JTrader:
Tell all the traders who make money using the Buy Zone that it is a B.S. strategy.
Tell all the traders who use the opening range breakout that's B.S., too, as well as, any other breakout system.
Range Breakouts DO INDEED work. However, only when used correctly.
(the famous Turtles themselves a 20-day and 55-day range breakout. Although I think it was the High or Low rather than "opening price".)
Your BZ used on the hourlies is a variation on the Daily breakout. You have simply assumed it would work on a different time-frame.
There is a recent post by TheBramble asking members to see if Fibs work on 18-hr charts, or whether pivots work on 105-minute charts (that may be my example, but thats the gist of his post) and see if there are any patterns.
The principle is what "other traders are looking at".
Most market-movers probably do take notice of previous days/weeks ranges, and note the breakouts, but unlikely to be doing so on hourlies, hence why the BZ on hourlies is at best noise, esp when you dont factor in candlestick patterns, nor indeed action relative to previous several bars.
So, breakouts on dailies are not BS, but on hourlies are tougher to trade. Even more so, when spreads have to be considered.
But, I think you should at least acknowledge bansirs strength of mind in following the BZ for a really long time.
And also acknowledge BZ doesnt work for everyone.
And applaud him for finding something that he does feel comfortable with, and seems to be making pips with, and wish him well for his future successes.
There is no one single one-size-fits-all method of trading, and some of us prefer squigglies. :cheesy:
