EUR/NZD was having problems breaking past the 1.5900 round number. I decided to tighten my SL and lock in some profit. I was finally stopped at 1.5887 for +140 pips. Not bad at all.
Your a head of me then, I’m currently waiting on a HR3 entry to be filled. Will see how it goes 
Your initial trade gets filed in my would have, could have file :35:
i closed my eur nzd with 160 pips profit … awesome trade 
now short gbpcad
thanks for spotting it !
Very nice trade. It’s a lot better to sit out and wait for trades like this one, than to try to force a lot of small trades. They don’t come too often but when they do, we’ll be ready.
I decided to stay out GBP/CAD short.
Good luck
yes patience is the way to win in this market. be strict and patient oso be on the look out for fundamental news.
Good going guys!
Im in the short GBPCAD took out a few pips and closed!
Kasravi how is that step by step coming along? 
Also what news do we consider when trading the asian session or any for that matter?
Best
ROni
Has anyone developed an exit strategy for Z Pattern trades, other than just waiting until either TP or SL is hit? It is demoralizing to have a trade deep in profit to then have it reverse before hitting TP and then hitting SL.
Case in point is the recent GBP/CAD 4 Hr trade recently posted by roni25. The setup looked good, it had a 110 pip profit potential, 1:1.6 R/R, and the entry was with the daily trend. By all measures, it was a very good trade. I decided not to place my order because of upcoming GBP news while I slept. When I woke up, I saw that the news helped the trade and was then already in good profit and too late for me to enter. Here is chart:
The price reached a profit of 59 pips before it reversed and went all the way beyond the SL. I was lucky I did not take the trade.
On the same day that roni25 posted the GBP/CAD setup, I closed out manually 2 trades I was in. EUR/CAD 4 Hr had TP at 220 pips but I decided to close it out at 65 pips when it appeared that it had hit a resistance area. The price is still stuck near the same area so it appears to have been a good decision, although it may still rally and hit the original TP
EUR/NZD 4 Hr had TP of 170 pips but I decided to take 140 pip profit. The price continued up and went beyond TP easily. I have no complaint about taking a 140 pip win.
I am thinking about incorporating into my trading plan a strategy of taking profits early on trades with big TP (maybe larger than 100 pips?). I may take half of my position off at 50% of TP and move the remaining position to BE. Something along these lines. The problem with trades with big TP’s is that it can take several days to reach and a lot of news can happen in between to affect the trade.
It is difficult to develop a proper exit strategy without a lot of backtesting. The important thing is to have the exit strategy defined before the trade in order to remove emotions from the decision making while managing the trade. I let my emotions rule on the 2 winning trades I mentioned earlier. Although I still managed to take a good profit, this is not a good way to manage trades.
I thought I would throw out these thoughts.
Good trading,
Hector
I have to agree with some of the things Hector ha said in his post above. More and more trades are biting the dust due to price reversing due to fundamental factors such as the news. I think Kasravi should step in and walk us through a few live setups including everything he looks for to enter.
I entered what looked like a perfect Z pattern on the OIL and lost out again! After trading this strategy for 3 months I can say that no strategy can guarantee consistency. Yes I have had a few winners but there have also been equivalent losses. I think there is alot of room for improvement and tweaks for the Z pattern i.e (Entering in Asian session, What news to consider, What to do in when trade reverses against you, etc).
Best
Roni
Another classic example of trades reversing if this hits S/L… Didnt make it to TP but im still in the trade.
Hi All,
First of all give yourselfs a good pat on the back. There were some really good Setups posted lately.
Secondly, I was and still to some extend are super busy at the time being. But as promised will try my best to get some decent analysis going.
Best
In dire need of your guidance, Some analysis may help. My account is now at a small loss compared to the profit at the start of the month!
Best
Ron
What do you guys say to leaving trades running over the weekend?
Secondly, the last two weeks have been the worst for trading for me and Im sure most
of you can safely say the same. So many losses and so many fake patterns that suck you in.
My fourth horrible trade of this week below:
Best
Ron
Im done trading for a few weeks now, think I need a break after all the losses in the last few weeks. This strategy works wonderfully sometimes and extremely poorly as demonstrated in the last few weeks! 
Ron,
I don’t like leaving trades open over the weekend because of the chance of a price gap. In the recent past I’ve seen some currencies open with gaps as much as 80 pips from the Friday close. So you could have your trade stopped at a much larger loss than what your SL was set. If your SL was 20 pips away at the Friday close you could lose 80 pips instead with a big gap.
You could get lucky and the gap is in your favor, but then it is just gambling and hoping for a little luck. Maybe it all balances in the long run with just as many gap winners as losers. I just don’t like being in a trade where I don’t know for sure what my total risk is. I would rather close on Friday at a small profit or loss and then re-open after the weekend if it is still a viable trade.
I actually had a good past couple of weeks. I only had 2 trades, one for +65 pips and another for +140 pips. I closed both of these manually. Had I left them alone, both would have hit the initial TP of 205 pips and 170 pips. But I’m not complaining. I started off the month with 2 losers for a total of -135 pips. So my total for November is 4 trades, 2 winners, 2 losers, net profit 70 pips.
I notice that you take a lot of trades on the 1 Hr charts. What is your Win % on the 1 Hr charts vs. the 4 Hr charts? I’m curious if you notice better results with one over the other.
I am only currently trading the 4 hour charts. That is why I don’t get too many setups. I did backtesting on the GBP/USD 1 Hr from the start of 2014 to the end of October. I was not happy with the results of 7 winners and 8 losers for a net -87 pips. I decided that I was not going to trade 1 Hr charts until I did more backtesting on other pairs and showed better results. I just haven’t had the time to do more backtesting.
Since I began trading Z Patterns at the start of October 2014, I have 10 winners and 6 losers for a total net profit of +367 pips. Only 4 of my 16 trades were on the 1 Hr charts, for 2 winners for +95 pips and 2 losers for -76 pips. So for now, I’m just going to continue trading 4 Hr only, even if it means only 1 or 2 trades per week. Better to have no active trade than to force a trade just to be in the market.
Hector
Hec,
A very useful insight to your trading. I think I can agree with you on the notion that the 4hr chart being more reliable in terms of entering Z patterns. I have decided to take a week out but will be looking at the charts once a day just incase i see any potential patterns on the horizon and consequently I will be sticking to the 4hr+ time frame from now fourth.
Hope you have a lovely weekend!
Best
Ron
Hey Ron,
I think you are making a very wise decision to take a break after your losses. I recently have done this and after this break I feel like I can see the market much clearer and have just made a couple of really solid trades. I think it is super important to let your mind rest and recover to soak in everything you are learning so that you can resume fresh and with a clearer vision.
We can all see the potential in this system and that it is truly effective. We will all go through a drawdown at some point or another and that is why risk management is just so important. Kudos to you, yohec, in that respect. To you Ron, I say don’t concern yourself too much about your recent losses. As long as you have a plan, following it, and are constantly looking to improve your risk management, you will see the growth in your account that you desire. Just stick with it and let your edge play out. You have a hunger for improvement and that is what makes you successful already
All The Best,
Joey
Joey,
Many thanks for your kind words. I absolutely agree with everything you have said in the above statement. However, I also think that we shouldn’t ignore some of the flaws of the Z pattern system. The more we strive to improve and tweak it the higher our individual success rates. I can vouch for a few losses with the system as being my own errors, However, the last few weeks have been monumental in terms of losses simply due to fundamental and/or reversal issues. I think it is a wise decision to stick to the 4hr chart and higher as most trades below this frame fail more times than often. Having said that I have also experienced losses with the 4hr time frame but not to such a degree.
Hope you’ve all had an awesome weekend.
Best
Ron
So, what do you think are the flaws?
Best
Looking for shorts on Eur/Aud&Eur/Nzd whichever comes first. And on Nzd/Cad and Gbp/Jpy.
Best