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profitable Zigzag

  • #121
  • Apr 7, 2010 11:35am Apr 7, 2010 11:35am
Hi all,

Here is my result for todays setup.

Buy hit SL--46 Pips

Sell hit TP--46 Pips

Today-- 0 Pips

Net Pips to date +49pips.

Seems to be plenty of double trades (both sell and buy trades).

M
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 7 April Result.jpg Size: 68 KB
To keep trading, even when it gets hard.
  • #122
  • Apr 7, 2010 2:55pm Apr 7, 2010 2:55pm
Quoting MichaelSA
Hi all,

Here is my result for todays setup.

Buy hit SL--46 Pips

Sell hit TP--46 Pips

Today-- 0 Pips

Net Pips to date +49pips.

Seems to be plenty of double trades (both sell and buy trades).

M
Probably, you might want to think about cancelling other trade when one trade is triggrred. Since it is 15 min chart, based on the volatility of the pairs some pairs have lot of noise before they pick the direction.
My 2 cents.
  • #123
  • Apr 7, 2010 3:58pm Apr 7, 2010 3:58pm
Hi, just in Easter time i found this nice thread here. Was reading from beginning, and found out that this way of looking on the market can help me on my trading method. My trading system is to trade on HH,HL,LH,LL. So, sometime it is not easy to find these areas, but with this ZZ i found nice way to manage my trading. I start it on small time frame 5min, as i can be near my comp almost all day from London to Ny close. But it all practising on demo. When i look on 1h its looks even better. Not saying hop before jump over, but looks promising if i use trend begining, confirmed by ZZ. I am not jumping in a trade on a brake ZZ, i am trying to find some LH or HL forming in ZZ channel and then put my order. Thats give me smaller sl on 1h, and most of the time when ZZ is broken price coming back for retest that level and even chage direction to previous trend, in this case i have possibility to set my sl on BE to see, how the things will play out. Hope join your discussion and share some charts from me too.
  • #124
  • Apr 7, 2010 4:27pm Apr 7, 2010 4:27pm
Here is two my trades, one is fine other not. I have put note on charts.
P.S.
eur/jpy i have sold (short) and aud/usd i bought (long).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ey1h.gif Size: 47 KB
Click to Enlarge Name: au1h.gif Size: 36 KB
  • #125
  • Apr 7, 2010 6:14pm Apr 7, 2010 6:14pm
Quoting dzero
Here is two my trades, one is fine other not. I have put note on charts.
P.S.
eur/jpy i have sold (short) and aud/usd i bought (long).
Hi dzero,

I always wanted to enter with smaller SL, but the thing is when you enter closer to the ZZ pivot, the ZZ pivot is not fixed.

I have been considering laying out two ZZs on a chart, one with bigger numbers like 13, 5,5, the other with smaller numbers 3,3,3, so that I can trade smaller ZZ inside the larger ZZ. Although it looks interesting in hindsight, I'm not sure if it's practical.

My idea is when the direction of the breakouts of two ZZs lines up, you enter the trade with the SL of smaller ZZ. This way, you can get more opportunities with much better SL. When the bigger ZZ consolidates you'll would be in trouble. So I'm really not sure if it works in a long run.
  • #126
  • Apr 7, 2010 8:48pm Apr 7, 2010 8:48pm
Quoting dzero
Hi, just in Easter time i found this nice thread here. Was reading from beginning, and found out that this way of looking on the market can help me on my trading method. My trading system is to trade on HH,HL,LH,LL. So, sometime it is not easy to find these areas, but with this ZZ i found nice way to manage my trading. I start it on small time frame 5min, as i can be near my comp almost all day from London to Ny close. But it all practising on demo. When i look on 1h its looks even better. Not saying hop before jump over, but looks promising if...
Welcome dzero.

Just curious - How do you trade using HH,HL,LH,LL candel setup ?

However, I guess it is good if we can use these setup for Sl purposes within the swing.

Were both your trades are on 15 min chart, right ?
  • #127
  • Apr 7, 2010 11:18pm Apr 7, 2010 11:18pm
If you look at a 1H chart by zooming out like this, you may notice that the smaller the range the better the RR would be. Below is a 1H EUR/JPY chart. So I think it's a good idea to pick a range about 100 pips or less. If you pick a big range, then you may have hard time recovering from losses.

Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 24 KB
  • #128
  • Apr 8, 2010 1:04am Apr 8, 2010 1:04am
Modified the stop on EJ 1H.

Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 21 KB
  • #129
  • Apr 8, 2010 1:10am Apr 8, 2010 1:10am
Morning,
So, as i mentioned that aud/usd is not nice, so where stop out.

Far East Man,

When i put my order in to the market there was fixed ZZ, only after brake of lower ZZ it change to smaller one, the previous high on ZZ i draw on chart manually. Of course this setup was far away from what i would be satisfy, but that is just example. You where thinking of putting other ZZ, i dont know but for me it is also late signal. The best, i think is candle formation and on top nice looking candle brake is more better. It can be pin, dark cloud, or any which you use to find some high probability to change direction.

cprao


I attached one simple example of trend, and how it can change in any time, that the reason i am trying to get in in to trade in first first confirmed LH or HL. And now with this fixed ZZ, thanks to stevegee58 for making nice update on ZZ, i can clearly see tops, HH,LL,LH,HL. So, you can trade them on two ways, first how it is describe in this topic from beginning on brake each new highs/lows or you can go in to the market when candle forms some HL or LH.
Hope it can help.
Both charts where on 1H.
Attached Image (click to enlarge)
Click to Enlarge Name: trends.jpg Size: 37 KB
  • #130
  • Apr 8, 2010 1:53am Apr 8, 2010 1:53am
Morning all,

So it is 07h50 UK time, I open my charts to place my orders and this is what I see.

So what to do?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 8 April Question.jpg Size: 59 KB
To keep trading, even when it gets hard.
  • #131
  • Apr 8, 2010 1:57am Apr 8, 2010 1:57am
Quoting cprao
Probably, you might want to think about cancelling other trade when one trade is triggrred. Since it is 15 min chart, based on the volatility of the pairs some pairs have lot of noise before they pick the direction.
My 2 cents.
Morning cprao,

The problem is if I cancel the one order after the first order is triggered then I would end up with a loss.

At least now with both orders being triggered I end up break even (Just end up paying the broker for the spread- but that doesn't change my P/L)

M
To keep trading, even when it gets hard.
  • #132
  • Apr 8, 2010 2:10am Apr 8, 2010 2:10am
Quoting MichaelSA
Morning all,

So it is 07h50 UK time, I open my charts to place my orders and this is what I see.

So what to do?
The best way to wait for new confirm of ZZ, and then put your orders. Chanel is to small in my option
  • #133
  • Apr 8, 2010 2:11am Apr 8, 2010 2:11am
Quoting MichaelSA
Morning all,

So it is 07h50 UK time, I open my charts to place my orders and this is what I see.

So what to do?
The range is big. But my concern is there will be two major UK-related news events. If you want to do it 100% mechanically, you have no choice but flip the coin.

If the news outcome gives a massive boost, there would be a chance to fill either side of the profit targets, but it would be a bit riskier. With that said, honestly, if I were you I won't take it today. If you are on a demo or a tiny experimental account like mine, anything would be ok. You can even learn from losses if it turned out to be a loser.
  • #134
  • Apr 8, 2010 2:18am Apr 8, 2010 2:18am
Quoting dzero
The best, i think is candle formation and on top nice looking candle brake is more better. It can be pin, dark cloud, or any which you use to find some high probability to change direction.
Hi dzero,

Yes, candle formations are sometimes very powerful, but they are, at the same time, highly dependent upon personal recognition. But, yea, if you use them as an additional confirmation in relation to other indicators or price actions, they could work.
  • #135
  • Edited 2:25am Apr 8, 2010 2:24am | Edited 2:25am
Hi

Here is my setup for today.

Swing High @ 1.5201

Buy @1.5206 TP 1.5239 SL 1.5173 (Risk/Reward 33 pips)

Swing Low @ 1.5174

Sell @ 1.5173 TP 1.5140 SL 1.5206 (Risk/Reward 33pips)

Today's orders are not exactly according to the rules. I chose the Swing High because there was clear rejection of 1.5200, and I chose the Swing Low because it was the low for the day and the low of Frankfurt open.

Time will tell.

M

Edit--- Sell order triggered while writing this.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 8 April Setup.jpg Size: 69 KB
To keep trading, even when it gets hard.
  • #136
  • Apr 8, 2010 2:28am Apr 8, 2010 2:28am
Quoting MichaelSA
Hi

Here is my setup for today.

Swing High @ 1.5201

Buy @1.5206 TP 1.5239 SL 1.5173 (Risk/Reward 33 pips)

Swing Low @ 1.5174

Sell @ 1.5173 TP 1.5140 SL 1.5206 (Risk/Reward 33pips)

Today's orders are not exactly according to the rules. I chose the Swing High because there was clear rejection of 1.5200, and I chose the Swing Low because it was the low for the day and the low of Frankfurt open.

Time will tell.

M

Edit--- Sell order triggered while writing this.
I like your decision, M. Now the downward momentum is massive. So it could work out! I pray for you.
  • #137
  • Apr 8, 2010 2:31am Apr 8, 2010 2:31am
Quoting Far East Man
Hi dzero,

Yes, candle formations are sometimes very powerful, but they are, at the same time, highly dependent upon personal recognition. But, yea, if you use them as an additional confirmation in relation to other indicators or price actions, they could work.
Of course, candle location, why it stops, if there was some sup/res level. Very often nice formation is on brake ZZ, by confirming that as new res/sup level after brake. I am trying to look on as much as possible reasons to open trade.


  • #138
  • Apr 8, 2010 2:32am Apr 8, 2010 2:32am
Quoting Far East Man
The range is big. But my concern is there will be two major UK-related news events. If you want to do it 100% mechanically, you have no choice but flip the coin.

If the news outcome gives a massive boost, there would be a chance to fill either side of the profit targets, but it would be a bit riskier. With that said, honestly, if I were you I won't take it today. If you are on a demo or a tiny experimental account like mine, anything would be ok. You can even learn from losses if it turned out to be a loser.
Hi Far East Man,

I forgot to check the news releases-- However the sell order has been triggered so will let the day play out. As you can see from the chart I posted I have used different SH and SL. A risky move, however trading is risky.

Hope your 1hr sells are going well.

M
To keep trading, even when it gets hard.
  • #139
  • Apr 8, 2010 2:36am Apr 8, 2010 2:36am
Quoting MichaelSA
Hi

Here is my setup for today.

Swing High @ 1.5201

Buy @1.5206 TP 1.5239 SL 1.5173 (Risk/Reward 33 pips)

Swing Low @ 1.5174

Sell @ 1.5173 TP 1.5140 SL 1.5206 (Risk/Reward 33pips)

Today's orders are not exactly according to the rules. I chose the Swing High because there was clear rejection of 1.5200, and I chose the Swing Low because it was the low for the day and the low of Frankfurt open.

Time will tell.

M

Edit--- Sell order triggered while writing this.

Hi M

I also agree that decision is right. Trending down really nice this London open.
  • #140
  • Apr 8, 2010 2:43am Apr 8, 2010 2:43am
Hi all,

Just check the News- there is 7 bits of news out today for GBP and a couple for USD!!

So I have cancelled my buy order and covered my sell order @ BE +1.

Good luck to all

M
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 8 April update.jpg Size: 64 KB
To keep trading, even when it gets hard.
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