily encourage you to do so. Simple. Logical. Profitable.

Finally, most obviously waiting for the Pacific and Asian opens is hardly the only time you can wick zone trade, but much of that a depends on your work schedule and ability to log screen time. Opportunities will surely be there while London is open and especially the NY morning. It is possible to get 2 or 3 successful trades in the US evening, and that may be all you want or need. If you hit a personal daily pip target, I would stop. Greed kills accounts.

I've gone on too long and said too many obvious things.

Great trading to all. And watch those Horizontal Lines . . .

Columba

[TheRumpledOne]

Hi TRO, Mighty One and others . . .

This note is really for the little guys out there. Seeing the work of TRO and MO can be pretty intimidating, I think, but also inspiring. At least for me.

Should be encouraging not intimidating.
The curtain has been lifted.
You can see OZ!

[Columba]

Oh, wait . . . I think I do see OZ and TRO is the wizard!

[K-FX]

Hi there,

I'm new to the forum and new to the daily wick zone method.

From my understanding of the method, I went long above the prior day high as the prior day was bullish and current week was bullish. Is this the correct application of the method?

Thank you,
K-FX

2017-09-13_11-09-47.png (58.25 KiB) Viewed 22012 times

[MightyOne]

Hi there,

I'm new to the forum and new to the daily wick zone method.

From my understanding of the method, I went long above the prior day high as the prior day was bullish and current week was bullish. Is this the correct application of the method?

Thank you,
K-FX

2017-09-13_11-09-47.png

Yes if you're a robot, no if you are human

for_you.png (90.31 KiB) Viewed 21380 times

[K-FX]

Yep it's a fair point, MO.

So if I observe your annotations I can comment in hindsight as follows.

During Asia price attempted twice to breakout above the prior day high and was sold off.

Although there was a break higher during London to trigger the breakout long and make a new high for today, the pattern of the Asian sell off continued and price was promptly sold.

[MightyOne]

Yep it's a fair point, MO.

So if I observe your annotations I can comment in hindsight as follows.

During Asia price attempted twice to breakout above the prior day high and was sold off.

Although there was a break higher during London to trigger the breakout long and make a new high for today, the pattern of the Asian sell off continued and price was promptly sold.

All that I am saying is that you can play Chess by simply learning how the pieces move but you can't get really far against a skilled opponent without making observations and mentally seeing the path to success.

Similar to Chess, you have standard: opening moves, reactionary moves, fighting for control of certain areas, etc.

There is no best move, just moves that are better than others.

[elkin.fernandez]

MO writes like a monk. LOL.

If he knew that I have a lot of his message in my TG AutoChat.

Everyday I review them and SEE clearer.

[gilly]

Good morning TRO,

Just made a donation to you. Thank you for all your hard work and effort to help others succeed.