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Hi,
Does the arrow have to touch the ZigZag line for a trigger?
Please see pic, is this a new sell triggering?
Thanks
Steve
Hi Steve,
I took the earlier signal when I thought that the trend has exhausted. Then the arrow repainted and it hit my stoploss. Anyway I had my second entry after I comfirmed it by using EMA crossing. The second entry proves it is profitable. Anyway I only took the signal when the arrow and the zigzag line are touching each other.
One of the reasons that I think the EA doesn't work well is the exit rules. I think I could modify the one from Nix to exit differently. You say that you can either exit with another zigzag line (no arrow) or wait until the next signal to reverse.
I think the trailing stop and stop loss are too close in this EA. I think that by using just an initial stoploss then break even stop loss, the EA would have better results. The other lingering question is whether to exit on the next signal or just the line. Can you tell me which one you use?
Thanks,
burn0050
Hey burn0050,
That is what I have been saying since the start. Anyways I think its a great idea. 75% of the time I exit at the first bounce. For programming sakes I would just do that.
I just want to clarify the entry. Do you open the position as soon as the signal appears and if we get a repaint you close it for a loss? Or after you get a signal you wait for the candle to close to enter? Which one?
Thanks!
8
Hey 8toenails,
Depends on who you ask. I get in ASAP. Forex11 looks at candle formations. But I use a 4HR & he uses 1hr. If I use 1 hr I would do what he does.
Also I set my stops under/above the arrow (+/- 20-30 above/below the high/low) so when I get stoped out there is no arrow anymore. I wait till I see a new signal. I can lose 10 times & its only about 300 pips yet the average win is twice that.
May I suggest that somebody with programming knowledge look into what the arrow's relationship is with the zig zag. To just memorize this phenomenon defeats the purpose of learning the reason behind the method.
I'm just trying to be helpful. There is a reason for some stray arrows and arrows not touching the line. Let's find out why, ok?
Don
Hey Don,
I think you have the right idea. Im not very big on Tech stuff. I would like to know why as well. If someone could figure that out it would help us understand the method better & be able to squeeze out more.
I have the same. Are you using North Finance as your broker?
Cheers
Barry
Quote:
Originally Posted by navin44
I'm trading this system live. Will keep results updated
Quote:
Originally Posted by safire25
Yes Basza i am using NF, so it must be something with them??
Very strange but as I speak I still think it was a good move, up +40 pips
Maybe I was just lucky and knowing my luck will retrace back up now and hit my SL
Quote:
Originally Posted by 8toenails
I have the same and I use IBFX. I don't think this is a glitch. I just think it isn't a valid signal yet.
Quote:
Originally Posted by droesparky
I think its a valid signal acording to the system, its just a loosing trade, It happens.
Quote:
Originally Posted by 8toenails
If the arrow (pointer) isn't touching the line though then it isn't a valid signal
Quote:
Originally Posted by cementman
Guys ..I think you should ask big bear about his broker or the platform that he basis his decision on and open a demo there..from my experience some times it makes all the different in the world..by the way congratulation big bear and forex11 on your method and i advice all of you ppl to master it first cuz this is a discretionary method so you have to practice until it becomes a second nature, still there will be a difference between the results at the end..just my 2 cents..wish you all good luck.
Quote:
Originally Posted by droesparky
so the arrow need to actually touch the line like it is on gbp/jpy now?
I thought both just had to show up on the chart.
??
Hey All,
Let me answer all your questions here.
1) Brokers.
Different brokers will produce different signals. Period. End of story. Forex11 uses NF, I use FBFX (6 PIP GBP/JPY ) so you will all get different signals or you may not get one when someone else does.
2) The Signal is valid as long as the arrow AND the NLZZ are on the same candle. I said earlier it may be a glicth and to be carefull. But if you check your settings & everything is right then you are ok. The only false signals are when only the arrow or only the NLZZ appear.
Just about 3am Saturday morning here and after my nutting off at Microsoft, I have managed to download Linux and installed MT4. Just in the process of downloading indi's and setting up charts for Monday start.
Hope everyone has a good weekend and have gained plenty of pips this week.
Cheers
Basza
Hey Basza,
Those are kind words. Thank you very much on behalf of Forex11 & myself. Good Luck & we are here if you need us.
You guys have taught me more in this thread than I thought was possible. I even had a pretty good profit this week. Hopefully, you'll get that 'Vanquish' soon. See you guys next week.. Have a Safe and Happy Holiday..
Those are kind words. Thank you very much on behalf of Forex11 & myself. Good Luck & we are here if you need us.
Bear-
Hello Bear, Forex11 and everyone else.
I have tired alot of different systems over my trading time, but they all seem to end up with the same problem. When new people start looking at the system they start to add new rules and new indi's which in turn makes it harder to follow and they get so confused to what the rules are they lose intrest in the system.
I hope that this will not happen here. In the start I added a few other indi's to my chart, but have now deleted most of them except for stoch.
This is a very easy system to follow and I like the 4hr candle due to the fact that I can enter a trade and then not worry about it for at least a day if it goes in my direction. Also only need to check chart once every 4 - 8 hrs to make sure it is still running in the right direction.
I do not think we need any more indi's unless someone can come up with one that can find the top / bottom of zigzag better. I doubt that this will happen.
Keep up the good work and the friendly remarks to give here.
Linear Mode
