- 15 Mins Special Bars
- Momentum Analysis – Part 1
- Momentum Analysis – Part 2
- Momentum Analysis – Part 3
- Quick Recap
F ireZone, simply put, is a Buy and Sell area. It’s where we wake up and jump into action. Until then we remain dormant, in hibernation waiting for the price to start “poking” our Zones.
We start from the top, the Weekly chart.
We draw Buy and Sell zones where we think the price could break out. These lines usually represent high and low from the most recent or a previous candle. We draw these lines based on several factors which are a matter of a different discussion. But we will cut to the chase and get to the good part first.
Once finished with the Weekly charts, we move on to the Daily and 8Hr. We perform the same analysis and determine Buy and Sell areas. After that it is a waiting game which involves the market making up its collective “mind.” While the market is doing its “thing” we wait! And wait some more! Ok, it’s not that slow, as you will see we get plenty of trades daily!
Eventually the market will reach towards one of our zones and will test the waters by “breaking out”.
That’s where a false breakout happens and we all know how those feel! But don’t worry, we have a remedy for that scenario and not just one, but actually five of them put together into one.
Every now and then we get a breakout with just the right amount of momentum, and voila! We have a trade!
Here is typical trade scenario:
Notice how the price moved sideways early in the day, forcing us also to be on the sidelines. Then bang. Market picks up momentum and we see price move below our Sell Zone. We go short with the market and ride it till it reaches our Profit Target.
Now, we have all heard of London “breakout strategies,” and some of you must have tried them at some stage in your trading career. What we do is quite different, and it all has to do with how we analyze momentum. But that’s later.
I personally don’t mind waiting around for the market to come to our zones; I have all day. But to those who can’t be around or are busy, we have created several solutions. Our mobile app delivers signals in real-time to any iPhone or Android device. Along with this feature, you can also get desktop alerts and email notifications, all in real-time. Plus the FirePips indicator will also automatically post all Buy and Sell zones directly on your MT4 charts, saving you even more time.
So here is the 3 step process:
It’s getting interesting now, right? Ok, we are done with the basics, it’s time to dig deeper…
No TIME!! That was always my problem. This Trade Copier has been long time coming, glad it is finally here.
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