Not all zigzag indicator redraws. Maybe all current version of zigzag indicators redraw, but what if I tell you that someone has long come out with a zigzag indicator that does not redraw in order to backtest certain strategies?
I've forgotten the person's name, but the idea is like this:
Define a certain number of pips to be the minimum pips before a certain line is drawn. For example, the previous line is a downline, and it is a downline because current price has moved up at least x number of pips. Then when it moves down x number of pips, draw an upline to link the previous downline.
In this way, the revised zigzag indicator never needs to redraw, and shows exactly the same price all the time, just lagging.
I've programmed it to automatically draw trendlines and support/resistance for me. So now, I'm looking at a breakout soon
Paul if you work with ABCD patterns the zigzag indicator will help you regognize this patterns more easily and keep you away from mistakes. I use it for this reasom and I am very pleased.
Eying 3090 supp. A loss would drop the rates towards 3055-60.. A healthy bounce off 3090 would have a case of a double daily bottoms for a move into 3240-47...
GL..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
EUR/USD yesterday's setup where I expected a drop to 1.3000 - 1.3050 is still in effect and is now gaining momentum
EUR/USD April 17- 2012
EUR/USD found support in 1.31 this morning and as long as we trade above this level price might extend higher to test the 1.32 high. A failure to take out 1.32 will most likely lead a decline to 1.3050 - is my main scenario.
The possibility exist that we breakout above the 1.32 high and if this happens price will most likely trade to 1.3250.
A breakdown under the 1.31 low created this morning will also take us to 1.3050 and possibly down to 1.30.
German ZEW Survey will be published today at 09:00 GMT - a higher outcome than 19 will most likely increase lead to more Euro buying, a lower outcome that 19 will most lead to a selloff in the Euro.
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EUR/USD 60 min chart
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Yesterday we expected a drop to 1.3050 as long as we traded under the 1.32 high. After trading to 1.3175 price reversed and has traded as low as 1.3100. Price is expected to continue to trade lower today as long as the 1.3175 high is being respected. We are getting support to this case by the S&P500 which is trading at 1394 which is last Friday's high (resistance) and is need of a correction. A move lower by the S&P500 usually causes the EUR/USD to trade lower.
A breakout above yesterday's high is bullish and the EUR/USD is expected to reach 1.3215 in this case.
Feel free to join me today at 10:30 GMT (11:30 UK time) for a free FX, stock and commodity market webinar at www.dailyfx.com/bvb Send an e-mail to azambrano@fxcm.com to sign up to my distribution list.
EUR/USD 60 min chart
Click here to view a recording which introduces you to my trading system
*Joining DailyFX Forum is free and offers an extended range of features, including: Replying to other peoples' threads and receiving email notification of replies to posts and threads you specify. Click here to join today.
I offered an explanation for this yesterday - expanding flat correction, either in the EW 2nd wave or a B wave of an ABC. The teaser for me was the 3 wave look of the spike up yesterday, which would have to count as a b wave of something. Obviously, only a suggestion, but behind my plays of late and my weekend game plan posted here first.
Let me see if this internet connection will let me put this chart up (again!!)
Last edited by Clivewaverider; 04-18-2012 at 04:46 AM.
We only just reached 50% retracement of move up from 1.2994 and the wave style is all messy. This cries correction all over it or at least is trying to immitate one.
Until that 1.2994 is taken out, I gotta look for upward moves on confirmation.
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Originally Posted by Paul Chin
Not all zigzag indicator redraws. Maybe all current version of zigzag indicators redraw, but what if I tell you that someone has long come out with a zigzag indicator that does not redraw in order to backtest certain strategies?
