Never Lose Again

[PTG]

Here's a recent example on GU H4:



And here's the exact same picture on H1:



The horizontal lines are all ZL-s.

Look on the higher timeframes for opportunities where traders sit on fat profits, and be so kind as to help them to get rid of it

What goes up, will go down.
What goes down, will go up.

Read all about it in this thread. If you don't get it, read it again. And again.

[cfabian]

My trades for today 54 pips.

I had a full stop today. Could have been avoided by checking H4. I made this same mistake 2 weeks ago. (entering on H1 before checking H4)

When I review the H1 chart from history, I base my trades off just the H1. I need to break this habit and in real-time remember to check higher time frames!

--zz

Zap,

According to my understanding of your trading, the attached image is what "needed to be done".

Some questions here:

1- When you mention "if price action is right", what exactly yo refer to? You hold your trade until it starts to go in your favor? Some momentum on lower TF? Or what you wait for or expect?
2- This contradicts previous question, but you always enter with limit orders right at the ZL spot? See a ZL and place your limit order accordinlgy some candles in advance?
3- If you do entry just with limit orders, was that the reason you didn't short at 1.6540 (10 pips below upper ZL, which would have be good for 150 pips)?
4- Last trade why you exit at +57, wouldn't the target be 1.6515?
5- When you disregard or "dispose off" a ZL? When wicked once, or when a closed body passes thru it and "cuts it?

Thanks

[cfabian]

It seems everyone has their own interpretation of the MZ. I think it doesn't hurt to play the momentum (instead of the correction) part if you know what you are doing and not being zeroed out.

Good trade, nutz!

Lis

You're right... my understanding of how es/pip and MO use ZL is waiting fo MOMO and a wick to go towards a determined ZL, while Zap waits for price to touch that ZL (MO and es/pip target) to entry and trade the retrace towards another ZL.

If this is correct, why not trade both?????? (LOL, yeah, as if I'm Batman)

[cfabian]

Check this out...
While studying some charts, I saw the inconsistency between Zap's charts and mine. He uses FXDD and I use Interbank.

His last trade, on H4 it clearly shows a ZL which was his entry point, and would have been an exit point from previous trade. I could see that in my H1 chart, but not on H4.

Now, the point is, in with Intebank you may consider 1.6481 area an entry/exit point, but you can clearly see on FXDD that that zone was already used.

This is only to show the importance of flipping between timeframes. If trading H1, at least go see H4 and 30M to see what's around. At least that's my observation.

Have a great weekend!!!!!

FXDD screenshot


Interbank screenshot

[PTG]

Yes you're right. My MB Trading chart looks much like the Interbank chart. When looking at Zap's chart I was a bit puzzled too because of the huge difference. Thanks for clearing that up. And a great weekend to you too !

[TheRumpledOne]

HOW WE DECIDE

http://www.nifc.gov/wfstar/archives/HowWeDecide.pdf

http://www.oregonlive.com/events/index. ... decid.html

http://joeposnanski.com/JoeBlog/2009/03 ... s-edition/

[zapzinig]

Check this out...
While studying some charts, I saw the inconsistency between Zap's charts and mine. He uses FXDD and I use Interbank.

His last trade, on H4 it clearly shows a ZL which was his entry point, and would have been an exit point from previous trade. I could see that in my H1 chart, but not on H4.

Now, the point is, in with Intebank you may consider 1.6481 area an entry/exit point, but you can clearly see on FXDD that that zone was already used.

This is only to show the importance of flipping between timeframes. If trading H1, at least go see H4 and 30M to see what's around. At least that's my observation.

Have a great weekend!!!!!

FXDD screenshot


Interbank screenshot

In doing my review of this thread, I noticed differences in brokers charts as well. It happens because of the broker offset time from GMT. FXDD uses GMT so there are no micro Sunday D1 bars (they throw off range statistics) The H4 bars are different because they are graphing a different group of 4 hours.

D1 and H4 bars look different amongst the dfferent brokers, H1 seems to be the most consistent across brokers.

--zz

[TheRumpledOne]

"One more pull from the book: Lehrer tells about this incredible experiment. Scientists put rats in a T-shaped maze and put food at one of the top corners of the T. They put the food on the left side 60 percent of the time and food on the right side 40 percent of the time. What they found is that once the rats realized that the food was on the left more often, they ALWAYS went left, figuring in their own rat minds that more often than not, they would get food.

But when they did a similar experiment with Yale undergraduates ? I'm not sure what they use as a reward for Yale undergraduates ? barbecued Fritos? ? they found something else. The students also came to realize that the reward was on the left most of the time, but they tried to figure out the pattern. There WAS no pattern, but their brains simply could accept that and so instead of going left and simply getting the reward 60 percent of the time, they tried to outsmart the system. And so they only ended up with the reward 52% of the time. As Lehrer says ? outsmarted by rats."

THINK BUY ZONE

[zapzinig]

My trades for today 54 pips.

I had a full stop today. Could have been avoided by checking H4. I made this same mistake 2 weeks ago. (entering on H1 before checking H4)

When I review the H1 chart from history, I base my trades off just the H1. I need to break this habit and in real-time remember to check higher time frames!

--zz

Zap,

According to my understanding of your trading, the attached image is what "needed to be done".


Thanks

Some questions here:

1- When you mention "if price action is right", what exactly yo refer to?

I watch price action as it approaches a zline. It usually slows down 5 pips or so before hitting it, it goes up and down and finally hits the zline, some times it pauses and bounces away immediately. I want to see price hold the line and not go thru with any momentum.


You hold your trade until it starts to go in your favor? Some momentum on lower TF? Or what you wait for or expect?
On a good entry it usually is in my favor immediately. If it is not, and near the end of the bar time wise, I am looking for a better price to exit. I expect it to go in my favor or else I would not have entered where I do.



2- This contradicts previous question, but you always enter with limit orders right at the ZL spot? See a ZL and place your limit order accordinlgy some candles in advance?
Once price is within 10 pips of a zl I will have my limit order ready to enter. I want to see th price action in that area first berofe I just throw out an order.


3- If you do entry just with limit orders, was that the reason you didn't short at 1.6540 (10 pips below upper ZL, which would have be good for 150 pips)? It never reached the ZL I had drawn at 1.6550 , I really wait for the limit order to be hit.

4- Last trade why you exit at +57, wouldn't the target be 1.6515? Downward bias on the day and previous ZL 1.6450 act as S/R when broken. Price action lost momo just above 1.6450 so I exited

5- When you disregard or "dispose off" a ZL? When wicked once, or when a closed body passes thru it and "cuts it? When a body passes through it.

[MightyOne]

What do you think about this?

You have until the end of the day to be right
If you cannot beat that then there is no hope for you