Follow The Bouncing Pip - page 210
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Hi,
I don't understand how this system can be so good. If the zigzag indicator shows a top, the price should move down, but the price could go down a bit and go back up and make a new high. Then on the chart we'll see that the zigzag indicator has changed, but in fact, when we look back in the chart, we might have followed a lot of false signals that are not showed on the chart anymore.
Does the nonlag zigzag limit this repainting?
Perhaps it could be a good idea to use this system as a trend follower. For example, if we see in the 4h or daily timeframe that the trend is upwards (using Guppy and a simple moving average), then we go back to the 1h chart, if the zigzag indicator is showing a bottom, then we could go long with confidence.
Did the rules of the system changed or it is equal to the rules in the first post?
roodstaart: did you improve the system adding any kind of filter or you trade the exact same system as everybody? You are getting amazing results... If you did improve the system, can you post what you are doing?
ThanksMaybe it is some improvement I made, I do not know. For sure I am not trading 'as the rest', I try to be on the few % that makes profits...
and that cannot be done by trading like the majority.
Anybody playing yen pair will be burnt today( trading during Asian and European time frame) trying to long on the bottom of the zig-zag. The bottom kept dropping and changed so many times today on all the yen pairs. SL will be triggered numerous occasions. Got to have a feel of the market, and don't try to trade against the trend. Just wait how the trend goes when the US market opens!
That is it. Just wait. Look at the chart and wait. Do not want to see things that are not there. Wait until they are there. Take a good filter indicator. I have a few very good ones. So, I will donate them to anyone that fixes the indicator that I placed a day ago.
MP -- WHY the price moves down and up on the zigzag
Hi,
I don't understand how this system can be so good. If the zigzag indicator shows a top, the price should move down, but the price could go down a bit and go back up and make a new high. Then on the chart we'll see that the zigzag indicator has changed, but in fact, when we look back in the chart, we might have followed a lot of false signals that are not showed on the chart anymore.
Does the nonlag zigzag limit this repainting?For AVERAGE conditions, the zigzag along with zigzag pointer and z-z1 will show you exit positions, BUT PLEASE NOTE SOMETHING THAT HAS BEEN HAPPENING SINCE XMAS ------ the price will move in the direction you expected BUT THEN REVERSE AT THE 15% FIB, moving back up to form a dbl top ! (assuming the prior move was UPWARDS ! --- for a short, reverse the directions)
once it forms the top, and often goes a bit above, it will then head down on the next MARKET REVERSAL, which occur at 10:30 am, noon, 10:30 pm and midnite EST TIME !
and yes, sometimes it do and sometimes it dont but mostly it do, so set your reversals to tp at the 15% fib and see if it continues down or not --- almost always it wont until that double top is formed !
enjoy and trade well
your humble servant
mp
Mp -- Yen Pairs
Not in total agreement as UJ did exactly what it should have done -- moved up for a nice long and reversed to downside at noon est.
the daily trend is DOWN, although im not trading it so didnt look for the bottom, but with that TREND, short is the direction you wish, unless you were to take profit at the normal reversal time of NOON EST and then go short !
enjoy and trade well
mp
Here is my trade from earlier.
Variation to this strategy.
I have started a new thread with a variation to this strategy as I did not want to Hijack Bears thread.
It can be found here.
Thanks
Wayne
Hi, attached is a revision that seems to work. I renamed it (being funny). I am attaching a screen shot using one minute time frame and it works for me. I have not posted enough to use PM yet. I have owned and managed a software company and the last statement I would make is to criticize anyone's code. My address is in the code. Thanks for your efforts and the sharing of your progress. Regards, Rydnek.
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Rydnek --- with over 200 pages of stuff to read thru, I wonder what the name of the "zigzag" and pointers on your chart are.
I use much the same system, with some s+r differences and am curious as to which ones are on your chart
thnx
mp
Mtf Bouncing Pip
Hi,
I have developed a template in the 5M TF with the MTF indicator.
Very easy to judge the reversals. Junctions are the reversal points.
Attach all indicators and put the template in the 5M TF.
ENJOY.
Regards,
SIDDESH