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spa
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Postby spa » Thu Jul 30, 2009 11:31 am

took a while but i read the thread.... so here goes, is this a valid Zl trade? ...



on hindsight. the long from 1.6380 to 1.65 was a 4h ZL trade but .. i'm reffering to the rectangle on the right, is that a valid entry area for a short?...
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maestro007
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Postby maestro007 » Thu Jul 30, 2009 1:40 pm

spa wrote:took a while but i read the thread.... so here goes, is this a valid Zl trade? ...

on hindsight. the long from 1.6380 to 1.65 was a 4h ZL trade but .. i'm reffering to the rectangle on the right, is that a valid entry area for a short?...



Thought I would try and post my attempts at Zero Lines... Over the last few days, I have had some good results and some almost brilliant results...

See attached chart, which shows 1 of my zero line trades that I took and 1 that I just missed out on.




The orange rectangles show my attempted entry and planned exit. Unfortnately I missed the entry by 1.9 pips at the 1am candle (gmt +2). My target of 1.65 was hit on the 11am candle (gmt +2). Fortunately I had a teaser long at a less favourable price which opened so all was not lost.

SPA I am also short with you, the blue rectangle and broken green lines show where I have attempted to get wicked into the move and show the 2 profit targets I am aiming for.

So far price on the hourly has not closed above 1.6500 which is a nice pycho line and my original long zero line target. USD unemployment news has also been unable to push a close or serious movement above 1.6500. what does this mean?

Well price hasn't zoomed up past the zero line and there is lots of profit sitting at my targets, so I have jumped in for a possible zero line down.. Maybe price will decide to turn around and go back up. Oh well that's what my stop is for. approx 30 pips.

Ps. I am still demoing, hoping to go live by the end of August or September if I can scrape enough ?s together. 8)

Mae

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kc8flq
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Postby kc8flq » Thu Jul 30, 2009 1:45 pm

Here's one I took from last night.
+58 minus the spread.

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monolisa
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Postby monolisa » Thu Jul 30, 2009 2:49 pm

Good work, everyone! I think we need to set up a MZ master club soon :)

Lis
"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

spa
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Postby spa » Thu Jul 30, 2009 2:54 pm

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...

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maestro007
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Postby maestro007 » Thu Jul 30, 2009 7:20 pm

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? :wink:

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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Postby dragon33 » Thu Jul 30, 2009 7:27 pm

It has been a while but i'm still doing always the same.

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spa
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Postby spa » Thu Jul 30, 2009 8:18 pm

euro 1h setup...also noticeable on the 15 min
feedback welcomed in case i failed to grasp the concept...
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PTG
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Postby PTG » Thu Jul 30, 2009 9:57 pm

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 :wink: 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 !
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Postby cfabian » Thu Jul 30, 2009 11:16 pm

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.


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