HI Bobkat, you always draw the trend line using the last 2 dots However, keep in mind that the second dot must be followed by an opposite color dot before it is cemented in place and not repaint. I find that on an uptrend, you will see an nice breakout down, and on a down trend, you should look for a breakout up. In a flat market where the trend lines and almost horizontal, you can have a breakout in any direction.
I have found that price reacts alot more to pivot points than Dynamic Fibs. I think Pivots and whole number are alot better. Why the fibs?
Please explain how you trade the 1min. Price can spike throgh the trend line so fast that you miss the trade. Also sometime when I click buy/sell the order can take a while, by which time the trade is long gone. Also concerned about slippage and spreads.
Perhaps better on the 5 min or 15 min
Hi,what do you mean fractals instead of the dots? thanks
Great addition Epidot! I think you’re right and the pivots look much nicer on the chart. I have attached an image. The price really react to these levels.
I think the pivots will be great places to set the TP, thanks again for the addition Epidot.
No problem. I was amased how often price bounced straight off the pivots even to the pip…Im trying to get this working with ahigher TF bt I cannot figure out if I should change to weekly pivots instead. Also which round numbers to use. Every 100 pip means there are way to many lines to be useful.
If you want even more accurate breakouts, i suggest changing the minBars setting to “4”. With this setting, the system works on any chart, any time frame.
Sorry, got you mixed up with post #36.
Do you use the fractals with the regular mt4 ziz zag indi or with the custom one listed here in the thread?
I use just fractals and nothing else. The system works well for both breakouts and retracements. I find the most consistently profitable way is to use 4 H charts and move the stop to breakeven when the price has moved in my favour by 20 pips. Then, I manage the trade by moving the stop and trying to squeeze as much as I can out of the trade.
do you use just standard fractals or do you have a custom fractals indicators that gets rid of some of the noise?
Just standard fractals found in any charting package. In the 4 H charts there is no noise. In my hands, this simple system is very profitable.
Blizard, I notice that you draw a line between dots with different colours. Use the fractals and you just draw a line between the last two fractals on the same side of the price action. Take the trade when that line is crossed. No matter what the trend is.
Current open positions:
USDJPY +94 pips
EURJPY -14 pips
GBPJPY +275 pips
CADJPY +55 pips
AUDJPY +47 pips
NZDJPY +76 pips
GBPAUD +134 pips
AUDCHF +48 pips
GBPUSD +141pips
USDCHF +62pips
USDCAD +4 pips
EURGBP +13pips
EURCAD +45pips
EURNZD +41pips
This is extremely simple, clean charts for PA trading. and I like the 4H too as I trade the NY session and a 4H starts at 08:00 my time. I will give this a serious shot Monday. Love it. Thank you iaffiu
Where do you place your stop? Do you enter as soon as it breaks or do you add some pips?
Blizzard,
Thank you Blizzard for this strategy. I always failed at drawing trendline so the indicator really help a newbie like me. I’ve tried it last week and really like it. It is LESS STRESS unlike other method but how do you keep up with M1 TF?
My English is poor but I hope you understand