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Futures and Forex
MoneyZone and Forex question
Last Activity 2/14/2018 4:39 PM
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lorditup

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Subject : MoneyZone and Forex question
Posted : 9/14/2012 10:57 AM
Post #27200

Hi

Can the MoneyZone plug-in be applied to Forex trading

Thanks Guys
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jawjahtek

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Subject : RE: MoneyZone and Forex question
Posted : 9/14/2012 11:59 AM
Post #27201 - In reply to #27200

The Money Zone module is based on finding support and resistance price levels, especially in multiple time frames (daily, weekly, etc.).
This is a well established approach in stocks.
However, currencies are typically traded with trend following systems.
Trend following systems are the opposite of support/resistance systems.
While it is always possible that a support/resistance method could work, I personally would not use a support/resistance method in Forex.
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lorditup

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Subject : RE: MoneyZone and Forex question
Posted : 9/14/2012 1:49 PM
Post #27202 - In reply to #27200

Thank you jawjahtek, appreciated.

My main concern as I trade forex would be if the plug-in used volume as part of its computations.

Your remarks regarding supp/res leads to me another question which is this:- Does the money zone plug-in use pivot calculatios as part of its computations?
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julesrulesny

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Subject : RE: MoneyZone and Forex question
Posted : 9/14/2012 3:36 PM
Post #27203 - In reply to #27200

The only system I have found able to use is MZ Breakout.. And get relatively good signals. So, I do include it often as part of my strategy list on occassion..

As Jawjatek described Forex being a trend following market, he is correct. But this doesn't necessarily restrict the trader in only being able to trade certain methods or systems..

Anyways, I primarily trade Breakouts, Patterns in Forex and lately works well for me, including Support Resistance systems. Some may not as they may want to include Volume with Support Resistance, like any pattern. But, this doesn't mean it won't work. As I trade a variety of patterns using OT on the Forex Markets..

But you are correct in your worries about any system based on a volume approach - It just wouldn't work exactly as described. And would require you to see for yourself sort to speak.. (There has been some discussion in the past using MZ on Forex. not a whole lot but in previous discussions some mentioned about using Profit Bands on Forex - this is basically the ONLY plugin that really shouldn't be used on Forex. All other plugins, including MZ you can or should be able too..)

If you were going to buy MZ soley to trade Forex, I would avoid it.. But, I do suggest getting it, testing it out. FYI - For whatever reason, I get more signals using the original MZ Breakout Sys as opposed to MZ2 Breakout Sys.

[Edited by julesrulesny on 9/14/2012 3:44 PM]

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Jim Dean

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Subject : RE: MoneyZone and Forex question
Posted : 9/14/2012 3:50 PM
Post #27204 - In reply to #27203

MZ levels are NOT based on volumne, only on price.

The Profit Bands plugin uses volume
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lorditup

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Subject : RE: MoneyZone and Forex question
Posted : 9/15/2012 2:19 AM
Post #27205 - In reply to #27200

Hi Guys

Thanks for the response, again appreciated.

I will probably purchase MZ, I guess I can request a refund within 30 days if I find that it is not for me.

Thanks for the heads up on Profit bands.

Have a great w/e


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DanB

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Subject : RE: MoneyZone and Forex question
Posted : 9/15/2012 6:28 AM
Post #27208 - In reply to #27200

I haven't got round to testing Moneyzone with the forex markets but I only use Moneyzone (version 1) as the basis for my trading strategy. It's really good at showing the levels at which you want to be long or short.

For example, using coloured charts to show up when price crosses above and below the Value Line is a really good visual aid to show when you should be long or short, especially on the end of day and weekly time frames. It can be a little choppy in sideways markets but does a good job at showing up trends.

Confirming the colour change with a trend line break or other patterns adds another level to the confirmation, even if a signal hasn't been generated. You can almost anticipate a move, instead of predicting a move..

Here's a recent buy signal on SLV. I haven't found anything that beats it.

[Edited by DanB on 9/15/2012 6:31 AM]

Attached file : slv.png (80KB - 310 downloads)

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megabucks

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Subject : RE: MoneyZone and Forex question
Posted : 9/15/2012 12:46 PM
Post #27211 - In reply to #27208

Thanks Dan for the info
I'm studying each plugin at the mo and am just starting on .mz

A couple things to ask if poss
Ciukd you post your chart template so others like me could test it out,

Also

Are you using your own custom built strats or are you using canned strats with .mz?
If so which strategy are you using.
I'm looking at mechanical aid to supp and resists level.

Your post was good timing Dan

Jas
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lorditup

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Subject : RE: MoneyZone and Forex question
Posted : 9/16/2012 1:16 AM
Post #27212 - In reply to #27200

Hi guys

Has anyone purchased and studied the 'Trade master series for Moneyzone 2.0'. If so, what are your thoughts?

By the way, Good contributions to the thread topic.


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DanB

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Subject : RE: MoneyZone and Forex question
Posted : 9/16/2012 2:40 AM
Post #27213 - In reply to #27211

Hello Jas,

I've attached my chart template. It just displays a green background when price closes above the Developing Value Line and red when it closes below. Also have volume and CHMF displayed on the chart too..

As for strategies, I use the standard Developing Money Zone systems but use both in the same strategy. ie, I have set up one system that have both Developing MZ Breakout and Developing MZ Reversals activated. Nothing special but one big tip for you, think about using higher time frame confirmations. You'll have to have a play around with them and figure out a system you like.

Good luck,
Dan

[Edited by DanB on 9/16/2012 2:43 AM]

Attached file : Standard.otd (168KB - 285 downloads)

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megabucks

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Subject : RE: MoneyZone and Forex question
Posted : 9/16/2012 3:49 AM
Post #27214 - In reply to #27200

thankyou dan

maybe we could do a kinda trading lesson here with your chart setup so we could all follow you and understand how you read your chart?

similar to hurst with tom helget back in 2009 i think it was?

have you got any candidates in your list poss for monday?
id like to set mine up and follow you so i can then adapt to suit my method.

ive always thought moneyzone was least of my fav dan but you have shown a method i could work with and adapt

a big thankyou dan
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DanB

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Subject : RE: MoneyZone and Forex question
Posted : 9/20/2012 1:47 AM
Post #27237 - In reply to #27214

Hello Jas,

I'm afraid a recent family issue means I'll be dropping everything and won't be able to spare the time to do a training lesson at the moment.

However I set up a small website where I have posted some recent signals, ideas and the reasons behind them, feel free to have a look around. www.StockTrendSurfer.com. It's still in development but again, my time will be taken up by a more serious issue that has become a priority for the next few months.

All the best

Dan

[Edited by DanB on 9/20/2012 2:37 AM]

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julesrulesny

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Subject : RE: MoneyZone and Forex question
Posted : 9/20/2012 9:21 AM
Post #27238 - In reply to #27237

DanB,

I'm terribly sorry for this crisis in your family and I hope it can be resolved and pray for good health to you and your family!!

Check your PM.

Marc

[Edited by julesrulesny on 9/20/2012 9:22 AM]

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