MightyOne wrote:It is times like this when I really miss ES PIP
Yep, I miss him too. But maybe you can give me some idea(s)?
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MightyOne wrote:It is times like this when I really miss ES PIP
PTG wrote:@Azuremaster:
The name is es/pip
You can use the forum search function to check all his posts re. z-lines.
monolisa wrote:Azuremaster, might be you can describe how you come up with the zlines on the chart. I am sure MO and others would be happy to help you.
I am in a same boat as you - I have readed NLA twice and am re-reading it again. Here's my interpretation of zline (attached chart). Basically the line help us to idenity the price that most traders got "zeroed out" at their BE level.
Lis
PTG wrote:MightyOne wrote:It is times like this when I really miss ES PIPAzuremaster wrote:Hello everyone, here is my first try on zero lines.
Trade #1: long, closed at a loss
#2: short, closed with profit
#3: short, closed at BE
#4: long, closed at a loss
#5: short, closed at a loss
#6: long, closed at a loss
#7: short, closed at a loss
#8: short, closed with profit
#9: short, closed at a loss
#10: long, closed at BE
#11: short, closed at BE
#12: short, closed at a loss
#13: long, closed at a loss
#14: long, closed with profit
#15: long, closed at a loss
#16: long, closed at BE
#17: long, closed at a loss
#18: short, closed at a loss
I have read the thread 2 times. Body in direction of profit, wick in direction of loss. Body is 2x larger than previous candle. 3 winning trades out of 18. Looks like I don't get this method. Any ideas?
@Azuremaster:
The name is es/pip
You can use the forum search function to check all his posts re. z-lines.
monolisa wrote:Personally my zline trade involves a breakout and a momo bar, and follow the saying "body in the direction of profit, wick in the direction of loss.
The chart was for a long trade. The candle after the momo bar "wicked" the zline and up it went
MightyOne wrote:Zero Lines are only for discretionary traders and that is why there are only about 5 or so traders on this forum that make money with them.
MightyOne wrote:They were meant to be analyzed on 4 hour or greater time frames!
If you want to use them on a 5m chart then go ahead and act a fool
MightyOne wrote: Zero Lines do not signal trades!
Their purpose is to determine direction and areas where there is a low chance of draw down.
MightyOne wrote:
IF YOU DO NOT UNDERSTAND THIS PICTURE THEN ZERO LINES ARE NOT FOR YOU: