1) ZigZag(zz indicator) is the heads up
2) Fails at a Fib pivot
>------------------------If you like price action then you dont need the last 2 but for newbies i would use them
3) Candle Green(buy) Red(sell)
4) Stoch crossed Up(buy) Down(sell)
Always wait for the Candle to close ....If trading on H4 change fib pivots "Myperiod" to 10080 and so on, im sure you guys can figure this part out.
Those are the 4 steps....SL at last low TP 1:1-1:4 risk/reward or use S&R lines (other fib pivots)
Always wait for the candle to close. Will I always be too impatient?
Hanover and others warned about the 5% risk. This trade could realize a $ 1400.00 loss. I will simply be lucky if it turns around.
And here's the reference to the 10080 for H4 and higher. I don't know what to think about that setting.
Always wait for the candle to close. Will I always be too impatient?
Hanover and others warned about the 5% risk. This trade could realize a $ 1400.00 loss. I will simply be lucky if it turns around.
And here's the reference to the 10080 for H4 and higher. I don't know what to think about that setting.
Ignored
Dont forget its best to trade with the trend.
We can trade against it but remember it's only a retracement so we need to be cautious when it goes back to its original trend.
This is where winners become losers.
When the internal struggle ends, everything becomes easy - Mr. Douglas
Dont forget its best to trade with the trend.
We can trade against it but remember it's only a retracement so we need to be cautious when it goes back to its original trend.
This is where winners become losers.
Ignored
Thanks for your input lananpips,
So let's discuss the current charts.
Here is the USD/JPY D1 Chart.
Do I consider the trend up as notated with the big #3?
And therefore, buying the USD/JPY is trading with the trend??
On the USD/CHF D1 Chart, is the trend down - again as noted by the #3?
Therefore, buying the USD/CHF is a counter trend trade??
Well, lananpips helped me understand the ZZ indicator better.
Still have a patience problem as I probably should have let this trade run longer...Raised the S/L tight.
Never lost money taking a profit (even if it is fake profit).
Well, lananpips helped me understand the ZZ indicator better.
Still have a patience problem as I probably should have let this trade run longer...Raised the S/L tight.
Ignored
ugo,
since i had a confusion with determining the trend, i added a 200 sma on my chart.
what i do is, if the #3 shows up above the 200 sma, i will let the price retrace and wait for a reversal signal and will trade a buy only.
if the #3 shows up below the 200 sma, i will let the price retrace and wait for a reversal signal and will trade sell only.
btw the 200 sma also acts as S/R line, we need to use a little caution when price is near it.
This is definitely not part of the system so i'm sorry if this will confuse you more.
hey there's nothing wrong on taking a profit.
its better than taking a loss.
we can always go back into a trade.
good job.
When the internal struggle ends, everything becomes easy - Mr. Douglas
