razorboy wrote:the zero line is the "break out line" - actually the zero line would be a few pips higher on a long - the spread/commission.
Am I assuming you would be playing these breakouts on a lower time frame?MightyOne wrote:cfabian wrote:Mighty... by ZL (zero line) you refer to price xxx.00? or what exactly it is?
A zero line is where a trader would have given back all of his profit after entry.
This happens on every time frame and is best used when a traders has accumulated a few bars closing above his entry and is sitting with a fat profit.
The red arrows are where I see traders entering and sitting with a profit.
Do this and you will start to gain a better feel for how price is moving.
lol, how do you know they didn't deduct their cost from the high of the breakout?
Or better yet setup their trade so that as price reaches the high their costs are covered and they have a small profit?
All I am saying is lets not get overly technical because we don't have the details.
If you are trading the hourly then look for them on the hourly.
If you are trading the 15 minute then look for them on the 15 minute.
It helps to check the 4 hour & day charts so that you know where you are in the grand picture.
I am not saying trade the breakouts!
I am asking you to remember that the fattest profits a trader can make is what he holds in his own hands.
Get your self in the green and then shift your thinking to trading against your self...be your own enemy...it doesn't hurt as bad if you are kicking at your shadow.