EURGBP Power Zone trade

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  • #9262
    Mike Myers
    Participant

    Hi traders,
    I am new to this forum and the Lazy Trader method but not new to FX. Just wondering if I have this Power Zone trade set up right? It’s a weekly chart. Half off at 1:1 and rest off at half way up the range.

    Cheers,

    Mike

    • This topic was modified 4 years, 7 months ago by Mike Myers.
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    #9265
    Cristian Ravalli
    Moderator

    Hey Mike,

    It ticks the boxes on a level that is at least 10 months old, it’s on the weekly and price hasn’t closed below since. Personally, I don’t trade power zones but in my view, this trade complies with the setup rules.

    What strategies do you usually trade Mike? And which markets? Do you trade precious metals at all?

    Trade well!
    Cris

    #9269
    Mike Myers
    Participant

    Hey Cris,

    I’m trading the main method taught at The Lazy Trader so reversals within trend (including ABCD pattern) or at extreme price points and range trading also. I use pin bars, engulfing bars and dojis to trigger me into trades at these points all the while using the weight of evidence approach using supportive technical reasons. Is this similar to your approach?

    I trade the Power Zone ones because of the set and forget approach but use reduced risk on the initial position.

    I trade all markets including precious metals and some of the more liquid exotics – anything that is not gappy, spread not too big.

    One of my favorite setups is the false beak pin bar false breaking a previous swing point – RSI divergence usually is present also with these so adds weight to the trade. Only thing is they don’t come around often enough!

    Mike

    • This reply was modified 4 years, 7 months ago by Mike Myers.
    #9282
    Cristian Ravalli
    Moderator

    Hey Mike,

    Yes, that’s the way I look at it. I like just reading the last few candles of the price swing to see whether the open and close in relation to previous cancers can support my analysis.

    Fair point about power zone. I do that with reversals.

    For me I trade the same way as you. Mainly interested in avoiding gaps and trading pairs with reasonable spreads.

    I love false breakouts too. As they are about as safe as it gets in terms of setups.

    Have a good week. Nice chatting to you!

    Which broker do you use?

    #9283
    Mike Myers
    Participant

    I trade with AxiTrader. I have been with them for a while, they use NY close charts, low cost on the Pro account, and they have good customer service. They also have a funding option and there are plenty of good options out there now. For example I am looking at BluFX – a subscription based funding business where you can access 1 million and keep half the profits.

    Have a great week,

    Mike

    #9294
    Cristian Ravalli
    Moderator

    Hey Mike,

    Sorry it’s been quite my end. Hope you had a nice festive period and I wish you all the best for 2020. I’m going through a nasty divorce and keep having to invest a lot of time to get future arrangements with my wife set in stone in order to be able to move on properly and focus on the future.

    Yep, I had an Axi account too. Somehow I just could never get on with MT4, so I dropped them eventually. But I agree with you on all the points you made.

    Haven’t heard of BluFX but there are quite a few of those funded accounts out there now. One needs to be careful with their T&C’s though. It’s important that you’re given a fair chance to perform and aren’t forced to place trades when there aren’t opportunities to the detriment of your own performance.

    Have a happy new year!

    #9308
    Mike Myers
    Participant

    Hey Cristian,

    Hope all that personal stuff settles down soon so you can move on to greener pastures.

    So what platform are you using then if not MT4? Something that allows more flexibility for orders?

    I have checked BluFX out and they seem to be a first in the industry – the subscription model. You pay a monthly subscription fee, almost like renting the money. 10% drawdown, trade any way you want using MT4, get paid every 5% you make and keep 50%, and no time limits to make it. How good is that. Traders seem to be loving it looking at their FB page.

    Anyway, had any trades recently that met your plan?

    #9314
    Cristian Ravalli
    Moderator

    Hey Mike,

    Hope you had a good weekend. Thanks for your kind words. Yes, in 2020, things can only get better. I’m moving in the right direction. All you can do is your own bit. 🙂

    I have been using ProRealTime (directly free EOD) platform and TradingView. I just like to have multiple timeframes on the same screen. Obviously, it is doable with MT4. I just never quite liked the sharpness and definition in MT4. Having said all of that, I never really got any deeper than beginner level on MT4. I am no benchmark.

    Sounds very good. I especially like that you don’t have any time limits and amounts of trades you need to take. I think that puts unnecessary subconscious pressure on the trader.

    To be honest, I just keep an eye on the markets at the moment to not lose the habit but haven’t traded. I am just not in the right state of mind for it.
    I like the idea of a long on AUDUSD though, not really a technical set up there. Maybe next week? NZDUSD already looks better than AUDUSD.

    I am a bit tired now, I got to take a look at the markets properly tomorrow and will post a separate treat on it. Do you trade commodities at all Mike?

    Happy Trading!
    Cris

    #9315
    Mike Myers
    Participant

    Out of all the commodities available on MT4 Gold and oil are the main ones I keep tabs on. I occasionally look at platinum also. How about you?

    #9318
    Cristian Ravalli
    Moderator

    Hey Mike,

    I look at platinum, palladium too but also at sugar, soybean and wheat. I find that some of these commodities move really well once they start going. I use TradingView over OANDA to look at them. TradingView is also available for free to download with quite a bit of EOD data. Do you know it at all?

    Be interesting to see how gold closes this week. It looks reluctant to go lower right now. What’s your view on gold? Do you use equity clock?

    Cheers
    Cris

    #9320
    Mike Myers
    Participant

    As much as I’d like to, I don’t trade any softs merely due to their opening hours being when I’m asleep. I live in Brisbane, Australia so I am limited to commodities open during my waking hours. I guess that’s why I only trade commodities open 24/5 and indexes for the same reason.

    I love TradingView! It’s my go to charting platform before putting orders in on Mt4.

    Gold: 1556 seems to be the line in the sand right now so I’ll wait until that is broken before thinking of going long. I haven’t used equity clock much but might glance at it more now that you have mentioned it.

    Still long in EURGBP second position after cashing out the first one from the power zone hard level trade.

    #9325
    Cristian Ravalli
    Moderator

    Hey Mike,

    Makes sense, with regards to the opening hours for soft commodities. Anyway, it’s safer to trade what’s mostly open because of any gap risks.

    Did you download any offer plug in for MT4. I mean, when you buy, do you just place the order at current spread plus 1? Or spread at the time when the candle closed?

    Gold isn’t clear enough for my liking either. I think we will just have to wait another week to see what happens.

    Have you put your stop below last week’s low or are you managing it more loosely EURGBP?

    Have a good trading week!
    Cris

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