Thankyou for taking the time out to include your analysis of the fundamentals above. The Z patterns may work with fundamentals in some instances but last week I took a big hit on the EUR/GBP short i posted previously, everything was in my favor and then bam! my stop was hit. I think sometimes it would be good to stay out of the market/Zpatterns when high impact news release are due to ascertain successful trading. How do you trade when news releases are coming out and you see a really good risk reward ratio pattern?
Also if this methodology is so successful maybe you should consider limiting access to future participants! We don’t want the secret of successful trading leaked do we if it claims to be what it is!
Moreover, no trades so far on a Monday morning, looking to make back what I lost last week which was quite a bit!
GBP lately and especially last week was super turbulent. As you know the Scotts were trying to break free. But Dave singing the ‘never going back together…’ song, melted their hearts(lol).
When important news are comming out. I do get cautious but don’t let opportunities slip away. This acrticle on news gives you a better idea. And here was a setup hours before NFP release.
No need to restrict anything. It is what it is. Not everyone can squeeze money out of the markets. No matter how simple or efficient the method.
For now Im only going to stick trading with the long term trend, or against the larger trend only if there is a valid S/R level showing a Z pattern.
In regards to restricting, I was only suggesting that as far too many people are quick to claim methods and start selling it off as their own these days. But each to their own. No worries.
I stayed out of the trade above even though the setup looked very promising. I can now reveal if I had entered, I would have lost that trade.
This is why I personally suggest trading with the longer term trend which is evident on the daily chart and then going down to lower TF’s to look for patterns that coincide with the larger picture.
Does the above trade not result in a 1:1 or less risk reward ratio as the confirmation candle jolted up and then back down. So ultimately given the rules of the Z pattern the buy order will have to be placed at the break of that candle…
Yesterday near the London closing session, this superb ZP gave us an opportunity to seize todays upward movement. The position is currently doing well. However a retracement is imminent, so taking some money of this trade is well earned and justified.
I would say about 23 pips is too far past my treshold. However Yen is showing signs of weakness across the board. Going long is not a bad idea, given there is a good opportunity.
