How to use repainting of Zigzag
using only pending orders and small timeframes (1 & 5 min). for me simple zigzag is more preferable)))
and btw - it`s a scalping!
Hi guys,
Great idea! ZigZag breakout strategy!
Would like to help.
Am not trying to trump my own product here, but the type of thing you are looking for is exactly what Price Master Pro(TM) (PMP) offers you, and this is based on user feedback more than my own opinion. Let me explain, PMP is a tool that produces support and resistance levels based on Fibonacci analysis. It provides you with these levels that are highly accurate market reversal/hesitation levels. What I am suggesting is for you to use these levels as TP and SL levels and by doing so you are able to determine your R:R before a trade is triggered and able to filter weak R:R trades. All you have to do is trade the breakout of the nearest support or resistance (depending on trend direction) and use next level up for TP and previous level for SL. PMP is available for free for 14 days so try it out and see if it helps. I would be happy to answer any questions you may have.
In addition to PMP there is another indicator that may also be useful to you, it's called "support and resistance." I attached it to this post as well for your convenience. Use the same suggested method above.
Try both tools and see which one suites you best.
Cheers,
Pip
Note: dear admin, please feel free to remove this post if you feel it is inappropriate.
May I add my two cents about zigzag repainting? I want to develop my strategy which use repainting of zigzag. Statistically zigzag repaints in almost more than 60-70%. So, why dont we use this fact? I mean, we put pending order on the peak of zigzag leg (maybe + 1-2 pips). Statistically zjgzag`s leg can break out that level (not always but statistically often). I mean we trade in the direction of zigzag`s leg. I just want to find out TP and SL values. Any thoughts about this strategy?
Arslanx,
Could you please post a pic of ur strategy? Thx!
Its a good idea, I had been working on the same for a while, however the problem is that the profits earned when zig zag re paints are washed away when the zig zag does not repaint. I am not able to strike a balance between risk reward.
Katthik, Further explanation
Katthik,
I am not following you. I believe you may be missing the point. You a put limit order in the same direction as the Semaphore signal ( the "3" in this case). If the 3 repaints you should be in proft as normally it will repaint for at least 10 pips or so (thereby executing your limit order). If it doesn't repaint, then the limit order is not executed because price is now going in the opposite direction. Hope this makes sense.
Thanks
Theo
Thanks "Pip" for your attached indicator. It is useful indicator for me as well.
Will try this out but so far have had no success with repainting indicators.
If we want to trade this way, I think we could use 3 Level ZZ semaphore. When we have a new 3 level appearing, we should trade in that direction...
Regarding Sl/TP, maybe we could use most recent swing (fractal) aiming for 1:1/1:1,5 RR ratio as TP
What do you think about?Anyone have any EA which opens only buystop and only sellstop order after level 1 of 3 level zz semafor indicator in the direction of trend ?
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May I add my two cents about zigzag repainting? I want to develop my strategy which use repainting of zigzag. Statistically zigzag repaints in almost more than 60-70%. So, why dont we use this fact? I mean, we put pending order on the peak of zigzag leg (maybe + 1-2 pips). Statistically zjgzag`s leg can break out that level (not always but statistically often). I mean we trade in the direction of zigzag`s leg. I just want to find out TP and SL values. Any thoughts about this strategy?