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  • #181
  • Oct 10, 2012 11:42am Oct 10, 2012 11:42am
Quoting tmoney5474
Any questions on the new setup? I will start posting trades with SL and TP levels using the ZIGZAG.

Let me know if you have questions.

Thanks
would be interesting to see an axample how the zig zag will confirm that the price is heading in to the direction of the bigger channel. Thanks.
  • #182
  • Oct 10, 2012 11:51am Oct 10, 2012 11:51am
Quoting tmoney5474
Any questions on the new setup? I will start posting trades with SL and TP levels using the ZIGZAG.

Let me know if you have questions.

Thanks
I suppose entry is only after closed candle.

Where are sl and tp levels?

I see 2 sensible sl : very tight one and right below (above) last swing low (high).

1st sensible proft target for me would be midline
  • #183
  • Oct 10, 2012 11:55am Oct 10, 2012 11:55am
Quoting Saintsurfer
would be interesting to see an axample how the zig zag will confirm that the price is heading in to the direction of the bigger channel. Thanks.
Its not going to confirm FOR SURE price is heading back into the direction of the bigger trend but its a strategy that does what I KNOW works. Trades with the longer term trend, after a counter trend move (thus why we take trades above or below the Daily mid line, above for shorts, below for longs) and trades AFTER a confirmation of a medium term trend SHIFT back INTO the longer term direction (Using trend 101 analysis, higher highs, lower lows).... THEN waits for a move back to the SHIFT area (which a lot of times forms great supply and demand levels) and that is where we trade. TP and SL can be placed based on the most recent pivot highs and lows based on ZIGZAG.

This business doesnt need to be as hard as we make it a lot of time. Most of the time, we have a GREAT way to trade and for some reason keep searching for that next best thing and never take the time to build confidence in a simple, money making strategy.

Make sense?
  • #184
  • Oct 10, 2012 12:01pm Oct 10, 2012 12:01pm
Quoting ARTjoMS
I suppose entry is only after closed candle.

Where are sl and tp levels?

I see 2 sensible sl : very tight one and right below (above) last swing low (high).

1st sensible proft target for me would be midline
ART, nice thing about this way is you dont need to wait for candle closes. You can place a bunch of limit orders and wait for them to hit. For example, GBPCHF - You could set a limit sell order to sell at 1.5130 (trend shift). Might not get up there but it is a somewhat set it and forget it.

Make sense?
  • #185
  • Oct 10, 2012 12:46pm Oct 10, 2012 12:46pm
I think these 2 following maxims pretty much sums up your trading main idea:

"Trade with the trends, rather than trying to pick tops and bottoms."
"In uptrends, buy the dips; in downtrends, sell bounces."

What you basically did here is provided a set of rules that define in which way is the trend and then when bounce or dip has been hopefully reached.

Now... can I ask what's your opinion about these 2 maxims? Do you use these and if so then how...(Keep it short, I don't want it to go off topic)

"A buy signal that fails is a sell signal. A sell signal that fails is a buy signal."
"Let profits run, cut losses short."
  • #186
  • Oct 10, 2012 1:22pm Oct 10, 2012 1:22pm
Quoting ARTjoMS
I think these 2 following maxims pretty much sums up your trading main idea:

"Trade with the trends, rather than trying to pick tops and bottoms."
"In uptrends, buy the dips; in downtrends, sell bounces."

What you basically did here is provided a set of rules that define in which way is the trend and then when bounce or dip has been hopefully reached.

Now... can I ask what's your opinion about these 2 maxims? Do you use these and if so then how...(Keep it short, I don't want it to go off topic)

"A buy signal that fails is a sell...
"Trade with the trends, rather than trying to pick tops and bottoms."
"In uptrends, buy the dips; in downtrends, sell bounces."

CORRECT!

"Let profits run, cut losses short." - In a perfect world, yes. But this mindset, without a plan or TP plan can end up giving back much of the profit. This is somewhat, "home run" trading. Looking for that 500-1000 pip move. That isnt for me. We have enough opportunity for trades to have solid TP and SL levels and not be upset that we missed a larger move that happend after a good trade.

"A buy signal that fails is a sell signal. A sell signal that fails is a buy signal." - Sometimes but most of the time NO. With proper trade management you will have stops but still be right on direction and know it. That doesnt mean move your stop, it means let the stop hit, reassess the technicalls and dont be afraid to reenter the trade. As long as the trade is entered with discipline and not on an emotional basis.
  • #187
  • Oct 10, 2012 1:32pm Oct 10, 2012 1:32pm
Yes, question here. Do you also wait for the NLZZ to line up - pointing down for a long and up for a short?
  • #188
  • Oct 10, 2012 1:34pm Oct 10, 2012 1:34pm
Yes, question here. Do you also wait for the NLZZ to line up - pointing down for a long and up for a short?[/quote]
  • #189
  • Oct 10, 2012 1:45pm Oct 10, 2012 1:45pm
Quoting Imagine FX
Yes, question here. Do you also wait for the NLZZ to line up - pointing down for a long and up for a short?
[/quote]

Yes, as you can see in the charts posted yesterday, the NLZZ needs to confirm the trend of the daily. It doesnt need to be "pointing up" or "point down", it needs to be in a confirmed down or up trend. Then trades are taken at the last SHIFT price. (Last pivot confirming the shift in trend back to the long term direction).
  • #190
  • Oct 10, 2012 9:14pm Oct 10, 2012 9:14pm
NEW TRADE:
Short - EURCAD 1.0075, TP 1.0015, SL 1.011
(FYI - Zigzag pctfilter set at 1)
Attached Image (click to enlarge)
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  • #191
  • Oct 11, 2012 1:45am Oct 11, 2012 1:45am
I don't really get what triggers your entry.

I see: downward channel (ok); supply area (ok); but that trend shift thing isn't clear to me. Well at least in examples you provided before I saw something else.
  • #192
  • Oct 11, 2012 6:18am Oct 11, 2012 6:18am
Quoting ARTjoMS
I don't really get what triggers your entry.

I see: downward channel (ok); supply area (ok); but that trend shift thing isn't clear to me. Well at least in examples you provided before I saw something else.
I saw this trade late or I would have gotten in directly at the trend shift. Stop could have been much tighter. Above the last swing high.
Attached Image (click to enlarge)
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  • #193
  • Oct 11, 2012 11:52am Oct 11, 2012 11:52am
but...

"We then take trades in a downtrend ABOVE the daily mid line and in a uptrend BELOW the daily mid line."

Or rules are meant to violate them?
  • #194
  • Oct 11, 2012 6:50pm Oct 11, 2012 6:50pm
Quoting ARTjoMS
but...

"We then take trades in a downtrend ABOVE the daily mid line and in a uptrend BELOW the daily mid line."

Or rules are meant to violate them?
It is above. Its not WAY above, but it was above. This was a textbook trade. If you took the trade at the supply level and put the stop above the pivot your risk/reward was great and the trade worked just as it should have.

For those keeping track. I hate to pat myself on the back but for all the trades I've posted, a chunk of them have worked out. Hopefully some people are taking note and trying to make some money. Remember, its not that hard...
  • #195
  • Oct 11, 2012 6:54pm Oct 11, 2012 6:54pm
LONG USDJPY - 78.41

4H zigzag uptrend confirmed. Getting a trade off prior supply that looks to becoming demand.

SL - 78.20, TP - 78.65
  • #196
  • Oct 11, 2012 7:13pm Oct 11, 2012 7:13pm
Quoting tmoney5474
It is above. Its not WAY above, but it was above. This was a textbook trade. If you took the trade at the supply level and put the stop above the pivot your risk/reward was great and the trade worked just as it should have.

For those keeping track. I hate to pat myself on the back but for all the trades I've posted, a chunk of them have worked out. Hopefully some people are taking note and trying to make some money. Remember, its not that hard...

Noted Tmoney! It wouldn't be that hard to check but my guess is you're probably about 10-12 wins to 3 or so losses.

You've got our attention.
  • #197
  • Oct 11, 2012 7:40pm Oct 11, 2012 7:40pm
Quoting tmoney5474
It is above. Its not WAY above, but it was above. This was a textbook trade. If you took the trade at the supply level and put the stop above the pivot your risk/reward was great and the trade worked just as it should have.

For those keeping track. I hate to pat myself on the back but for all the trades I've posted, a chunk of them have worked out. Hopefully some people are taking note and trying to make some money. Remember, its not that hard...
Well, I was referring to the trade you missed...

I agree that the trade you took was reasonable, logical and, besides, who is going to argue against success...?. What concerned me was the thing that I just didn't feel like it has anything to do with zig-zig indicator....

Actually this is the first time within this thread that I see you taking top-catching trade. And previously you gave arguments that touched subject of trading psychology - confidence. We now have more confidence or the opportunity was just too good?

It is a great thing if you can, recognize high probability trades slightly outside of pre defined set-up, but some get inspired too much...

Nonetheless.. excellent thread.
  • #198
  • Oct 11, 2012 7:51pm Oct 11, 2012 7:51pm
Quoting ARTjoMS
Well, I was referring to the trade you missed...

I agree that the trade you took was reasonable, logical and, besides, who is going to argue against success...?. What concerned me was the thing that I just didn't feel like it has anything to do with zig-zig indicator....

Actually this is the first time within this thread that I see you taking top-catching trade. And previously you gave arguments that touched subject of trading psychology - confidence. We now have more confidence or the opportunity was just too good?

It is a great thing if...
Im not sure I fully understand what you mean by "top-catching trade'. This still fits within the theme of the entire thread I think. It was in a daily down trend, the pivot had been broken to confirm the downtrend back around the 2nd of oct. Then price moved back into what I call the "trend shift" area where price confirmed the downtrend, this is where I took the trade. Like you said before, its trading with the longer term trend after a shorter term counter trend move, into supply or demand. Thats the theme. Hopefully Im not giving the thought that Im moving away from those core concepts because thats not my goal.
  • #199
  • Oct 12, 2012 12:01am Oct 12, 2012 12:01am
Quoting tmoney5474
Im not sure I fully understand what you mean by "top-catching trade'.
In this case you are trading past breakout which already succeeded and decent price movements happened after it.... it is somewhat different. At first I didn't even get what triggered your entry, but now I do.

However now there comes have another question... Suppose that last upside movement went further up... say a bit above where your stop loss level was.. or maybe even till upper channel line... and only then came back... would it still be an entry?!

I think you have provided quite a lot of entry examples and logics behind them is probably quite clear for most part. Although not everyone might recognize opportunities where one could enter after missed trade, basically entry rules are very precise and most should have no problem finding a valid trade or two.

Maybe you could share a bit of your thought process on how you choose sl and take profit levels? e.g. last trade?

Thus far I understand that you are not aiming for high R:R, and basically I also think that you are not the one will rigorously defend an opinion that "exits are more important than entries".
  • #200
  • Oct 15, 2012 2:33pm Oct 15, 2012 2:33pm
maybe good place to buy usd/chf
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