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highflight
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Postby highflight » Mon Jan 19, 2009 7:21 am

ajaymein wrote:MO...are Upper ZLs normally a candlestick or 2 below resistance or the previous candles high and Lower ZLs normally a candlestick or 2 above support?

I went to a 5min chart of cable and successfully drew what I thought to be an Upper ZL at around 3:30 and it dropped and bounced back up to hit the Upper ZL at around 6:20...I also drew a lower ZL which I am waiting to see if price indeed does what I am seeing it to do...if it does, I will be quite thrilled!

Err...if I knew how to put things on charts using MetaTrader 4 and post them I would...


nice one! better than mine.

were you follwing the action GBP/USD @ 7:15??? sweeeeeeeeeet!!!

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MightyOne
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Postby MightyOne » Mon Jan 19, 2009 7:25 am

highflight wrote:
ajaymein wrote:MO...are Upper ZLs normally a candlestick or 2 below resistance or the previous candles high and Lower ZLs normally a candlestick or 2 above support?

I went to a 5min chart of cable and successfully drew what I thought to be an Upper ZL at around 3:30 and it dropped and bounced back up to hit the Upper ZL at around 6:20...I also drew a lower ZL which I am waiting to see if price indeed does what I am seeing it to do...if it does, I will be quite thrilled!

Err...if I knew how to put things on charts using MetaTrader 4 and post them I would...


nice one! better than mine.

were you follwing the action GBP/USD @ 7:15??? sweeeeeeeeeet!!!


Congrats if you took that trade Highflight :shock:

I told you this was too easy...

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ajaymein
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Postby ajaymein » Mon Jan 19, 2009 7:37 am

MightyOne wrote:
highflight wrote:
ajaymein wrote:MO...are Upper ZLs normally a candlestick or 2 below resistance or the previous candles high and Lower ZLs normally a candlestick or 2 above support?

I went to a 5min chart of cable and successfully drew what I thought to be an Upper ZL at around 3:30 and it dropped and bounced back up to hit the Upper ZL at around 6:20...I also drew a lower ZL which I am waiting to see if price indeed does what I am seeing it to do...if it does, I will be quite thrilled!

Err...if I knew how to put things on charts using MetaTrader 4 and post them I would...


nice one! better than mine.

were you follwing the action GBP/USD @ 7:15??? sweeeeeeeeeet!!!


Congrats if you took that trade Highflight :shock:

I told you this was too easy...


I haven't taken any trades yet because I literally just started thinking that I am understanding ZLs...right now I am just drawing what I think are ZLs and see how price acts around them.

It seems easy...but I will probably get my head chomped off once I go live once again for the first time since 5 years ago in a couple of days!

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ajaymein
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Postby ajaymein » Mon Jan 19, 2009 7:58 am

One thing I need to make sure before progressing into thinking I am actually "figuring this out" is what a breakout candle is...this is what I think it is:

When there are 2 or more candles of the same color in a row, then the color switches and closes on the next candle (where you draw your ZL)...that is the candle I consider the breakout candle.

If that is correct, then what I am doing is waiting to see if the ZL gets wicked...if it does, then this tells you price is about to reverse. However, if it doesn't, I am disregarding that ZL and moving on to wait for the next ZL to appear until one that gets wicked appears and I can look to enter a trade.

Please correct me if I am wrong in the above statements or if any of you do things differently!

Thanks

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MightyOne
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Postby MightyOne » Mon Jan 19, 2009 6:48 pm

ajaymein wrote:One thing I need to make sure before progressing into thinking I am actually "figuring this out" is what a breakout candle is...this is what I think it is:

When there are 2 or more candles of the same color in a row, then the color switches and closes on the next candle (where you draw your ZL)...that is the candle I consider the breakout candle.

If that is correct, then what I am doing is waiting to see if the ZL gets wicked...if it does, then this tells you price is about to reverse. However, if it doesn't, I am disregarding that ZL and moving on to wait for the next ZL to appear until one that gets wicked appears and I can look to enter a trade.

Please correct me if I am wrong in the above statements or if any of you do things differently!

Thanks


A breakout is simply when price passes through a point of reference.

The points of reference that I use are the OPEN, HIGH, LOW, & CLOSE.

If the prev. candle was bullish and there was a breakout short then it is assumed that traders entered between the OPEN & the LOW extreme.
If the prev. candle was bearish and there was a breakout short then it is assumed that traders entered between the CLOSE & the LOW extreme.

Next we see if there are wicks in the direction of our soon to be SL based on a line of reference.

The wicks don't mean @#$% without bodies (closes) in the direction of profit and that is why I tell you to wait for a close beyond your line of reference.

Study the picture again...

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Sledge
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Postby Sledge » Mon Jan 19, 2009 10:26 pm

Hiya Folks,

Just a quick post to say hello and thanks to TRO for the enlightenment. I've read past were TRO was banned on BP and now find myself here continuing to read up and learn, Presently on page 59 :D and 3 days later.

Quick question, are there any ECN that have MT4 ? I presently have a live account with a bucket shop but would rather find a ECN that offers something I'm presently used to for a trading platform..

Well that's my first of many questions I'm sure...now back to page 59 :cry:

Sledge
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Postby Sledge » Mon Jan 19, 2009 10:38 pm

Well it appears I did not look hard enough. It looks like MB trading has MT4 but it us in beta... yay
Braathen: did u guys know that hemp will most likly play a key role in saving our planet?

pierre23
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Postby pierre23 » Tue Jan 20, 2009 3:02 am

Hey MightyOne, I remembered you used/liked the idea of the TRO2009_time_sales indicator, so I thought maybe the use of volume in trading might be of interest to you??

http://www.forexfactory.com/showthread.php?t=146436

What do you think, useful or not?

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MightyOne
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Postby MightyOne » Tue Jan 20, 2009 3:40 am

pierre23 wrote:Hey MightyOne, I remembered you used/liked the idea of the TRO2009_time_sales indicator, so I thought maybe the use of volume in trading might be of interest to you??

http://www.forexfactory.com/showthread.php?t=146436

What do you think, useful or not?


I'll give it a look see for sure :wink:

Thanks for the link Pierre23.

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MightyOne
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Postby MightyOne » Wed Jan 21, 2009 4:26 am

pierre23 wrote:Hey MightyOne, I remembered you used/liked the idea of the TRO2009_time_sales indicator, so I thought maybe the use of volume in trading might be of interest to you??

http://www.forexfactory.com/showthread.php?t=146436

What do you think, useful or not?


I find it very frustrating that the indicator gathers information in real time and then loses all information when I switch between time frames or close MT4.
Because of its many limitations I find this indicator and its little lines to be completely useless to me.

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