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Trading the Cable swings via averages

  • #4,121
  • Jul 10, 2019 10:59am Jul 10, 2019 10:59am
On my Quartile I have added two more levels , the 1.27 and the 1.618
  • #4,122
  • Jul 10, 2019 1:34pm Jul 10, 2019 1:34pm
Quoting david321
hey jazz , how was the trading today, can you post your chart with todays entries marked and explain why you took these trades thanks
I am not trading this week and next week partly. I have no clue how the charts look like, but I suppose there are still bars developing, MA's following, divergences and Zoo's. Hope you guys are improving. Go for it.
Trading S/R with PA only. No indicators anymore!
  • #4,123
  • Jul 10, 2019 1:39pm Jul 10, 2019 1:39pm
Quoting RobertMY
Why is it so easy to see the entries in hindsight, shiny and clear, but so HARD if I do it live?
Because
Success = knowledge + experience + hard work

First, decide if you want to be a trader,
Then decide if you want to be successfull.
If yes, eat the complete formula
Trading S/R with PA only. No indicators anymore!
  • #4,124
  • Jul 10, 2019 6:37pm Jul 10, 2019 6:37pm
Quoting RobertMY
I can find some good entries LIVE actually. But I get stopped out, since I want to keep my risk around 50$/0.4Lot/1th. step. After the SL hit, the move begins... Scream... I don't want to dilute the concept MM here, but I get a bit in love with Alan´s Quartille "SL/TP" tool. Alan, what do you think about if I would combine your Cable-concept with Quartille? It is a different SL/TP situation and would produce lesser profit per day. But it could help me probably to "widen" the action range? It would be further even a bit more mechanical and lesser...
Happy to see so many doing well here. Alan has surely put everyone willing to work at it on a path to good outcomes. As for your observation Robert see this for an explanation
Inserted Video
. Just to clarify, undisciplined retail traders are the fish .
  • #4,125
  • Jul 10, 2019 6:50pm Jul 10, 2019 6:50pm
Quoting Nala66
{quote} I use it all the time, it helps me find those 50% ZOO points.
But for me, since it’s hard at the moment to find the right 1-3th entry trades to achieve 1K profit with 50$ risk, I thought about to simplify the entries and widen the stops, using the entire Quartile method from your Quartille thread. Even using the double sided entry (cancel the opposite one after entry of one).

The profit would be most likely bit lesser than 40Px25$ per day. But probably easier for me as beginner. Because it’s much more mechanic and lesser dependent on the exact pinpoint of good entries and hedges.

I truly believe in the average swings basic concept. And the Quartile method, triggered by av-swings, seems promising to make money “fast” while I learn to get much better in 1 2 3 entries.

To use expected av swings as direction and start a trade with Quartile SL/TP after finding a short term consolidation zone seem to be much easier. I don’t see too much guessing about divergences and hopping from TF to TF there, all things which are points of possible failures for a fresh meat like me at the moment.

Just a loud student thinking...

Would very appreciate your comment to that, Alan.
Trying to safe the world...
  • #4,126
  • Jul 10, 2019 6:52pm Jul 10, 2019 6:52pm
Quoting Nala66
When I see a div at a ZOO point, I see potential. Going Long I can measure the distance from the div point to the EMA and know I have to get at least my first two trades on ASAP before price get's to that EMA. T3 would be a pending order at least 40 pips from the target and above the EMA. So if I can see we are say 15 pips from the EMA at the div I can hit the script to enter T! and place pending orders at T! + 5 for T2 and T1 +20 for T3 Then I need to be able to move all stops to T1 + 1 Then T2 + 1 When T3 is triggered all stops to BE+1 Finally B3 +1
Alan, this post and the ones immediately preceding it were so helpful in getting my head around your trade management, which I think is excellent.

It's so refreshing to read through such a robust and well-thought-through methodology, complete with entries, exits, and money management. It has transformed the way I think about trading and has already given me great confidence. For that I sincerely thank you.

Thank you also to MrMagnet for posting the scripts that correspond to Alan's trade management. I can see that using these with a 'hot key' would be a very efficient way to trade this methodology
  • #4,127
  • Jul 10, 2019 6:57pm Jul 10, 2019 6:57pm
Quoting davidmaree
{quote} Happy to see so many doing well here. Alan has surely put everyone willing to work at it on a path to good outcomes. As for your observation Robert see this for an explanation https://www.youtube.com/watch?v=-oV9aCTKk3Y. Just to clarify, undisciplined retail traders are the fish .
Not sure if I get your point
Trying to safe the world...
  • #4,128
  • Jul 10, 2019 7:13pm Jul 10, 2019 7:13pm
Quoting RobertMY
{quote} But for me, since it’s hard at the moment to find the right 1-3th entry trades to achieve 1K profit with 50$ risk, I thought about to simplify the entries and widen the stops, using the entire Quartile method from your Quartille thread. Even using the double sided entry (cancel the opposite one after entry of one). The profit would be most likely bit lesser than 40Px25$ per day. But probably easier for me as beginner. Because it’s much more mechanic and lesser dependent on the exact pinpoint of good entries and hedges. I truly believe in...
Robert, I agree it's a lot to absorb and to apply for the newbie, which is why I think it could be helpful to begin by focusing on just one aspect of Alan's methodology. For example, you could focus your efforts on identifying bull or bear support (once price has crossed the EMA and signals that it is going to continue to trend either up or down). This way, you can focus on catching smaller, higher-probability moves while you learn, graduating to catching the bigger moves once your confidence and skills grow. Of course this means you won't get into trades/trends as early as Alan does, but there's no reason you can't become a specialist and focus on just one part of this great methodology.
  • #4,129
  • Jul 11, 2019 2:26am Jul 11, 2019 2:26am
There is a big move in Asian session already, do we still expect much pip in Euro session?
  • #4,130
  • Jul 11, 2019 2:36am Jul 11, 2019 2:36am
Bull support ( 5 min)is hanging in there... Just
  • #4,131
  • Jul 11, 2019 2:40am Jul 11, 2019 2:40am
Nearly there
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  • #4,132
  • Jul 11, 2019 3:12am Jul 11, 2019 3:12am
Because there is actually a range there we could say the target has been hit, so do we wait for a couple of pips or risk losing some profit?
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  • #4,133
  • Jul 11, 2019 5:05am Jul 11, 2019 5:05am
Well that was definitely a hit so we could look for shorts now.
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  • #4,134
  • Jul 11, 2019 7:24am Jul 11, 2019 7:24am
Quoting Nala66
Well that was definitely a hit so we could look for shorts now. {image}
So a short in this case would be a hedge or scalp?
  • #4,135
  • Jul 11, 2019 7:55am Jul 11, 2019 7:55am
There was a big down candle took it back to 26 EMA 2546 but immediately a up candle return to it to near the top of today 2567, although RSI is sloping down, I am losing my sight
  • #4,136
  • Edited 7:00pm Jul 11, 2019 4:54pm | Edited 7:00pm
Quoting Nala66
Well that was definitely a hit so we could look for shorts now. {image}
Alan, am I correct in my understanding that bull support is defined by the following three conditions (and the opposite for bear support):

  1. Price has closed above the EMA
  2. A downward bar prints (but doesn't close below the EMA)
  3. Then an upward bar prints next

If so, do you simply enter as soon as the upward bar (3) closes?

Cheers

  • #4,137
  • Jul 11, 2019 5:42pm Jul 11, 2019 5:42pm
Alan, one other quick question please: How do you draw your AB=CD patterns? Is there a particular tool in MT4 that you use?

I know there's a "Triangle" drawing tool, but I'm not sure how you accurately measure and draw the "D" target after you have established ABC.

Cheers
  • #4,138
  • Jul 12, 2019 1:13am Jul 12, 2019 1:13am
Quoting k1w1
{quote} Alan, am I correct in my understanding that bull support is defined by the following three conditions (and the opposite for bear support): Price has closed above the EMA A downward bar prints (but doesn't close below the EMA) Then an upward bar prints next If so, do you simply enter as soon as the upward bar (3) closes? Cheers
Not really. The normal thing to do is to take a first entry on a div before it actually crosses the EMA then a second entry after it cross and then retests. The retest is the second entry. If it closes back across the EMA then I close the trade as a dud.

With your ABC drawn simply select the AB line and the hold down Ctrl to make e a copy of it and put this on C
  • #4,139
  • Jul 12, 2019 1:36am Jul 12, 2019 1:36am
Quoting Nala66
{quote} Not really. The normal thing to do is to take a first entry on a div before it actually crosses the EMA then a second entry after it cross and then retests. The retest is the second entry. If it closes back across the EMA then I close the trade as a dud. With your ABC drawn simply select the AB line and the hold down Ctrl to make e a copy of it and put this on C
Thanks Alan. At what exact point do you enter after the retest?

Cheers
  • #4,140
  • Jul 12, 2019 2:57am Jul 12, 2019 2:57am
Quoting k1w1
{quote} Thanks Alan. At what exact point do you enter after the retest? Cheers
When it closes
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