Ron,
I would like to offer my comments on the charts you posted.
GBP/NZD M30: Good setup. Risk 35 pips, Reward 30 pips. Not quite the minimum 1:1 R/R I prefer but close enough if you feel confident on the setup. The price just went against you, no reason to fell bad about this trade.
GBP/CAD M30: Risk 25 pips, Reward 11 pips. Terrible R/R, should not even consider this for a trade. Also, the entry barely triggered by 1 pip. If you have given yourself a buffer of about 3 pips, the trade might have not triggered at all and the pattern would have been invalidated.
GBP/USD H1: It doesn’t look to me like it was a valid Z pattern completion. The close of the pattern did not quite touch the channel line. Also, you entered this trade less than 2 hours before the USA Nonfarm Payrolls announcement. The news moved the market against you for a quick loss. Many traders avoid entering trades before the NFP announcement as it usually has a large impact on the markets.
XAU/USD: I can’t comment on this as I am in the USA and I can’t trade gold. I can’t even get the chart on my platform.
Ron,
I have not been looking at the trend of the larger time frames. I agree with the responses that jasperng has been posting regarding this subject. If I see a valid Z Pattern with a good R/R, then I will take the trade.
It appears that the Z Patterns rely on short term reversals / pullbacks so the daily or weekly trend should have no relevance. This is especially true if you are trading the 1 Hr and 30 Min charts.
I trade all good quality z pattern regardless direction .
I reckon u setup ur chart to show both candle stick and line chart. Put up a ma 1 like what I have been posting to see if it is a good quality z pattern
Yes it is short term reversal for anti trend. But z pattern can oso be used for entry at pull back following the trend to get huge profit.
I reckon u start with h4 or h1 from now on and avoid m30. According to kasravi best time frame will be h4 h8 and h12. Personally I find h4 z pattern has good success rate. Even yohec posting has been mostly h4
There’s an article at his website that mention.about setting up ur chart in mt4 . check it out there. Basically u add a ma1 on ur chart which represent line chart
It looks like the high of the pattern was taken out so the pattern was invalidated, according to Kasravi’s rules. Or if your entry was triggered, then you may have hit your SL. Are you still in the trade? I hope it works out.
Hector
You were correct, the high was taken out when I entered. I thought price may retrace back down and short to my entry but it didnt. 30min charts are alway volatile. Lesson learnt.
It’s a shame. It was a good looking setup with good R/R. I placed my short entry order at 1.1152 but it never reached it. I cancelled the order when the price went higher.
