i am trying to make a system using zigzag… seems promising …BTW i am using a 1 minute chart but zigzag alone has some drawbacks, though my gut helps
i’d like to know from what other indicators can i use with zigzag on a 1 minute chart… oh and the MACD dosent help much …maybe i should tweak it
i am trying difffrent settings on PA SAR and Ichimoku …
pls advice …
and pls tell me which indicators work best on 1 minute charts… also their custom settings if possible…
i know am asking a lot … but pls… help me out here guys…
Why are you trying to trade 1 minute charts? To get a tighter entry before a higher time frame? Or, scalping?
If scalping…
1 minute charts are noise, if you try to trade them you are going to get your but handed to you trying to scalp them.
The thing about indicators is that they all lag price. So, the smaller the time frame the more indicators are going to be useless. The same can be said for candles stick patterns and just about any form of technical analysis.
Scalping for a few pips is how fools trade who are going to eventually lose their account. When you scalp you put odds highly against you. For one there is the spread. Even if it’s only three pips and you are going for 10 pips, from entry you have to make at least 13 pips.
Also, you can’t have a wide stop when you scalp, because any loss kills all your wins.
There is more pips, more money and easier trading in higher time frames. Most new traders assumed going for just a few pips and trading faster time frames is easier and a baby step. Scalping successfully is actually quite hard, as you are trying to guess every little move.
But why 1 minute charts? Is it a matter of convenience or are you looking at netting small pips in a higher volume of trades taken? if so, that’s scalping, and for your sake I’ll save you some headache and at LEAST move up a to 5 minute chart. At least then you have a small window in which to trade with a visible trend.
Take it from me, when I started a few months back I wanted 1 minute charts to make me money fast. Doesn’t work like that unfortunately. Remember the spreads are involved and an entry REQUIRES you to pay that spread. You start in the minus. On smaller timeframes that minus 3 pips looks a whole lot bigger than on a 5 minute or 15 minute chart.
I tried everything from price action trading, to indicators, to heiken ashi charts… I’ve since moved on.
Understandable. This is exactly where I started but I kept with it. Look at it this way.
On a 1 minute chart. How much movement is there REALLY per candle? Even on a 5 minute chart, measure the range of any candle and you’ll notice there’s not a substantial move. Maybe 5 pips NET pips; that means before spreads. Factor in the spread and you’re looking at 1 or 2 pips IF you’ve got the right idea on trade direction etc etc.
Now take a look at something like a 15 minute or 30 minute chart.
Comparing the two, you’ll see one is a bit easier to distinguish a short term trend or areas of support and resistance. The probability you’ll have a winning trade with these additional pieces of information is higher.
If you haven’t done so already, take a read through the pip school here; loads of information that’ll help you on your way.
The Zig Zag indicator is very interesting, I find it to be effective. to do trend continuation. What I want to know is, what the parameters mean. I use it on the 15min chart and its effective…Do you know what each parameter represent…
As to your question- too much indicator really just connfuses the srtrategy, after the strategy work on money management and the win/loss ratio, thats all…
