pablo101 wrote: bakaender wrote:
Every time I just look at a chart for an hour I am amazed.... Its getting easier to just see. I need to get more time to trade.
Is it really this easy? I didn't take all these trades, but I don't see how they could be more obvious.
bakaender, do you mind going through your chart, why these lines are marked up as you marked them? Thanks
ok I will try, but it will probably be long and confusing.
First let me say that I didn't take all these trades, this is just what I'm seeing looking at it. I did take trades at 2, 3, 5, and 6 but I only took 10-15 pips each trade.
Also this is just my interpretation of it, I tend to be really cautious on my trades, so I do a few little things that I'll try and explain. One is I try not to use wicks as ZL points unless the momentum bar is pretty significant, sometimes I don't even consider prev. bodies as points either, but just the open price, as #2 is setup. Another thing I try not to go against the trend unless its clearly reacting to something big, like #3 and #5.
#1. Momentum bar is larger then most so I'm willing to use the wick of previous candle as an entry point. I don't really know what sort of explanation I can offer beyond that.
#2. Green momentum up, since it didn't hit anything big to reverse it when it retracts back to open price I buy. Again I don't know how to explain more. If your not seeing these basic things all you can do is draw on the charts and watch.
#3. Price coming up into a huge downward momentum bar, I would only take this trade because of how big the momentum down was.
#4. For this one I used sets of 3 bars for the setup. A couple of reasons I did it this way. First the first 2 upward candles are both momentum, and from my experience watching with ZL's that close together it will likely retract back past the first to the 2nd one. So since I like to be cautious I look for points within the first momentum bar and doesn't matter if I miss a trade because of that, there are so many chances. Ok how I chose 3 candles is because after the 2 momentum bars up there was another candle up before starting back down, so I simply grouped the 3, then grouped the 3 before it to get my ZL #4.
#5. Again huge momentum down so I'm willing to use the previous candles wick as an entry point down.
#6. The most direct one. Momentum up followed by the hugging candle hitting the ZL at the open of the momentum candle.
Sorry if that is vague, I can't explain it beyond that honestly. And this is just the way I see it, I like the higher TF's sorta like ZZ's trades he used to post, but I'm no expert at this like es/pip, MO, and Dragon33 I would study there charts if your still not seeing it.