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Look at this 1508 chart and the 2 horizontal lines I have on it.
This mornings price movement is a mere 41 ticks. With no significant news events today it will likely take a breakout of this 41 tick range to get enough traders involved to produce a trend
If you have to stare at the screen to see a trend there is probably not one
Be patient and wait for the right setup
Charles
Can you help answer these questions from other members on NexusFi?
A LH follwed by a HL is not an uptrend its a sign of congestion
Wait for the right setups - patience - they will appear but not 10 times a day
You start jumping on every move that looks like it will go and the only thing that will go is your money to somebody else. I've been there and I have learned to sit on my hands and only take the trades with a high probability of success and that one you reference is not one of them.
that is what this method is all about waiting,patience, and discipline. If you need 10 trades a day this method is not for you
Charles, I`ve got you, we need a 2nd HH for the uptrend and then we jump in as fast as our account allows - if the remaining conditions are met as well
Does anybody understand why the ZIG ZAG UTC (1,2) doesnt make a LH on the place where I wrote "LH"? I didnt reload the chart etcpp .. with (1,1) there is a LH in place.
It happend at about 11.40 am German time which is 5.40 EDT ..
Charles, sorry for going so much into detail, this question is also none that has to be answered immediately: the last down bar in #187 is obviously the red candle. on my chart its high is at .33. the next 2 green candles close at .30. So you mean these 2 bars do not count for ZIG ZAG calculations, as their H is below the H of the red candle, right?
The following 2 bars both close at .36, so there is only one H but on 2 candles. You say that we need 2 HH but we only have one (.36) over 2 candles.
So you think that we would get a swing on ZIG ZAG if one candle had closed at .36 and one on .37!?
Sorry again for asking this question which seems to be quite silly
