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Thread: Indicator Zigzag

  1. #1
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    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.

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  2. #21
    Trader Hukam's Avatar
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    Quote Originally Posted by Ovi05 View Post
    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.
    Yup mate, I think this is one of the best learning thread in this contest, Most of trader's have confusion that how they can avoid the misleading signals in moving average indicator setting, Some time crossover signals could be wrong, but this is a nice indicator, which create pattern's and make it easy to get a strong confirmation about buy and sell in forex.

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  3. #22
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    Today I got 2 more thumbs up on my thread, and all the credit goes to you, Earnperfect, Khimi234, Hukam, Ovi05, Propensity100. Thanks for appreciating my thread, Hope more member's will watch my thread in next 4 day's and will appreciate my thread. Finger crossed, now I am very excited about the result, and I wish a good luck to other contest participant's too.

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  4. #23
    Trader Hukam's Avatar
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    Your welcome mate, Tomorrow is the last date and I don't think that we will able to see many more threads now but this contest was really great and different, I learned about a new indicator in this contest and that is indicator zig zag. Thanks for sharing your time and wonderful thread with us mate and I think all credit goes to you not to us, because its because of best sharing you have got a lot of comments in this thread now just wait for the result I am sure you will won something bigger in this contest for your great work

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  5. #24
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    Today is the last day and you are right no more thread's and participant's. But I am very happy to see many informative thread's in this contest. Hope moderator's will choose the best top winner's. Finger crossed this time, I am waiting for the tomorrow, By the way best luck you too sir I think you also deserve a prize in this contest. For now Bye, see u later.

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  6. #25
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    Indicator zigzag is good for ranging markets. Making money in the both markets are very much useful. If you want to make money you must make money with a proper money management and also a very good understanding of the money. If you make money that is the way to do it.

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  7. #26
    Trader layigold's Avatar
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    Zig-zag indicator has its own weakness because experience in live trading has really shown that the market has reached the pick and by the time one expects this to be coming there, the market begins to make new high and the trade you have just placed to sell will be showing floating loss and the market may not come down not until the stop loss target is hit. You have concluded very well that there is nothing perfect in forex trading business so , each trader should trade with caution and good money management rule

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  8. #27
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    this indicator is one of my favorite indicators and i use it in my trading because it is a good indicator for determination of the strong levels of support and resistance, it is good indicator for also determination of the direction of the market and so this help us to take a good decision of trading and so it help in good trading and making of profits.

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  9. #28
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    This is one those individuals indicators that you can us very well and you have so much in profits and if not used well you can't make it easier your trading strategies.. For me I have come to know that when you are using the zigzag indictor and the binary options tube thats is one thing that can easily make binary options trades safely

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  10. #29
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    Doesnt the ZIG ZAG line apear when the price has already changed, or ?? these is something I have teasted, sometimes when the who trade continues then you will see the Zig zag disapear so look up for that you might notice what is different with it

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  11. #30
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    this indicator is ne of my favorite indicators and i use it in my strategy, it is good for determination of the support and resistance points and levels, when zigzag is formed this means it will continue for moving in the same direction for sometimes and this is happening with high percentage of success and so this will let the trader to make some profits.

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