dojirock wrote:Once my zlines are drawn. I stated I move up one time frame. It takes momentum to break a zline. I want to see 1hour or higher momentum break these lines before going short.
The 1st, bottom zline has had no return yet...so we skip it.
The next zline has on this hourly chart an attempt to retest it with a result of failing to do so. A down candle, a up candle. Since this line failed...I go long. Keep it simple.
The next zline has an attempt also, it gets wicked then a up candle. Another fail, I go long. Keep it simple.
The vertical lines are just to show points of reference from when the zlines were drawn so we can see that when we switch time charts.
Did you notice looking at the 30 min chart price did close below the line? It fools you. We want to see a stronger momentum. Thats why I personally move up a time frame.
Still with me....
??
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Ok Doji, your explanation is clear. One question though. Your top line was tested and you went long. But soon after price closed below that line. Does it change our bias to short or we do not look at this line after it was tested once?
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- dojirock
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Yes, but ask your self for a plan, short to where? The next zline hopefully right? Then reevaluate. Follow price.
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
- trueblueTEX
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MightyOne wrote:When you study things like poker, Chess, or even do Sudoku puzzles you get better at solving problems.
The better you are at solving problems the more faith you are going to have in yourself and your ability to turn hints into new strategy.
....
Funny you say that, MO. I started playing spider solitaire a lot on my phone a few years ago during bored times. I noticed early on that I would "feel" bad if I had a losing hand. When I realised that I was having an emotional reaction to losing at solitaire, I worked on it. Now, I laugh when I get a bad hand and once I "know" it's a losing hand I just start over with a new game.
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seacap wrote:Ok Doji, your explanation is clear. One question though. Your top line was tested and you went long. But soon after price closed below that line. Does it change our bias to short or we do not look at this line after it was tested once?dojirock wrote:Once my zlines are drawn. I stated I move up one time frame. It takes momentum to break a zline. I want to see 1hour or higher momentum break these lines before going short.
The 1st, bottom zline has had no return yet...so we skip it.
The next zline has on this hourly chart an attempt to retest it with a result of failing to do so. A down candle, a up candle. Since this line failed...I go long. Keep it simple.
The next zline has an attempt also, it gets wicked then a up candle. Another fail, I go long. Keep it simple.
The vertical lines are just to show points of reference from when the zlines were drawn so we can see that when we switch time charts.
Did you notice looking at the 30 min chart price did close below the line? It fools you. We want to see a stronger momentum. Thats why I personally move up a time frame.
Still with me....
??
Seacap,
If I'm reading this correctly, while the last (top) long zline was broken, there was a new m15 short zline created (upper right) before the H1 break of the most recent long zline. And immediately after the close under, a new m15 short zline is created again and it fails before doji's second long arrow.
Of course, I suppose you could have shorted at the close under and go down to the next zline (which is indeed where price went) and then turn around and go long like doji did at the second up arrow.
Comments on my chart markup??
I'm not 100% certain I've used the correct terminology in my comments above (I didn't use words like "fail" for example.) edit: whoops, yes I did say "fail" just not sure if I used it correctly!!
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- m15 shows another long.JPG (63.13 KiB) Viewed 3287 times
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- dojirock
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True,
Nice, you do have it.... yes the top zline short which you spotted can be traded short keeping in mind that the bias is still long, so your short would be a countertrend. There was a good 40 pips there.
You just need to remember where you are.
Nice! Glad to see someone picked it up!
Nice, you do have it.... yes the top zline short which you spotted can be traded short keeping in mind that the bias is still long, so your short would be a countertrend. There was a good 40 pips there.
You just need to remember where you are.
Nice! Glad to see someone picked it up!
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
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- trueblueTEX
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dojirock wrote:True,
Nice, you do have it.... yes the top zline short which you spotted can be traded short keeping in mind that the bias is still long, so your short would be a countertrend. There was a good 40 pips there.
You just need to remember where you are.
Nice! Glad to see someone picked it up!
Thanks, doji!!!!!!! for sticking to it!!!!
Whether I can see this stuff in real time will be the next "test".
I'm looking forward to more lessons!!
- trueblueTEX
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LegendofZline wrote:I guess my confusion comes when a reverse pattern emerges.
Once the opposite price action occurs I usually would cancel everything
long and go short after the red numbers and short 1hr mbar closes.
Thanks for any comments...
Hey Legend, doji will have to give the definitive answer on this but I would like to take a crack at it.
Look how many yellow m30 zlines you have that aren't broken. In doji's post to me just above yours, he mentions the word "countertrend".
[s]I'm thinking that [s]3 2 unbroken m30 zlines might be a trend and just one break doesn't necessarily mean you conclude that the trend has switched.....[/s].
Let me edit that statement again:
I'm thinking that 3 m30 zlines might be a trend and just one break doesn't necessarily mean you conclude that the trend has switched.....
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