I have came accross this indicator called "Donchian Zig-Zag" and have paid close attention to its behaviour.
There are some strategies that I have developed with it, but I would rather not share them just yet.
I think overall, this indicator is fairly decent, and it can yield high returns when used properly.
At this current point of time, my views on this...
]This strategy involves the use of double "DONCHAIN Channels. It simply shorts the instrument when it hits the lower band and buys it when it touches the lower band, It exits the trade when the price exceeds the high of the candle by 2 times of average true range ATR and poses the limit to 4 ATR and vice versa.
XAUUSD is right now at a pretty important support zone, price has bounced from this price level numerous times since the start of the bull run in late November 2020.
We have a few solid reasons to be long! (This is our trade of the day!)
1. The middle of the 45 Donchain Channel has acted a s a support since the last strong bull push, after the bear rejection...