navlem wrote: Thu Feb 06, 2020 3:53 am
Hi,
Thanks for the advice. I thought that ZZ is all about letting the trade go into the opposite direction and letting it bounce back. And so the 2nd white dot was meant to be an indicator of bounce.
Based on the lower M1 timeframe it did bounce back up for a little bit before it dropped back down past the "first" 2nd white dot.
So you mean if it pushes past the "first" second white dot I should close my trade because it pushed past it?
The issue could be joining very late in an already exhausting trend. Looking towards the left on that 30 Min chart, I can see a big red resistance line which price is not too far away from. Price is also very far away from the green semafor at the bottom of that trend, so it is a very mature trend.
If I'm trading the 1 Min or 5 Min chart and a semafor appears at a support/resistance level, I'll probably close my position and re-enter when the trend turns. It will be good to go back through Xard's post and see how he takes his trades. I'm currently spending time on the 30 Min chart to see when a green or red semafor is printed and then quickly go to the 5 Min chart to observe what is going on. Once I know what I'm doing I'll take the plunge.