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1. I pick currency pairs that usually have alot of volatility(move alot) such as gbp/usd,usd/jpy,eur/jpy,gbp/jpy.
2. I use a 1h time-frame
3. I add the NON-LAG ZIGZAG indicator and the ZIG-ZAG POINTER on each currency pair that I am watching.
4. I wait until I see a arrow show up, then I look at the candle that formed when the arrow formed(usually if you have a long wick on that candle, 99% of the time it does reverse) This is where watching charts for several years helps out.Because you have learned candle-patterns.
5. Place trade, with stop on the other side of the arrow(not-complicated). When placing your stop, you cant worry about losing some pips, if you are you shoud be using demo or micro lots or you are in the wrong business!
6. Let trade develop, let some pips build up in your direction before moving STOP(depends on the currency-pair you are trading.)
7. As far as take profits are concerned, everyone has their own visions on what they are trying to get. We recommend at least a 2:1 ratio example(30 pip stop,60 pip take profit.)
8. If you do get a repaint and get stopped out I usually will replace a new trade. because when you get a true reversal and learn how to ride it most of the way, you will make more pips than you lose.
9. Take profit and wait for new trade
Thats about it. After you play with it for awhile and learn some basic candle-stick patterns, you should do very well with this strategy.
HOPES THIS HELPS EVERYONE.
Hello. i am really interested in this thread. Do you still use this technique in the 1hr? thanks
Just got signal on CAD/JPY AUD/JPY and GBP/JPY for a short on all three time frames. *waited for low of the candle where arrow was painted to be broken. when it broke below the low, I *then hopped in with a stop of 60+spread *so 66 pips each. *didn't get signals on the other JPY crosses. *open trades *here *MT4 Stats - Share your MetaTrader 4 Stats with the world
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Keep your enemies close and your stops closer
Has anyone found a reliable way of entering and avoiding the re-painting of the arrows? I am experimenting with macd with zero line crossing but just seem to be encountering alot of shifting to the extent that I am actually trading the re-painting - its almost a given that when an arrow appears on the 1H, price will continue in the same direction it has been going. But would rather be trying to hook into the long moves.
Hey guys,
Here is an indicator that I modified to include Market Structure Hi/Lows as described in Suri Duddela's Book "Trade chart patterns like the Pros".
It can help you with your follow the bouncing pip entries. The indicator constantly displays the MSH and MSL's even when there isn't a new pattern(see attached picture.) Can somebody fix that? It would be much appreciated!
Also, it would be great if somebody can write a zigzag indicator to connect the Market structure Hi/Los. The possibilities of using it are countless as it gives you the true highs and lows that market respects as a support/resistance. For example, wave structure analysis, fibonacci cluster analysis, etc.
Hope you find it useful.
Just attach the indicator with the default settings. I have disabled the other patterns.
Ciao
hey everyone
Linear Mode
