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Trading the Cable swings via averages

  • #2,041
  • Feb 22, 2019 8:05am Feb 22, 2019 8:05am
What H4 has just printed is not good news for the bulls. It closed below the Average. My advice to anybody still keeping longs is to close them
  • #2,042
  • Feb 22, 2019 9:08am Feb 22, 2019 9:08am
H1 has closed with a bullish engulfer. M5 and M15 rallies are now on board. So, the bulls are back in it. Interesting.
  • #2,043
  • Feb 22, 2019 6:15pm Feb 22, 2019 6:15pm
Quoting Bydyke
What H4 has just printed is not good news for the bulls. It closed below the Average. My advice to anybody still keeping longs is to close them
What has a close below the average got to do with anything at all? The question should be can they find support there.

This is a classic example of thinking trades and not paying attention to the signals

As you see from the chart below, this is just the formation of another ABCD
Attached Image (click to enlarge)
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At the 5 minute level we see price was subjected to not one but two RSI Divs and if we also look at the EMA chart we can see where the average was trying to get to.Attachment g

So what was printed was excellent news for the bulls!
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  • #2,044
  • Feb 23, 2019 12:19am Feb 23, 2019 12:19am
HI Alan, David

Is this right? and if it is how do I draw the next bit?

https://www.forexfactory.com/showthr...8#post11969838

We can now connect the points to form the ABC triangle and the target is the distance AB from C. = D
Attached Image (click to enlarge)
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life is a reflection of what we allow ourselves to see
  • #2,045
  • Feb 23, 2019 12:23am Feb 23, 2019 12:23am
Quoting Bydyke
H1 has closed with a bullish engulfer. M5 and M15 rallies are now on board. So, the bulls are back in it. Interesting.
IMO, Cable is seeing a lot of indecision. Not only held above 1.300 after the selldown but also held above 1.3030. But the rejection at 1.3080 was swift and strong.

For buyers, perhaps look to buy below 1.300 to mitigate risk.

Be safe!
Christabelle means beautiful. I'm here to chit-chat and eat cotton candy.
  • #2,046
  • Feb 23, 2019 8:55pm Feb 23, 2019 8:55pm
Quoting mikeeating
HI Alan, David Is this right? and if it is how do I draw the next bit? https://www.forexfactory.com/showthr...8#post11969838 We can now connect the points to form the ABC triangle and the target is the distance AB from C. = D {image}
Looks good to me Mike. Now select the AB trendline and drag it to the C point as the centre (one trendline up and one trendline down). The D points are either end, and are good support/resistance areas. However, failure at or close to the 50% levels are often good plays as areas of contention.

Attached Image (click to enlarge)
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  • #2,047
  • Edited 9:22pm Feb 23, 2019 9:09pm | Edited 9:22pm
I have a problem calling this one an ABCD because C is not attacking A. There are two more pivots just to the left of B that C has to pass then it will be in divergence with A.
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  • #2,048
  • Feb 23, 2019 9:20pm Feb 23, 2019 9:20pm
Quoting Nala66
I have a problem calling this one an ABCD because C is not attacking A. There are two more pivots just to the left of B that C has to pass then it will be in divergence with A.
Apologies everyone, corrected to show the start at the pivot under attack. Here the failure at 50% resulted in the opposite D target being hit, which is an observation that Alan has mentioned previously.

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  • #2,049
  • Feb 23, 2019 9:40pm Feb 23, 2019 9:40pm
Quoting davidmaree
{quote} Apologies everyone, corrected to show the start at the pivot under attack. Here the failure at 50% resulted in the opposite D target being hit, which is an observation that Alan has mentioned previously. {image}
Still not drawn correctly David. Even these tiny ones the rules are the same. We must use the attacking pivot not just anyone we choose to.
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  • #2,050
  • Feb 23, 2019 9:50pm Feb 23, 2019 9:50pm
Here is the current flow of EMA action the interesting one being the 4 hour pushing to make the HH (that's a 100 pip grid)

The daily has failed to make a LL and is also pushing higher. (500 pip grid)
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  • #2,051
  • Feb 23, 2019 10:00pm Feb 23, 2019 10:00pm
Also check out this ABCD on the hour it is at the 50% level
Attached Image (click to enlarge)
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  • #2,052
  • Feb 23, 2019 10:08pm Feb 23, 2019 10:08pm
Don't forget the big ABCD signal on the 4 hour. At this time the Bulls are looking for support
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  • #2,053
  • Feb 23, 2019 10:15pm Feb 23, 2019 10:15pm
Lastly the daily has found support and is now looking to the number 2 ABCD. It is currently stuck between the upper and lower 50% levels but this support may be what it has been looking for.
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  • #2,054
  • Feb 23, 2019 10:51pm Feb 23, 2019 10:51pm
Quoting Nala66
Don't forget the big ABCD signal on the 4 hour. At this time the Bulls are looking for support {image}
Thanks for sharing this..
Christabelle means beautiful. I'm here to chit-chat and eat cotton candy.
  • #2,055
  • Feb 23, 2019 11:45pm Feb 23, 2019 11:45pm
Quoting davidmaree
{quote} Looks good to me Mike. Now select the AB trendline and drag it to the C point as the centre (one trendline up and one trendline down). The D points are either end, and are good support/resistance areas. However, failure at or close to the 50% levels are often good plays as areas of contention. {image}
Thanks for the reply david will continue to watch and learn
life is a reflection of what we allow ourselves to see
  • #2,056
  • Feb 23, 2019 11:46pm Feb 23, 2019 11:46pm
Quoting Nala66
Also check out this ABCD on the hour it is at the 50% level {image}
Hi Alan Can I ask how you chose A on your chart please?
life is a reflection of what we allow ourselves to see
  • #2,057
  • Feb 24, 2019 1:15am Feb 24, 2019 1:15am
Quoting mikeeating
{quote} Hi Alan Can I ask how you chose A on your chart please?
Yes... Well it was the highest point between BC

Think about what we are looking at here, Both the bulls and the bears were winning between A an B, then from C the sentiment is changing and the bears are getting out (Buying) So we have what I call an equilibrium swing keeping the whole thing balanced.
  • #2,058
  • Feb 24, 2019 1:57am Feb 24, 2019 1:57am
Quoting mikeeating
{quote} Thanks for the reply david will continue to watch and learn
Me too mate, best is to put yourself out there and learn in the process.
  • #2,059
  • Feb 24, 2019 2:01am Feb 24, 2019 2:01am
Quoting Nala66
{quote} Still not drawn correctly David. Even these tiny ones the rules are the same. We must use the attacking pivot not just anyone we choose to. {image}
Thanks for that explanation Alan.
  • #2,060
  • Feb 24, 2019 2:12am Feb 24, 2019 2:12am
Quoting davidmaree
{quote} Thanks for that explanation Alan.
I take my hat off to you guys at least you have a go.
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