TygerKrane wrote:Did I mention I was trying to get back to Japan, lol!?!
Granted, this was taken at NYC's Halloween parade, but still.....
Blame it on the Smirnoff Ice I'm drinking tonight
Asians! ! !
TygerKrane wrote:I hate it when looking at charts, and my brain tries to analyze from two different methods. I'm sticking to a Buy Zone method, but I look at charts and that zline stuff starts creeping in, I hate that.
I guess it looks to me like the entry for zline trades happen against the candle color. Ignoring the fact that I'm not too well studied on zlines, I guess one of the points I gathered is that one is trying to catch brief pullbacks in price to clear out the breakeven orders of those who caught the breakout. [I say brief, because of the rule where you don't want the candle to close against you, so I guess if price does pullback after a breakout, you don't want the pullback to be the start of a consolidation period??]
Anyways, I end up seeing Buy Zone as doing what you SEE price is CURRENTLY doing (i.e. candle is red, so I'm gonna go red); versus Zline is doing what you THINK price is GOING TO do (i.e. candle is red on this pullback, but if it keeps going red, I think it will start trying to act like a green candle and go up.)
<Believe me guys, I'm not talking down zline at all, just using journal to write down what goes on in my head, how my psychology interprets all this.>
So I wonder like, when you guys do your analysis and make an entry on a pullback, what stops you from re-entering again if your first entry gets stopped out? Like if it pulls back, hits your stop loss...then pulls back some more?
In my amateur attempts, trying to catch a pullback was like trying to call a bottom. Stop loss would get hit, then I guess my ego would kick in and tell me that "The next price move, has to be the bottom", or I would just increase my stop loss for that first entry. Either way I got screwed.
Then to make matters worse, I would look at the chart and feel like even MORE of a dummy, b/c as my ego was telling me I could call a bottom, the ONLY thing the candle said was red, Red, [highlight=red]RED!![/highlight] (and then it would laugh at me muah, ha, Ha, HA!!)
So, in conclusion, I feel like less of dummy if I'm wrong while following the candle color, so I guess that's why I'm trying to work my way with Buy Zone.
[schild=12 fontcolor=0000FF shadowcolor=C0C0C0 shieldshadow=0]The End[/schild]