Indicator Zigzag - Page 2
Page 2 of 5 FirstFirst 12345 LastLast
Results 11 to 20 of 49

Thread: Indicator Zigzag

  1. #1
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390

    Indicator Zigzag

    Welcome to this thread friends, I am participating in all robo forex forum contests, and here we go. There is one more contest for us, where we can share our indicator's features and can give a best education to forum members. The title of my thread is Indicator Zigzag, and in this thread I am going to right a review on Zigzag Indicator. I am very thankful to forum admin that robo forex forum bringing new contests on time to time for all forum member's.

    Description : I am a swing trader so I like to use zig zag indicator in my trading system. I have a very good experience of zig zag so want to describe more about this indicator. You can use zig zag indicator to follow the market trend, to check the momentum of the market, and to check the reversal points during trading. Its a very powerful indicator for those trader's who using fibonacci tool in trading. Zig zag indicator also a good indicator to find out the dynamic support and resistance points, other pattern's like double top, double bottom, triple top, triple bottom, head and shoulder, inverted head and shoulder etc. So its a complete package for trader's.

    Zig Zag Features: There are many features of zig zag indicator they are as follows:

    I. This is a very good news for those trader's who like to use fibonacci retracements and elliot waves because these use the concept of swing high swing low. Even in more other patterns in which we can apply the concept of swing high and low this indicator could be effective there too.

    II. It give a clear indicator about a strong market uptrend and a strong bearish downtrend market confirmation. Its not very scary, or complex indicator like other's, We have to just implement it on our chart and it will still make our chart very clean and easy for analysis. The action of zig zag on chart is very smooth.

    Attachment 12571

    III. Zig zag provide consistency in trading, because it would not give you a lot of false signals. Which is essential for removing mistakes and evaluating your trading performance. All we know that consistency is our main objective in this field, which could make us a professional trader.

    IV. Zig zag produce a good pattern's knowledge to trader's. The most important things is trader's can learn about the important support and resistance with the help of zig zag indicator. Because its automatically create lines on Major support and resistance points and create a strong support and resistance area every time.

    Attachment 12572

    V. Its not only about support and resistance, trader's can learn more from double top and double bottom patter, Triple top and triple bottom pattern, Head and shoulder pattern, Inverted head and shoulder pattern, etc. I have gained a very good experience of these all pattern's in last 1 year through the help of zig zag indicator.

    Zig Zag Setting In Mt4 Terminal:
    1. First of all you have to download the Zig zag indicator for your mt4 terminal.

    Attachment 12573

    2. Now click on insert and choose Zig zag.
    3. Just apply zig zag on mt4 terminal charts.
    4. It will appear in mt4 terminal screen, there is nothing very tough to understand about zig zag indicator, its a simple indicator and you can apply easily this on your mt4 chart.

    Drawbacks of Zig Zag Indicator: There are couple of draw backs of zig zag indicator they are as follows.
    I. Make sure that you are no searching for any holy grail on the net, because there is no holy grail trading system in this world. This indicator would not give you 100% winning signals.

    II. Follow proper trading plans, and enter with plan b always, some time you can get false signals by zig zag.

    III. Follow the major trend when you enter in the market, and then you can avoid the short term trend, or reversal in the market. In a major trend you can get best advantage from this indicator, otherwise less experience of it could be harmful for you.

    IV. Zig zag perform also good in sideways market but make sure that you are following the market trend first. You can use the horizontal lines in your mt4 terminal, with the use of zig zag indicator to gain some profit in sideways or ranging market. Don't depend much upon sideways market condition, because its less effective and there is big risk and less reward in it.

    My Recommendations: I am using zig zag since a very long time now, and I mostly like to follow the differ types of pattern in this indicator, I mostly follow major support and resistance points and wait for double top, double bottom, head and shoulder etc. You can also apply the same analysis in the market.

    Don't ever try to take 20 to 30% per trade, because many novice trader's start to take indicator's their buy and sell signals, I will say again that there is no holy grail in forex. So its essential to use proper money management and risk management in trading.

    I hope you found this to be a beautiful Indicator Zig Zag thread. And once again I am very thankful to read my thread. Have a awesome day.

    Not allowed!

  2. #11
    Trader Hukam's Avatar
    Join Date
    Jan 2014
    Posts
    8,615
    Thumbs Up
    Received: 250
    Given: 495
    Quote Originally Posted by forexlearner View Post
    What a great answer sir nice , Moving average is a very common used indicator, that's why its very popular, most of newbies also use moving average to learn about forex trend following trading strategy, and its easy to follow the trend by moving average rather than using a manual trading analysis for this. I have a good experience of moving average and zig zag only in H4 time frame for now, But I also think that in daily chart we could get massive amount of pips with moving average.
    You should check out it in daily chart time frame too, In the year 2014 I got many long term market pattern's in daily chart and found that there was a possibility to gain 1300 to 2000 pips from one single trade in daily chart, I think H4 is not a very long term trading its a medium range of trading, for a long term you should do trade with Daily chart, but if you are satisfied with your earning than you can carry on with h4 time frame.

    Not allowed!

  3. #12
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390
    Thanks for giving me that advice sir, Personally I am not a very long term trader as you are saying that daily chart is specially made for the long term trading. I am a medium long term trader Yes, I follow h4 time frame only. For now my goal is not to focus on very long term target, but when I will be retire from my current Govt job then I will surely go with Daily chart time frame

    Not allowed!

  4. #13
    Trader
    Join Date
    Feb 2014
    Posts
    5,556
    Thumbs Up
    Received: 64
    Given: 30
    I may have a very different point of view related to the usage of any of the indicators found on the mt4 . like zigzag . I think that most of them are very possible to be used as filter to our point of trading . not to depend on them to trade solely . as they most of times are not trusted .

    Not allowed!

  5. #14
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390
    Quote Originally Posted by hosny55 View Post
    I may have a very different point of view related to the usage of any of the indicators found on the mt4 . like zigzag . I think that most of them are very possible to be used as filter to our point of trading . not to depend on them to trade solely . as they most of times are not trusted .
    If you don't have much skill to do trade with indicator's then you should not depend upon them for making your analysis or trading. The use of indicator's totally depend upon your trading experience, market understanding, and practice. I am using zig zag since a very long time and its one of my favorite indicator, But I respect your words because we all have our own trading characteristic's.

    Not allowed!

  6. #15
    Banned
    Join Date
    Jan 2014
    Posts
    4,919
    Thumbs Up
    Received: 125
    Given: 262
    Yup buddy its the skill which will help us to do trade with indicator's. Thread creator sir, Please tell me thorough screenshots how can I use zig zag indicator for my analysis in short term time frame's like Minute15, Minute30, and H1 time frame. Right now I am concentrating on short term trading so need little bit you help about this concern.

    Not allowed!

  7. #16
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390
    Quote Originally Posted by Earnperfect View Post
    Yup buddy its the skill which will help us to do trade with indicator's. Thread creator sir, Please tell me thorough screenshots how can I use zig zag indicator for my analysis in short term time frame's like Minute15, Minute30, and H1 time frame. Right now I am concentrating on short term trading so need little bit you help about this concern.
    Ok let me check something for you, First of all tell me which type of indicator's you are using on your chart? As a short term trader you should concentrate on zig zag pattern's, like double top, double bottom, head and shoulder etc. I think you are using Ichimoku is that right? if you are using ichimoku in your trading strategy then I would suggest you to use H1 time frame at least. Hope this graph will help you a lot to learn about the use of zig zag indicator on your chart.

    Double bottom.JPG

    Not allowed!

  8. #17
    Banned
    Join Date
    Jan 2014
    Posts
    4,919
    Thumbs Up
    Received: 125
    Given: 262
    I am a naked trader, but some time I use ichimoku indicator in my trading, Thanks for the information I will try to use H1 time frame, I like that explanation through the chart thanks for that, Double bottom example is enough for me, now I can check easily about other pattern's, like double top, head and shoulder etc. This is a good trading style, thanks once again buddy.

    Not allowed!

  9. #18
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390
    Quote Originally Posted by Earnperfect View Post
    I am a naked trader, but some time I use ichimoku indicator in my trading, Thanks for the information I will try to use H1 time frame, I like that explanation through the chart thanks for that, Double bottom example is enough for me, now I can check easily about other pattern's, like double top, head and shoulder etc. This is a good trading style, thanks once again buddy.
    Your welcome sir, hope you understand that very well, I would suggest you use your testing first in demo trading account, and only then try it in real trading market.

    Not allowed!

  10. #19
    Banned
    Join Date
    Aug 2013
    Location
    State Himachal Pradesh
    Posts
    9,370
    Thumbs Up
    Received: 319
    Given: 538
    I am happy with my demo trading performance with the use of zig zag, testing finished with EMA 100, 200 setting, Its easy to check a uptrend market confirmation and direction with zig zag. I think you deserve a thumbs up for your thread friend.

    Not allowed!

  11. #20
    Trader
    Join Date
    May 2015
    Posts
    228
    Thumbs Up
    Received: 7
    Given: 3
    thanks a lot buddy this is really a nice post.i only heard about zigzag and i never use it.but this post give me so much information about zigzag and i really like to use it and want to watch how it works.i like your trading strategy also and i think it works really well.recently i using 200 ema cross over strategy but sometimes it give me wrong confirmation so i like to combined zigzag with my ema strategy and i think it works well.

    Not allowed!

Page 2 of 5 FirstFirst 12345 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •