I did some studying and it seems the Zig Zag Indi. isn't as reliable for price predictions as i was hoping.
I guess the results i had with it before were based merely on the fact that i was using my regular techniques aswell during decision making.
Either way i don't want to be dissapointing so i've given you 3 goodies today to make up for my sillyness.
1. GBP/USD Trade Report
Daily Pivots: (S1) 1.9587; (P) 1.9627; (R1) 1.9685;
Cable turned sideway after reaching 1.9667 but still, as long as cable stays above 1.9588 minor support, intraday bias remains on the upside and further rally is expected to follow towards 1.9750 resistance. Below 1.9588 will turn intraday outlook consolidative. But pullback should be contained above 1.9452 resistance turned support and bring rally resumption.
In the bigger picture, break of 1.9564 cluster resistance (61.8% retracement of 1.9750 to 1.9261 at 1.9563) suggest correction from 1.9846 has completed after three waves down to 1.9261. Break of 1.9750 will encourage further rise towards 1.9846 high and then next upside target of 138.2% projection of 1.8090 to 1.9142 from 1.8517 at 1.9917.
On the downside, it will take a break below 1.9452 support will argue that the whole rise from 1.9261 has completed but a break below 1.9315 is needed to confirm. Below 1.9315 support will bring a retest of 1.9261 low and then 1.9177 cluster support 50% retracement of 1.8517 to 1.9846 at 1.9182, 23.6% retracement of 1.7047 to 1.9846 at 1.9185). We'll still hold on to the preferred case that price actions from 1.9846 is merely correction to rise from 1.8834 only as long as 1.9177 remains intact. But sustained break of 1.9177 cluster support will turn medium term outlook neutral and argue that the whole rise from 1.7047 has possibly completed.
2: Some Signals (Entry > SL > Target)
eurusd buy 1.2948 1.2915 1.2998
gbpusd buy 1.9663 1.9627 1.9710
usdchf sell 1.2465 1.2505 1.2417
usdjpy sell 120.32 120.65 119.80
3: A modified version of the Zig Zag indicator which automatically draws trend lines to give you the optimal breakout entry points for daily trading.
Regardless of the fact that the Zig Zag isn't too good at predicting future price movements, i still accept it to be the best way to filter our price noise and provide the most accurate R and S levels, for those of you who don't have automated Pivot Points.
Thats all for now.