Hi,
Interesting chart BUT I’m not sure what you’re trying to show everyone.
I DO think that it needs to be made clear to new traders that may see this chart though: you CANNOT trade with the ‘standard’ Zig Zag Indicator as supplied with most trading platforms i.e. you WILL ‘see your ar*e’. Before you try it research it and you’ll see why i.e. it appears to be FANTASTIC at picking tops and bottoms BUT it ONLY works ‘historically’. Taking the above chart as an example: let’s say the you now went long at point 3 THINKING that this is the bottom because the Zig Zag Indicator APPEARS to be confirming this fact. Not so!!! If the price now drops back to that point then the current Zig Zag line will just start to continue on down i.e. it will no longer be indicating point 3 as being a bottom!!! Be careful. I’m not sure if the indicator(s) shown on this chart are some kind of ‘custom’ Zig Zag Indicator but I can assure you that you’ll ‘land up in VERY hot water’ if you try to base trades on the ‘standard’ Zig Zag Indicator as supplied with most trading platforms.
I bet there are some cool hippies in San Francisco tripped up on LSD that could analyze that chart for hours and tell you all kinds of things about it. Mostly everything but where price is going.
LOL!!!
Your comments are always welcome ‘mytwopips’!!!
The idea with ZIG ZAG is NOT to pick tops and bottoms but to be heading in the “right” direction.
Hi,
OK: granted (about tops and bottoms) i.e. you’re right of course. However: anybody that does not understand EXACTLY how the ‘standard’ Zig Zag Indicator works IN REALTIME will get ‘burned’.
Anyway: I’m not following your posts around i.e. I think I made my point on another one of them (and I’m not trying to ‘bust your chops’ either I assure you). I’ve been to your website and it’s impressive. Also: your MT4 Indicators appear to be ‘top notch’ and very ‘polished’. As I said before: not for me (I’m the ‘Wilder Guru’ around here i.e. ‘old school’) and I just want to do my best to make sure that ‘new traders’ dont’ get ‘burned’ the way I allowed myself to be is all i.e. I also saw some ‘real fancy’ systems and indicators that made things look SO obvious and easy but in reality that was not the case and it turned out bad. I believe that there is no such thing as ‘slapping’ an indicator or two on a chart and then ‘going for it’ without at least TRYING to understand some of the basics but hey: that’s just me.
I code indicators because it is easy for me. My degree was in Computer Science.
I don’t use most of the indicators that I code. But others like them so I do it simply because I can. Keeps my coding skills sharp.
Easy and simple are not the same. Lifting is simple. Lifting 10 lbs is easy. Lifting 1000 lbs is almost impossible.
If you learn how to use 1 indicator to make a profit, that’s all you need.
I prefer to trade horizontal line crosses. It’s simple.
I created my own type of trading - STATISTICAL TRADING. It’s not technical and it’s not fundamental. Price moves. You can measure the moment. Knowing the statistics of the movement is my edge.
I posted a screen shot of the TRO DASHBOARD VALUE today. It shows the average range for the number of bars you want. It displays the range for all the time frames.
Knowing what the average range is in your time frame and the next time frame can increase your take home.
Give statistics a try, you just might like them!
Hi,
Thanks for responding.
Like I said: I (unfortuanately or fortuanately) had some very bad experiences last year but I’ve managed to turn things around in a big way this year by using the ‘old school techniques’ i.e. trading systems by J. Welles Wilder Jnr. so to be honest: I ain’t gonna try to fix something that ain’t broke and is working very well for me: netting me anywhere between 50% to well over 100% gain on capital every month which I’m sure you’ll agree is a FAR cry from wiping account out after account ala last year. I jumped from ‘system to system’ and ‘indicator to indicator’ last year (INCLUDING but not limited to the Zig Zag Indicator hence my ‘negativity’ on anything else)!!!
I DO see what you’re doing and to be honest it IS refreshing and definitely a ‘new take’ on things (I also listened to your radio interview and that was refreshing too)!!! Maybe when I’ve covered my huge losses from last year and I’ve reached my financial goal (hopefully in the not too distant future) I’ll ‘play around’ again. You understand where I’m coming from I sure.
We shoud / could maybe ‘stay in touch’ though i.e. like I also said: your indicators are really ‘polished’ so your coding skills are obviously ‘top notch’. Do you only code for MT4 or would you be interested in tackling some other platforms that have similar capabilties?
Where can I read about the Wilder system that you use?
I am a “newbie” to MT4… started coding MT4 in Dec 2007.
I have been coding for QuoteTracker, TradeStation and eSignal for years.
What did you have in mind?
Hello again,
Well here is a link to the THREAD:
but there are no ACTUAL details of the systems contained therein i.e. the idea is for people who have actually BOUGHT Wilder’s book can discuss the systems and stuff and share ideas etc.
I’ve coded the systems into Deltastock’s platform (VB) and GCI Financial’s platform (Pascal) but it would sure be nice to have them in MT4 (because it’s so popular) and TradeStation (I want to move over to TradeStation Securities in time myself). My problem is that I’ve NEVER gone through MT4’s scripting nor TradeStation’s which I was GOING to get to at some point in the future i.e. it’s my ‘future projects’ but of course this would be a learning curve for me whereas it obviously would NOT be for you!!!
Well if you like, I’ll take a look at it.
Shouldn’t be too difficult.
Hi, im newbie, im from Vietnam.
I dont know how to download or code the Ziq Zaq Trader Indicator, Could you please help me get it ?
Thanks much.