MP
Thanks again. Are there any loose rules with the zig-zags such as 3 tops off a S/R line next move down for x pips etc? Or do they just show you the tops and bottoms with ease?
Grim
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they do a few things well, and some that need understanding
i have been using the ziggys for a while, based on two threads from another site that i thought worth trying.
when FINISHED, the ziggy shows you the PREVIOUS trend or "wave" for those so inclined -- in that last vein, they allow you to "count" the waves fairly simply, although i dont use "waves" as such.
as you said, they show the top and bottom or other way around of a move that you could very easily miss, especially those that take a day or two to complete.
the only true rule, if trading with them, is to GET OUT NOW when the circle appears at the end of the ziggy or, which happens often when just the arrow appears, is to read the arrow and circle for its value, and exit at or just before that value, as that will be it for a while.
the subject is vast, and requires a lot of thought to spell it all out, and the above is more a daytrading method than a longer term method.
for the longer term charts (H1 or H4 or daily), placing a trade OPPOSITE where the ziggy has ended (place a long if the last ziggy was short) at 12am midnite, EDT, will get you into the trade in the right trend direction ---- invariably, even if the other H4 ziggy shows its ended and bottomed, you will start getting a move up and then a retrace off the 23% FIB if you enter earlier, say 3 oclock, EDT ---- while this is of no harm except for you seeing profit, and then seeing it go away, you can avoid the heartbreak (or simply trade the up move to the 15 or 23% FIB, get out and then re-enter later that nite
often the ziggy will move from one side of the LRC to the other in a day, but often it will go to the MIDDLE LRC, reverse down and try again --- invariably though, it makes it from one side of the LRC to the other.
even if you enter the trade, based on you thinking the ziggy has bottomed, EXCEPT FOR TODAYS ACTIVITY which one could sorta figure from last nites activity just before all the news we got, if you enter the ziggy early, you might suffer drawdowns, but 99.9% of the time, the move predicted by the ziggy will happen, and usually at that midnite EDT !
now the additional pointers on my charts are dynamic s+r indicators which point to a higher move AFTER the point reached sells off a bit -- on a 5 min chart, thats usually a few seconds to a minute or so and on the H4, once major resist is hit, the additional arrow usually is not hit till tomorrow !
so much more to say, but have to go slow
mp
