ZZ LRC绘图指南 (ZZ LRC drawing guide)

Hi Team,

As you all know, Channel drawing is a tricky business especially for the Padawans. It actually need lots of practice and wont happen over night. Like everything else, you will make a lot of mistakes.

After a long discussion with a friend of mine, I concluded that ZZ can help you to draw your channel more accuratelly. However please bewarn that the settings that I recommended (15mins chart, extDepth 100) may not be the best settings, but its a start.

ZIGZAG

The custom indicator provided by MT4 can be located easily. ZZ drew dip and bounce (at lower settings) and High and low (at higher settings). Prices usually reverses when the line is drawn, but its not a guarantee as many times it also doesnt.

But, thats not why we use ZZ here. Since it drew a straight trendline based on High and Low, uncounciously, it helps us to determined the start and end of a channel.

The ZZ line will redraw itself, so will be your channel. This happens when a trend is changing. This is actually advantages to us as it helps us to determined our next entry and exit points.

Channel Drawing with ZZ

Start your channel from the last bend of the ZZ line until to the end of the line. You can pull the LRC starting from this point minus 1 bar. When you include the last bar, your channel will move and it will drive you crazy.

When the ZZ line change direction, draw another channel and learn the new dance on that channel. The Length of the channel will be determined by the length of the last ZZ line.

Feedback

I need your positive feedback on this especially on the settings.

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