prochargedmopar wrote:I do not think an indicator will be able to paint z-lines according to the likes of all that use them. It seems to me there is a lot of subjectivity to where they are actually placed.
It is very easy for me to see the body in the direction of profit.
And, the wick that is in the direction of loss. Easy when both candles have been closed.
Trying to get in on the illusory candle while it is being painted is another story entirely as it may just buzzard your butt.
Some people draw the z-line at the end of wicks, and others to the open/close of a body. I'm starting to think it matters not.
es/pip might have just given me a vital clue.
Move up to M15 or M30 time frame charts to find the beginnings of a body/wick setup and then get in on the wick with a m1 or m5 chart.
Whew, I think I've got other fish to fry first.
the zlines are not subjective---they are placed at levels where other traders are holding profits-------
every zline does not automatically hold every reaction to it
i don't think i have ever offered a full position at a zline
look at MO's daily chart he posted why did he place the line there---------bec that is where the long traders were holding profits from
1 body in direction of profit--------------
2 wick in direction of loss---------------
why are my zlines where they are?-------bec that is where the traders are holding profits from----so i get in on the process of there exits and then zero out to the next area of held profit
i wanted to hold this to the 4hr target----but i got out at 1 hr
The second candle marked "1" has a smaller body than the prev. candle indicating that momentum slowed.
In order for that bar to be a body in the direction of profit you need to use Spacial Intellect and combine the 2 bearish 1H candles into one 2H candle.
The following bullish candle was then the first half of the 2H candle for the wick in the direction of loss.
Notice also that there was very little in the way of bullish movement.
The first bullish bar was fallowed by a significantly smaller bull bar showing slowed momentum.
Some candles later you get a bull candle that is the first half of a S.I. candle. That candle planted a wick where momentum slowed previously and then closed with weak bull movement beyond the prev. candles body.
Also, if you remember how I mark a chart for a trading range, you will find that you would have had difficulty marking the bottom of the range (2nd arrow) as price was congesting downwards.