{quote} Most pairs look to buy against the dollar including GJ and EJBest of luck
Happy for you!
- #661
- Jul 15, 2015 5:18am Jul 15, 2015 5:18am
- Joined May 2009 | Status: Consistency is Key!! | 1,297 Posts
Happy for you!
- #662
- Jul 15, 2015 5:20am Jul 15, 2015 5:20am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
{quote} Be careful mate! Scalping shorts are ok but please manage the risk well as there will be some USD shorting soon! GL and well done again with your trading
Thanks for the kind words!
A pip is only worth it if you know how much you risked to earn it
- #663
- Jul 15, 2015 5:24am Jul 15, 2015 5:24am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
{quote} Cheers mate. Yep, no shorts on GU. I looked at the 15M and it invalidated any 5M setup. Larger timeframes rule! Thanks for the kind words!
Overall the upward flag is valid without any mispricing as far as I can tell. Eg. The initial spike up (left of the chart) was retraced 2x and each COBB move higher followed TZ h values through to the current swing down. The swing down is in essence buyers looking to purchase a discount pre-empting shorts on Dollar (as Josh mentioned).
A pip is only worth it if you know how much you risked to earn it
- #664
- Jul 15, 2015 5:29am Jul 15, 2015 5:29am
- Joined May 2009 | Status: Consistency is Key!! | 1,297 Posts
{quote} ZZBB Method shows that GU has spiked a swing Low close outside of bollinger band (COBB) which means the next leg must be produce a high. The target of such a leg would at least be the last swing high (which also was COBB). Overall the upward flag is valid without any mispricing as far as I can tell. Eg. The initial spike up (left of the chart) was retraced 2x and each COBB move higher followed TZ h values through to the current swing down. The swing down is in essence buyers looking to purchase a discount pre-empting shorts on Dollar (as...
- #665
- Jul 15, 2015 6:15am Jul 15, 2015 6:15am
- Joined Jan 2010 | Status: Trader | 1,448 Posts
{quote} Be careful mate! Scalping shorts are ok but please manage the risk well as there will be some USD shorting soon! GL and well done again with your trading
- #667
- Jul 15, 2015 6:31am Jul 15, 2015 6:31am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #668
- Jul 15, 2015 7:23am Jul 15, 2015 7:23am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #670
- Jul 15, 2015 7:51am Jul 15, 2015 7:51am
- Joined Oct 2011 | Status: quo | 4,193 Posts
As Above, So Below
- #671
- Jul 15, 2015 8:03am Jul 15, 2015 8:03am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
Hi Vlady, Could you please take a look at this. When the price hit the upper boundary of the bollinger I expected the zigzag leg, there was non. Is a continuation of the trend down highly probable? {image}
As far as the ZZ technical reason... it's not clear cut.
I can't recall just now what settings there are in the ZZ indicator... I think there is a sensitivity number that dictates whether it will create a new ZZ leg. I suspect that the leg is not "long" enough in price or whatever the setting is. I used to get this problem in the early days of Eurusdd's Similarity Thread. In the end, one of the templates I was using had a setting for the Bollinger where if the price did not close outside, it would basically not produce a ZZ leg even though it should. That would mean price return (eventually).... it actually throws the sequence out.... top, bot, top, bot, top, top, bot, top, bot... which means the level of the top should be revisited.
I've compared this to mine and we're similar. Here's what I think (as far as ZZBB):
- the general misprices are red x as they did not close outside of BB. This represents change of trend but not because demand met supply met exhaustion.
- the light blue box is a specific setup that to me registers an up move, which happened also at the misprice level.
- the next sequence should be a bottom...this would be a better setup to indicate upward movement.
- if the next sequence is not a bottom... i then look at Bollinger Band Middle. This must remain intact in order to not invalidate the ZZBB top.
As of writing, EJ has broken BB mid so it looks like lower... but I would wait to see what happens if it closes outside BB. If it stalls and reverses, it's a Long and target the "mispriced"/missing ZZLeg top.
I know this is a bit convaluted but it's not a straightforward scenario. Hope this helps.
Edit:
It's for these reasons that I don't rely on one single strategy. I layer it with other technicals. Eg. The EMAs are providing support so if broken or bounced, I would also use that to justify or negate a proposed trade plan that I'm considering. BTW I can only really do this level of analysis at higher timeframes. Smaller ones can't be done in the same amount of time. My entries are done on 5M.
A pip is only worth it if you know how much you risked to earn it
{quote} From a completely different (non-zigzag) reason, yes it looks like continuation upwards. The MACD you are using has similar properties to how I use it (I'm making a big assumption here but I am quietly confident you are). It suggests higher since the price consolidation occurred whilst macd was in negative.
Thanks for the expose.... I noticed the miss-pricing, I'll wait for the next hour and see what the the price says..
My help is in the name of the Lord who made heaven and earth.
- #673
- Jul 15, 2015 9:06am Jul 15, 2015 9:06am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #674
- Jul 15, 2015 9:32am Jul 15, 2015 9:32am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #675
- Jul 15, 2015 9:35am Jul 15, 2015 9:35am
- | Membership Revoked | Joined Jun 2007 | 3,782 Posts
{quote} From a completely different (non-zigzag) reason, yes it looks like continuation upwards. The MACD you are using has similar properties to how I use it (I'm making a big assumption here but I am quietly confident you are). It suggests higher since the price consolidation occurred whilst macd was in negative.
- #679
- Jul 15, 2015 11:00am Jul 15, 2015 11:00am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #680
- Jul 15, 2015 11:07am Jul 15, 2015 11:07am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it