The Z Pattern

[yohec]

@roni25

Kasravi,

I think its best you right up a step by step execution guide for the dummies (like me). In my humble opinion there is far too much to take in, I was unaware we had to consider news releases and then the notion of trading outside conventional hours being ok… This has all been detrimental to my trading journal this week so could you kindly put together a guide. I will be willing to compensate you financially for the time taken to write it.

Kind regards,
Ron

Ron,
If you haven’t done it already, it will be very helpful to you if you write down your trading plan and rules to follow for the Z pattern. This will allow you to become consistent. I attach an image of my trading plan as an example. You can modify my plan to fit your own style and rules.

I hope this helps,
Hector

PS: I would have uploaded a PDF file but I did not know how to do it.

[roni25]

@yohec

Ron,
If you haven’t done it already, it will be very helpful to you if you write down your trading plan and rules to follow for the Z pattern. This will allow you to become consistent. I attach an image of my trading plan as an example. You can modify my plan to fit your own style and rules.

I hope this helps,
Hector

PS: I would have uploaded a PDF file but I did not know how to do it.

Hector,

How about trading hours?

[yohec]

Ron,
I allow myself to place a trade at any time. So far, I have 6 trades that triggered during the Asian session resulting in 3 winners and 3 losers. If I start seeing significantly more losers than winners, then I would have to reconsider and possibly modify my rules.
Hector

[roni25]

Ron,
I allow myself to place a trade at any time. So far, I have 6 trades that triggered during the Asian session resulting in 3 winners and 3 losers. If I start seeing significantly more losers than winners, then I would have to reconsider and possibly modify my rules.
Hector

I have had so many losers in the Asian session Hec. Be careful.

[yohec]

Two days ago, I posted setups on NZD/CHF and EUR/NZD 4 Hr charts. The patterns were invalidated the following day as the high and low of the patterns were taken out. Both patterns reversed themselves and hit TP. Of course, my orders had been cancelled when the patterns were invalidated so I was not on these trades. What a shame! Missed out on 88 pips and 193 pips.

[craigfx]

After a rather slow day yesterday. Finally came across two tradable JPY ZP’s on 1hr and 12hr. Orders placed and ready to go. But then the haunting memory of the last week came into my head. “you said you were not going to counter trade any JPY pairs right now because of the strong trends and little pull backs”. Yeah, but…but it’s going to roll over, alright fine… pulled the trades.
The 1 hr turned out to be a missed opportunity, the 12HR would still be in play in profit.

So after a while I came across a small GBP/CHF 1 hr ZP coming off a target area with lots of upside. The R:R was less then I would want. Having a lot of room to the next target area I did go for more then the classic TP, but was not gutsy enough to go for more. Many pairs followed last night, but it is nice to see the ZP for an entry

[roni25]

What do you guys have to say about leaving a trade running over the weekend? Looking at some juicy Eur pairs that have patterns forming on the 4hr!

Best
Ron

[roni25]

Check out this juicy trade below… Worth a shot!

[yohec]

@roni25

Check out this juicy trade below… Worth a shot!

It is a very nice setup on EUR/CAD. EUR/NZD also formed a good setup.

I prefer to not enter any trades this close to the end of the week. I’m going to watch these two on Sunday evening to see how they open and place my orders then if the patterns are still valid.

Hector

[fundiWaMbao]

Really nice work you’ve done here Miad, I salute you!

Merci beaucoup!

[yohec]

EUR/NZD - 4 Hr. I placed my orders on this one. The entry may trigger during the Asian session.

[jasperng10]

Hi Ron,

Hope all is well over there.
Not trading before important news and outside uk/us trading hours are all suggestions to get better results. But I understand there is a need for a step by step walkthrough for the trades I take. It comes down to chart reading too. I’ll do a walkthrough for a few setups I am taking for the comming weeks. I can’t promise you that they’ll turn out profitable. But atleast you get the idea what’s happening from beginning to the end. Sounds fair to everyone?

Best

ps: To the financial compensation. Here is what to do: buy a box of beans and take it to your nearest food bank. Shouldn’t cost you more than a tenner. You pay more in spreads to your broker:54:

ps 2: Signing off with ‘‘Best’’ fits you better.

sounds great :)!

[yohec]

Did anyone else enter these setups on EUR/NZD 4 Hr and EUR/CAD 4 Hr? They are both looking good so far. If only one of the two hits TP, it would still net a nice profit. Of course, they are both EUR trades so if EUR decides to make a sudden turn to the south, then that won’t be good. We’ll see.

[roni25]

@yohec

Did anyone else enter these setups on EUR/NZD 4 Hr and EUR/CAD 4 Hr? They are both looking good so far. If only one of the two hits TP, it would still net a nice profit. Of course, they are both EUR trades so if EUR decides to make a sudden turn to the south, then that won’t be good. We’ll see.

According to some of Kasravi’s methodologies I would say that the EURNZD broke too far south to consider an entry. But then again thats just me basing my opinion on some of the trades he’s opted not to enter because of the way the currency moved south.

Hope it works out for you though!

Best
Ron

[yohec]

I decided to close EUR/CAD at 1.4035 for +65 pips. There is a resistance level at 1.4040 that was tested twice but failed to close above. Also, the trend is bearish on the daily chart. So I took the money. Can’t complain about a 65 pip gain.

[roni25]

Taking this trade on the 4hr time frame GBPCAD if the entry is triggered. Its after conventional trading hours so I would like everyones input. Kasravi when do we consider trading the asian session?

Best
Ron

[yohec]

@roni25

Taking this trade on the 4hr time frame GBPCAD if the entry is triggered. Its after conventional trading hours so I would like everyones input. Kasravi when do we consider trading the asian session?

Best
Ron

What pair and time frame are you looking at?
Never mind, I see it now.

[yohec]

Ron,
That is a very good setup on GBP/CAD. The only thing to watch out for is the GBP inflation report hearings on Tuesday at 10:00 AM GMT. These news could cause a big move on the currency. (Note the times shown below are USA CST).

[craigfx]

I decided to close EUR/CAD at 1.4035 for +65 pips. There is a resistance level at 1.4040 that was tested twice but failed to close above. Also, the trend is bearish on the daily chart. So I took the money. Can’t complain about a 65 pip gain.

Nice one. That’s where I was looking to get out if I had taken it. Since I don’t normally take trades before the first US session, I passed on it. Not to mention I didn’t have much confidence in it hitting classic TP. It still may, but wasn’t for me. I’ve been waiting to short this pair today.

[yohec]

Nice one. That’s where I was looking to get out if I had taken it. Since I don’t normally take trades before the first US session, I passed on it. Not to mention I didn’t have much confidence in it hitting classic TP. It still may, but wasn’t for me. I’ve been waiting to short this pair today.

Actually, as soon as I closed my ZP long, I opened a short position on this one.