Who said you cant use it to scalp
QUICK 20 pips on eurjpy....
Signal Bender
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lazygeorge wrote:Im looking at the recent higher time frame waves and finding 50 and 61.8 retraces seem to hold up.....
Mainly looking at the 1440 x 5 wave retraces to get a good lower tf entry...
Just brainstorming tho
Yes, I am aware of this. I do pull out the fib grid once a while to check it live. It does work, but I don't want too much manual analysis. IMO, the main problems of 50 and 61.8 retraces are :
1-everyone's zigzag tool is different
2-which timeframe to use?
3-if one uses 61.8, then he MUST consider 161.8
4-everyone uses the fib grid differently
Don't want to complicate things until 1-the logic really works + 2-make the analysis automatic (really hard, I've tried, its 1/2 done)
Last edited by Relativity on Thu Oct 13, 2011 3:37 pm, edited 1 time in total.
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lazygeorge wrote:rel..im just starting to understand how to use it on a basic level...
could do some serious damage when i understand it like you...
Is this your primary tool for trading now?
Yup. If it doesn't do serious damage, at least it assists you to :
1-not to blow your account
2-trade patiently
3-learn to see the bigger picture
I don't want to make it an EA.
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Relativity wrote:zhaozilong wrote:hmm, once a zigzag is form, you can immedatily buy/sell into the revesal (provided there is no immediate SR infront....)
sound simple or am i overlooking something?
Nope. Thats it. Nothing else left really. Once you got this, the rest is about patience + finetuning entry.
Hello Relativity,
many thanks again for your patience. What time frame do you use in your own trading?
thanks again.
p.s Who say Singaporeans are not innovative .
-zhao
(time to sleep nearly 12am ;P)
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zhaozilong wrote:Relativity wrote:zhaozilong wrote:hmm, once a zigzag is form, you can immedatily buy/sell into the revesal (provided there is no immediate SR infront....)
sound simple or am i overlooking something?
Nope. Thats it. Nothing else left really. Once you got this, the rest is about patience + finetuning entry.
Hello Relativity,
many thanks again for your patience. What time frame do you use in your own trading?
thanks again.
p.s Who say Singaporeans are not innovative .
-zhao
(time to sleep nearly 12am ;P)
The indicator loads itself onto ALL MT4 timeframes. Meaning, you can see it even in M15, M30, H4...etc. Same info and waves, just different level of 'zoom'. For a better 'view' of what the indicator is telling me, i use H1, D1 and W1.
Thanks Zhao
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zhaozilong wrote:Relativity wrote:zhaozilong wrote:hmm, once a zigzag is form, you can immedatily buy/sell into the revesal (provided there is no immediate SR infront....)
sound simple or am i overlooking something?
Nope. Thats it. Nothing else left really. Once you got this, the rest is about patience + finetuning entry.
Hello Relativity,
many thanks again for your patience. What time frame do you use in your own trading?
thanks again.
p.s Who say Singaporeans are not innovative .
-zhao
(time to sleep nearly 12am ;P)
12 am is too early to go sleep
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