thanks for that…
I will try to get some captures tonight, my broker uses -5 gmt which is new york market time.
Alright i figured out right from start what was wrong by first 4 trades you placed… all of them have orders placed 10-20 candles too late. Basically selling “possible” formation of low or high rather than selling or buying actual break.
Screenshot by Lightshot
Screenshot by Lightshot
Thats about it. Selling and buying has to be done right on break of lows or highs not after pullback.
what about false breakouts?
looking back to 2 weeks ago, i think i did better when i pulled the trigger instead of thinking about false breakouts.
regarding jans screehshot of your 2 trades:
If you wont trade a BPC (breakout pullback continuation pattern)
then you need to wait for the CONTINUATION
If you look at this 4 candles when the pullback came back to the R there was a small inv hammer.
This you can trade. sell pending 5p under the hammer SL 5p over the hammer adn first target 5p before last low.
So you would have very small SL with good risk-reward ratio.
But in this case the pending would have been not triggert.
JP thanks for sharing. This gives me a better picture in your trading style and rules. I am definetly going to try this.
I have a few questions :
- Did you trade these trades with pending orders?
- Trade 17: Gold has lots of spikes. In this specific trade: where did you enter this trade? an hour before on the pin bar or where you put your mark? The pinbar at about 9.00 was the first BO followed by the bar with your mark? (both entries would work out but on the other hand you dont want to take any unnecessary risk (example 18dec 10.00 spike up = BO)
- Would this (example 18dec 10.00 spike up = BO) qualify as a trade if not why not?
Thanks,
LaCamus i will do research on how much fbs happen and how to best avoid them. But this week i only had 1 trade that had fb and even that one returned back to my opened position.
Haho mostly live trades, i am bit more scared on gold leaving pendings opened like that hehe. Just to be clear i have not taken all trades specified on pictures took about half of them, just pointed all of possible ones that could be taken in this month and what profits you can expect. Trade 17 is either pending or live trade both of them work good, as long as you can catch live market order.
Like i said we will see 1200 on Gold before end of year…
Been doing some research on that…basically the consensus is that fake breakouts happen about 50% of the time. I am starting to lean the way of Bernardo, where he chooses to wait for the return of price action to test the support/resistance/trend line that was just broken. Some successful traders use this practice, but it means you will miss the straight breakouts…resulting in safer trades but possibly less potential profit. One possibility is to reduce TP when taking the initial breakout by maybe 50% (10 pips) or (even better) bring the BE into play at 40% to 50% (8 to 10 pips) of initial TP (20 pips)…this would only be on the initial breakout. If the PA comes back to you then you don’t lose anything, if it doesn’t you still get your profits. So on roughly half the trades you would get an early BE while still having the option to get back in if PA bounces off or breaks hard back through the line. Obviously this would not work for the 15 minute a day trader using pending orders, but for the active trader only.
Wanted to add that the 50% fake breakout was an overall estimate, it really depends on the pair. That would be an interesting study. I bet this will relate directly to those pairs that yield much consolidation.
Hi Janpec,
Could you or anyone else provide the zigzag v2 indicator?
I haven’t really tried this version yet, but I am benefitting from the bollinger bands rebound and ichimoku visual distance to price based trades. Made me more than 15% profit yesterday on my account. All thanks to your previous versions 
Vicaas
Vicaas great, nice that you are good with previous version of system.
Actually Zigzag indicator is not good the good one is High lows v2 indicator which you can google on net. I cant post files attachments.
Break on GY m15. Buy
Alright hit BE SL on GU, UC , UJ and GJ on news…was +15 on each of those. Anyways banked 10 on EU short and 10 on gold short quick scalps. Holding GBPCAD short now.
LaCamus clearly from my trades taken in last week and with quickly checking charts all i can say is that fbs happenings are arround 10% of all trades. If you place entry 5 pips bellow latest peak or down wick of low / high you should be safe from most fake breakouts if you trade pendings or do same for live market orders. So overall its no point bothering about fake breakouts becouse they happen rather rare, and most of time you can simply spot where is most common place for fake breakout. Fake breakout happens very rare where you have very strong candles pressing on support or resistance, so in such cases you are very much safe if you are doubfull. In places where candles are consolidated and breaks are then sudden and quick fbs are more possible.
Massive bounce in cryptocurrency capitualizations today…some up 300% in 24 hours.
Closed GBPCAD +30, holding pending activated on UCAD now.
Ye most traiders said fake breakouts happen to 50% of the time, but that doesnt mean that happens so often IN OUR SYSTEM. Because we play a lot with wedge and HandS and I think there happen less FBs. We could this testing.
Here is a zip that includes ZigZag, HighLowV2, and HighLowV2(ZigZag)…the 2 HighLows both seem to produce the same results and look like a mod of ZigZag.
One thing…it does not appear that any of these indicators follow JanPec’s rules for identifying highs and lows. Many times it will have 1 candle be a high(or low) and the next candle (on a spike) will produce a low(or high). Janpec, if I remember correctly, suggested that highs and lows not be within 7 candles of each other and that highs and highs (or lows and lows) should not be closer than 15 candles. Also on the H1 time frame he suggested that the range of a high to low (or vice versa) should not be less than 60 pips…for 1 minute time frames, 10 pips. Other time periods would be a factor of these two:
HiLoMinPnt60 = 600 points (60 pips)
HiLoMinPnt1 = 100 points (10 pips)
tt = your current time period in minutes (i.e. H4=240, M30=30)
p = value of a point for forex pair, depends on broker (i.e. EURUSD=.00001, EURJPY=.001)
((((HiLoMinPnt60-HiLoMinPnt1)/59)*tt)+HiLoMinPnt1)*p
Yields:
M5 = 0.00081 (8.1 pips)
M15 = 0.00157 (15.7 pips)
M30 = 0.00271 (27.1 pips)
H4 = 0.01873 (187.3 pips)
D1 = 0.11025 (1,102.5 pips)
This equation will probably have to be modified since H4 and D1 are too high.
HighLowZigZag.zip (2.81 KB)
Thanks Lacamus 
By the way, I have stumbled on a good solution - the autocharting software. Some brokers provide it free. It keeps showing the wedges / triangles and H&S. Lets see if it’s any good.
you have a link…maybe for an open source version?
Yep LaCamus thats why i said Zig Zag indicators are whortles it will make very bad analysis. Only High low v2 is good indicator to use.
No, I don’t. My broker roboforex provides it for free.