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Trading the Cable swings via averages

  • #2,021
  • Feb 22, 2019 1:32am Feb 22, 2019 1:32am
Was this the correct setup?

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Trading S/R with PA only. No indicators anymore!
  • #2,022
  • Feb 22, 2019 1:37am Feb 22, 2019 1:37am
I didn't take that Long cos of this

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Trading S/R with PA only. No indicators anymore!
  • #2,023
  • Feb 22, 2019 1:41am Feb 22, 2019 1:41am
difficult to see the direction ATM unless im missing something
life is a reflection of what we allow ourselves to see
  • #2,024
  • Feb 22, 2019 2:00am Feb 22, 2019 2:00am
Quoting mikeeating
difficult to see the direction ATM unless im missing something
For me the 50% failure of the 1h bullish continuation div combined with RSI div/RSI OB on 5min was enough to short at ~3050. 5min now has bearish continuation div with D target ~ 3015.
  • #2,025
  • Feb 22, 2019 2:07am Feb 22, 2019 2:07am
Quoting mikeeating
difficult to see the direction ATM unless im missing something
Very messy just now

I just took that AB = CD (Seen clearer on the 1 min)
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  • #2,026
  • Feb 22, 2019 2:13am Feb 22, 2019 2:13am
Quoting Nala66
{quote} Very messy just now I just took that AB = CD (Seen clearer on the 1 min) {image}
Hedged upon RSI div at 3030. With this tactic from Alan we got 20 pip buffer for price to decide which way it wants to go.
  • #2,027
  • Feb 22, 2019 2:24am Feb 22, 2019 2:24am
Quoting davidmaree
{quote} Hedged upon RSI div at 3030. With this tactic from Alan we got 20 pip buffer for price to decide which way it wants to go.
And don't forget David you can add trades to the winning side
  • #2,028
  • Feb 22, 2019 2:26am Feb 22, 2019 2:26am
I just bailed out of another AB = CD on the 5 min for B/E it doesn't seem to want to go further down.
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  • #2,029
  • Feb 22, 2019 3:25am Feb 22, 2019 3:25am
Took its time but it finally got there without me though
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  • #2,030
  • Feb 22, 2019 4:14am Feb 22, 2019 4:14am
Quoting Zelias
{quote} I think I didn't explain myself clearly, so I'll try my best with a picture (usually worth a thousand words lol). {image} I trade RSI divergences all the time, like the one plotted in "magenta" colour - these are our bread and butter. However, I don't trade the RSI divergences in "yellow", where a major pivot has been broken - this is because my tests show me that those trades are either short-lived or losers in the bigger percentage of time. Of course, some of them will go as explained by Alan but lower % than the other setups (do your...
In a system based on divergences that is an important distinction to make. However, this is not a M5 divergence method, it is rather a 26EMA method where we take inference from the H1 and enter on the M5 time frame, sometimes based on divergence, other times there are other entries. But the main concepts are the 26EMA's failure or success at taking out previous EMA highs and lows, finding support after crossing the EMA (in order to take out the next EMA level), and comparing the EMA to the EMA and price to price. Divergence is not the main concept of this method.

In your example, on H1 price had just been rejected by the EMA closing above it, a nice pin bar. We would not look for a short there. Instead, if you were already long, we would hedge the position at that div, and then close the hedge at the nest div when the price approached the EMA (looking for support).
In general, the promise of such a div is not a complete reversal of price, rather it is a high probability of price reaching (sometimes crossing) the EMA, and then price either continues or reverses, it is a decision pivot.
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  • #2,031
  • Feb 22, 2019 4:28am Feb 22, 2019 4:28am
Quoting fxmars
{quote} In a system based on divergences that is an important distinction to make. However, this is not a M5 divergence method, it is rather a 26EMA method where we take inference from the H1 and enter on the M5 time frame, sometimes based on divergence, other times there are other entries. But the main concepts are the 26EMA's failure or success at taking out previous EMA highs and lows, finding support after crossing the EMA (in order to take out the next EMA level), and comparing the EMA to the EMA and price to price. Divergence is not the main...
Gee that is a textbook explanation I could not have put it better myself. However I am a trader not a writer.
  • #2,032
  • Feb 22, 2019 4:29am Feb 22, 2019 4:29am
This is like pulling teeth today, SMALL targets
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  • #2,033
  • Feb 22, 2019 4:35am Feb 22, 2019 4:35am
Quoting Nala66
{quote} Gee that is a textbook explanation I could not have put it better myself. However I am a trader not a writer.
Yes, FXMars that is a very good summary of Alan's system. Actually (for me) good to be confronted with that basis once again. Explains a lot about my recent losses from last couple of days.
Trading S/R with PA only. No indicators anymore!
  • #2,034
  • Feb 22, 2019 5:10am Feb 22, 2019 5:10am
Looks like neither side is willing to let the other get into the wide open spaces without a fight.
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  • #2,035
  • Feb 22, 2019 5:14am Feb 22, 2019 5:14am
Quoting Nala66
Looks like neither side is willing to let the other get into the wide open spaces without a fight. {image}
Is it bearish?
  • #2,036
  • Feb 22, 2019 5:32am Feb 22, 2019 5:32am
Quoting Gilaforex13
{quote} Is it bearish?
Well we are trading below the average on the 1 hour so yes it is bearish but watch for that turnaround div.
  • #2,037
  • Feb 22, 2019 5:33am Feb 22, 2019 5:33am
Quoting Nala66
{quote} Well we are trading below the average on the 1 hour so yes it is bearish
Thank you, look like bearish win.
  • #2,038
  • Feb 22, 2019 5:35am Feb 22, 2019 5:35am
It is Friday and this may get busy during the US session
  • #2,039
  • Feb 22, 2019 7:14am Feb 22, 2019 7:14am
No divergences. Are we going lower?
  • #2,040
  • Edited 7:57am Feb 22, 2019 7:27am | Edited 7:57am
Well, in the absence of divergences, the candle signals are saying not yet 'uhuru' for the bears. Infact, even though it is not so reliable, M1 rally has begun with a bull support. Once M5 joins it, the bulls can begin to breathe well. And for effect, the bulls have taken out the old H1 average swing high at 2986

ADDENDUM: We now have a bullish engulfer on M15. The last one we had at 11.45 am (GMT) flattered to deceive but eventually crashed. Will this one hold? 2986 is still in contention, the bears are yet to cede it.

The bulls are taking an age to get to M5 average. Within the next 15 minutes, we shall know from H4, if the day belongs to the bears.

13.50 pm (GMT): M5 has closed above the Average. Let's see if the bulls can sustain it. They were almost looking dead and buried. If they can take out the old H1 swing average swing high at 3008, they can start singing
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