Since this thread didn't populate itself with a "Quick Summary," this document might help as new people filter in and read this thread. Also it might be a way for current users to quickly point people in the right direction.
My plan is to add to this document a checklist, of things I need to remember while watching the charts. But as is now, I think 90% of the topics covered are hyperlinked in here.
If someone appends to it, or finds a better way to organize the info, just update the version number and repost. I think the only topic not in here, is the explanation of the reversal trades, which I remember reading, but couldn't find it while creating this.
Found the other two items I was looking for. Added the info on the Asia Session move, along with the Trend Reversal trade. This latest is v1.1
Last edited by forrestang; June 15th, 2011 at 05:06 PM.
The following 13 users say Thank You to forrestang for this post:
I have discovered a glitch in the ZigZag indicator that is possibly causing the inconsistent plots on our charts being in line at the same time.
First make sure you have the indicator set to "calculate on bar close" to "false", you want this indicator plotting intrabar
Second with the indicator set at a span of 1 it should plot a swing anytime a candle wicks above or below the high/low of the previous bar.
this can cause you to have a very serious level of concentration on your 1508 chart but if you do you will see HH/LL's that the ZigZag is not plotting based on your tick counts.
See this 1508 chart I have posted, in the rectangle area this is where I had the ABCD setup earlier. You see now that have restarted my charts that the ABCD swing is not there. Notice the candle with the arrow pointing that wick is below the low of the previous bar - there was a ZigZag swing on my chart at the time but since I have restarted the charts and that bar closed as an up bar the swing is not there.
If you see this occur the high of the previous bar would be point B in an ABCD swing
Do not remove the ZigZag indicator as I mentioned in the past its not great but its better than nothing, but do watch for this on your charts. A wick above or below the prior bar should trigger a swing in the ZigZag with it set to look at every bar which a setting of 1 does
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I hope this does not totally confuse everyone because it confused me to type this
The following user says Thank You to cjbooth for this post:
Yes without being able to measure the price swing it looks valid
caution lets not start curve fitting charts, it may look good today but when I came up with this method I judged its effectivenss over 180 days of data. So I saw how well it worked during many market conditions and even through holiday periods.
Do you mean the zz that creates swings based on vertical distance traveled? That thing always seemed kinda arbitrary, how do you know if you want to use the length of 12, or 16, or 20..... I'm just wondering which length you would pick? Or is there another zz indie that plots based on the bar formation?
On another note, did anyone trade today? I only see two possible trades, maybe a third. The third I wouldn't have taken, the 2nd probably not, the first trade though, seems to be ok? Big News coming out today.