Lis
Never Lose Again
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maestro007
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spa wrote:monolisa wrote:Good work, everyone! I think we need to set up a MZ master club soon
Lis
well mine didn't worked out exactly as expected...
Depends on what you expected? If you expected price to go straight to your target, then maybe your expectations need to be revised?
Extremely nice when it happens like that, but I think we both got a lot more screen time to get the precision where are expectations are met within a bar or two of entering...
Still in my trade, considering adding a 3rd TP at around 1.6464 ish... As price was heading down originally I considered it, but being at work didn't get a chance to act upon the thought..
Mae
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I have some observations and questions re. the ZL approach, that hopefully will trigger a discussion.
Based on what Dragon33 has posted, I conclude that the H4 ZL is nothing more and nothing less than just another SR-line, where traders sit with t/p and s/l orders on either side. That's why they are Support and Resitance lines (or areas if you will).
Dragon's H4 ZL (appr. 1.6520 if I'm not mistaken) are based on the following preceding bars: (taken from Alpari):
a close op 65210, 65202, 65217, 65222, 65210,
an open op 65213, 65206, 65216, 65209,
a high van 65211, 65229, 65223, 65226
as well as perhaps a few others that are a couple of pips further away.
This is why I say that that ZL is just another reasonably strong SR line. As with any other SR line, the strength usually becomes less when the timeframe in consideration is lower, hence I wonder: is it really worth it to consider Z-lines on smaler timeframes when they don't originate from higher timeframes ?
While I consider it worthwhile to take higher timeframe ZL's into account (from H4, perhaps H1) I can't see the point of looking at lower timeframe ZL's. To me there appear to be a lot of variations, from ZL in the Mighty Zone only to lows, highs, open, closes and the middle of the bodies. It's anybodies' guess behind which bush the beast hides ! Only in case enough orders on either side have been accumulated is it worthwhile to consider an SR-line, or ZL if you will.
I therefore wonder how on earth people here can actually use ZL's on lower timeframes to score megapips. I can imagine using these ZL's to scalp for it is just another horizontal line where price passes either north or south, but I can't see how this crystall ball works and I can't even verify if it works for some because there are no account statements to support the actions.
Maybe somebody could comment on this and tell me if and where I am wrong. For me, apart from the higher timeframe lines, it's just another way to trade and treat horizontal lines.
I hope this will trigger a positive (!) discussion based on undeniable facts about the merits of this technique. Needless to say I have spent umpteen hours on this, and I'm sure it may turn out to be insufficient to actually see everything. PM's are most welcome if somebody feels it is inappropriate to post certain facts and they will be kept confidential if you wish. Having said that, I would prefer it to be posted here so that everybody can gain from the information.
Thanks in advance for your help !
Based on what Dragon33 has posted, I conclude that the H4 ZL is nothing more and nothing less than just another SR-line, where traders sit with t/p and s/l orders on either side. That's why they are Support and Resitance lines (or areas if you will).
Dragon's H4 ZL (appr. 1.6520 if I'm not mistaken) are based on the following preceding bars: (taken from Alpari):
a close op 65210, 65202, 65217, 65222, 65210,
an open op 65213, 65206, 65216, 65209,
a high van 65211, 65229, 65223, 65226
as well as perhaps a few others that are a couple of pips further away.
This is why I say that that ZL is just another reasonably strong SR line. As with any other SR line, the strength usually becomes less when the timeframe in consideration is lower, hence I wonder: is it really worth it to consider Z-lines on smaler timeframes when they don't originate from higher timeframes ?
While I consider it worthwhile to take higher timeframe ZL's into account (from H4, perhaps H1) I can't see the point of looking at lower timeframe ZL's. To me there appear to be a lot of variations, from ZL in the Mighty Zone only to lows, highs, open, closes and the middle of the bodies. It's anybodies' guess behind which bush the beast hides ! Only in case enough orders on either side have been accumulated is it worthwhile to consider an SR-line, or ZL if you will.
I therefore wonder how on earth people here can actually use ZL's on lower timeframes to score megapips. I can imagine using these ZL's to scalp for it is just another horizontal line where price passes either north or south, but I can't see how this crystall ball works and I can't even verify if it works for some because there are no account statements to support the actions.
Maybe somebody could comment on this and tell me if and where I am wrong. For me, apart from the higher timeframe lines, it's just another way to trade and treat horizontal lines.
I hope this will trigger a positive (!) discussion based on undeniable facts about the merits of this technique. Needless to say I have spent umpteen hours on this, and I'm sure it may turn out to be insufficient to actually see everything. PM's are most welcome if somebody feels it is inappropriate to post certain facts
and they will be kept confidential if you wish. Having said that, I would prefer it to be posted here so that everybody can gain from the information.
Thanks in advance for your help !
There's no business like [strike]show[/strike] covid19 business.
Here's mine from last night
I screwed it twice. At trade #1 I saw some bearish momentum, with little attempt to go bullish. There were 75 pips in the table. It reversed and hit my hard stop at -30.
Attempt #2 was long as that bullish candle (the sucker that stopped me out on #1 was a strong long momentum. As it was too quick, I entered in the retracement that formed the next bar, which I thought wouldn't go that far down. It was an aggressive move and had -51.
Trade #3 I waited till come back up and made sure price hold that support area @155.30. Target was daily ZL at 158 and I nailed it with +246 pips.
Observations are welcomed.
I screwed it twice. At trade #1 I saw some bearish momentum, with little attempt to go bullish. There were 75 pips in the table. It reversed and hit my hard stop at -30.
Attempt #2 was long as that bullish candle (the sucker that stopped me out on #1 was a strong long momentum. As it was too quick, I entered in the retracement that formed the next bar, which I thought wouldn't go that far down. It was an aggressive move and had -51.
Trade #3 I waited till come back up and made sure price hold that support area @155.30. Target was daily ZL at 158 and I nailed it with +246 pips.
Observations are welcomed.
WILL GET MY MONEY BACK FROM THOSE BASTARDS, AND I MEAN IT !!!!!
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"
"WAIT FOR PRICE, WAIT FOR PRICE, WAIT FOR PRICE"
zapzinig wrote:dragon33 wrote:It has been a while but i'm still doing always the same.
Hi Dragon,
Nice chart and trade. What indicator are you using to draw the zlines?
If possible can you post the indi, it draws the lines exactly where I would manually draw them.
Thanks.
--zz
I believe that's blubbb's ZLines indicator. He has his own indicator thread here:
http://kreslik.com/forums/viewtopic.php ... sc&start=0
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monolisa
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dragon33: Nice trades.
spa: What do you based on to draw these zlines?
PTG: Your observations and conclusions are correct
cfabian: Looks like your first 2 trades got "zeroed" out. The 3rd one was better (in terms of reasoning). Good trade.
zap: indi attached. I modified blubbb's zline indi to plot at open/close on the pre-momo bar .
Lis
spa: What do you based on to draw these zlines?
PTG: Your observations and conclusions are correct
cfabian: Looks like your first 2 trades got "zeroed" out. The 3rd one was better (in terms of reasoning). Good trade.
zap: indi attached. I modified blubbb's zline indi to plot at open/close on the pre-momo bar .
Lis
- Attachments
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Blubbb_ZLines_close_open.mq4- (4.31 KiB) Downloaded 432 times
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu
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