Pretty much the same entry as you Harris
Trading the Cable swings via averages
Hello,
I am not expert on divergence cause i never understand why traders prefer divergence instead of convergence.
For exeample here, you see convergence above and below the EMA that gives you clear signals.
excuse me if I diverge a little of the thread but I take advantage of your very good thread and experience to ask this question.
I am not expert on divergence cause i never understand why traders prefer divergence instead of convergence.
For exeample here, you see convergence above and below the EMA that gives you clear signals.
excuse me if I diverge a little of the thread but I take advantage of your very good thread and experience to ask this question.
Bottomless wonders spring from simple rules, which are repeated without end
- #286
- Edited 6:47am Nov 30, 2018 4:51am | Edited 6:47am
- | Joined Sep 2009 | Status: Trader | 1,252 Posts
- #287
- Nov 30, 2018 6:14am Nov 30, 2018 6:14am
So next week I'll trade with real money again.
Today was demo, but I was very serious on that.
I woke up a bit late and wasn't ready with reading and composing all TF charts.
But here is my real-time analyses for today's trading.
I hope I would have pulled the triggers like this on a real account too.
Today was demo, but I was very serious on that.
I woke up a bit late and wasn't ready with reading and composing all TF charts.
But here is my real-time analyses for today's trading.
I hope I would have pulled the triggers like this on a real account too.
Trading S/R with PA only. No indicators anymore!
- #297
- Dec 1, 2018 1:24am Dec 1, 2018 1:24am
- Joined Mar 2016 | Status: Trader | 6,382 Posts
So tracking Fridays 5 min chart it should look something like this..
Enough stuff to study coming weekend.
Thank you Alan
Can you please share the beautiful grid color indicator which you use lately in your template?
Then now the harder question for me. Regarding the third entry. And its stoploss.
I don't have the idea that I master that well enough and I tried hard to look for what you described like this: "To get the stage 3 lots on I need a specific set of conditions and these I will talk about tomorrow".
You risk $50 per setup.
Your 3rd entry is 0.87 lots.
That means 6 pips against that position costs $52
So you either put your 3rd entry on a spot where you don't expect a circa 6 or 7 pips retrace,
or your 1st and 2nd entry already have enough open profit.
But you also try to get your 3 trades set within 10 pips.
So my thought is that you enter your 3rd trade during a pullback, at close to its extreme as possible.
It would be very helpful if you can post one or more screenies with live example entries you are kinda proud of.
And also a picture where you had to take a stop out please, if I may ask.
It would be great if you post pics with actual trades, dragged and dropped from your MT4 history tab.
Sorry for these question on a free Saturday. I try hard to master this.
Wish you all a good weekend!
Thank you Alan
Can you please share the beautiful grid color indicator which you use lately in your template?
Then now the harder question for me. Regarding the third entry. And its stoploss.
I don't have the idea that I master that well enough and I tried hard to look for what you described like this: "To get the stage 3 lots on I need a specific set of conditions and these I will talk about tomorrow".
You risk $50 per setup.
Your 3rd entry is 0.87 lots.
That means 6 pips against that position costs $52
So you either put your 3rd entry on a spot where you don't expect a circa 6 or 7 pips retrace,
or your 1st and 2nd entry already have enough open profit.
But you also try to get your 3 trades set within 10 pips.
So my thought is that you enter your 3rd trade during a pullback, at close to its extreme as possible.
It would be very helpful if you can post one or more screenies with live example entries you are kinda proud of.
And also a picture where you had to take a stop out please, if I may ask.
It would be great if you post pics with actual trades, dragged and dropped from your MT4 history tab.
Sorry for these question on a free Saturday. I try hard to master this.
Wish you all a good weekend!
Trading S/R with PA only. No indicators anymore!
- #299
- Dec 1, 2018 5:56am Dec 1, 2018 5:56am
- Joined Mar 2016 | Status: Trader | 6,382 Posts
It begins on the 1 hour chart as we see price is banging its head on the swing high average in RSI divergence 
So we take a look at the 5 min chart and see there we are also in divergence. Now we expect to cross the EMA so we take our first entry with a ten pip stop. Bar 108 has past so we are expecting volatility to pick up. 
We can see we have plenty of time to get our 2nd and 3rd trade on each time moving the stops before we even cross the EMA in this case well in the 10 pips I like to try for.
Price does cross the EMA and the bulls find support so this trade looks all good. Price is dragging down the EMA to make the average swing LL, In doing this the price reaches the target and in this case we have well over our 40 pip profit distance and close the trade.
The trade performs like this day after day with the exception that the RSI goes into the extreme high or low positions where we then see a divergence indicating a pull back (a hedge trade). This is where we may see an AB = CD and take advantage of the additional profits made by the pull back.
If the trade is wrong and things are not panning out then the stops will protect us from any serious loss.
So we have..
1) The time of day.
2) The 1 hour inference
3) The initial 5 min signal to take us over the EMA
4) Bear support
5) The target price is wide enough to aim for our 40 pip quota.
So we take a look at the 5 min chart and see there we are also in divergence. Now we expect to cross the EMA so we take our first entry with a ten pip stop. Bar 108 has past so we are expecting volatility to pick up.
We can see we have plenty of time to get our 2nd and 3rd trade on each time moving the stops before we even cross the EMA in this case well in the 10 pips I like to try for.
Price does cross the EMA and the bulls find support so this trade looks all good. Price is dragging down the EMA to make the average swing LL, In doing this the price reaches the target and in this case we have well over our 40 pip profit distance and close the trade.
The trade performs like this day after day with the exception that the RSI goes into the extreme high or low positions where we then see a divergence indicating a pull back (a hedge trade). This is where we may see an AB = CD and take advantage of the additional profits made by the pull back.
If the trade is wrong and things are not panning out then the stops will protect us from any serious loss.
So we have..
1) The time of day.
2) The 1 hour inference
3) The initial 5 min signal to take us over the EMA
4) Bear support
5) The target price is wide enough to aim for our 40 pip quota.
