if you look closely, you will see a green dot, just above the candle, the dot colors can be changed, i use green dots on sell trades and red dots on buy trades.
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Still can’t see why the ZZI is overbought in that pic.
well, the zzi (cci) is over the 100 level so its overbought and ready to start falling again.
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I can say I’ve been profitable so far with this system. This morning (Friday) I was up 10 pips in about 15 minutes reading catching the indicators for USD/JPY and GBP/USD. Yen took me for a wild ride but I closed up after getting +5 pips on each. I did notice while I was watching EUR/USD and USD/CHF at the same time, that other opportunities opened up and they followed through but I couldn’t capitalize on them because I was long on the other two. Oh, well.
I can see why doing this automated wouldn’t be a good idea because you do need to keep your eye on the ball and be happy with +5 pips or +8 pips here and there and let compound interest do its magic.
Having said that, how might I go about making something that could send me an e-mail or a text when all the conditions have been met? Is that possible in Metatrader 4?
UPDATE: Make that +15 pips this morning. Caught another 5 pips on a long signal for USD/CHF.
UPDATE 2: Another +8 pips shorting GBP/USD. Making my total for this morning +23. That’s enough for me.
But man, blizard, do you set a TP or do you have a mental TP? Because if I wasn’t stopped by my TP I’d be up a lot more because at 8:30 USD/JPY shot up like…40 pips in one second.
Check your economic news. Same trade could’ve had you -40 pips in one second. If you’re a scalper you might want to avoid NFPs unless you feel like throwing the dice.
Good point, PipBandit. I hadn’t even looked at the calendar for the week yet.
checking the news is a good idea, however that being said, the zzi dot is usually within 5-10 pips on the 1 minute chart so place the SL ASAP and you should be ok. Here is the entry from this morning:
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Here is my second trade for this Friday afternoon, the zzi was close enough to overbought and with a nice bearish candle so I took the plunge, why not with such a tight SL. This one went for 60+ pips, I was happy with 10.
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The proper TP is hard to gauge. I go for good trades and take small profits as I go. Once you are up maybe 7-8 pips, move your SL to breakeven and let it ride, maybe you’ll get 15-20 or even 30 pips, and if it comes back, you will break even. Honestly, that’s something I need to work on myself, you will get 5-10 pips per trade for sure, if you let it ride maybe you can get much more out of each trade. But my philosophy is: 1) draw out each trade so you avoid emotional entries that don’t follow the rules, 2) take a few pips from each trade, trading after-all is a marathon race not a sprint. 3) Never move your SL from the ZZi Dot if the trade goes against you, its ok to get stopped out sometimes, just wait for the next entry.
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Thats a perfect setup MOJO, great job and keep posting your trades both wins and losses, thats how we will all get better. The angle of mega is nice on this trade, I usually avoid when the angle is flat but this is perfect! Who says you cant pick tops and bottoms?
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Good Job MOJO, here is a great entry a few minutes ago, went for more than 25+ pips, i got 10 or so,
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Missed that one. Is it just me, or are the most profitable signals the ones that cross the mega trend line?
Yes definitely MOJO, I find the best entries are the ones closest to mega trend, infact the best entries are the once that bounce off of or that have the ZZI dot directly on the mega trend.
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Just got this one on USD/JPY:
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It looks like this system is almost perfect, if you can find a reliable way to TP.
Great job and a perfect entry MOJO. I think anybody would be happy with with constantly scalping and banking 25-30+ pips daily. Remember most traders lose money so if we can keep trading with high accuracy, we are way ahead of the game. If your biggest problem is should i take 10 pips or go for more, this is probably the best problem to have trading forex.
thanks Mojo and keep posting your entries.
was stopped out on the circled pin bar. NOw its just flopping around so Im waiting for a break out at this point. But I noticed that the ZZi did not change color when it was over bought or oversold for just one candle (marked by the red lines)
Will gove it another go around hong kong open
A little better. Stopped out at break even. Opened at closed at the yellow line.