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Trading the Cable swings via averages

  • #2,561
  • Mar 25, 2019 10:07am Mar 25, 2019 10:07am
Sharing the RSI divergence indicator. To prevent abuse, it will auto-expire at the end of the year.
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File Type: ex4 RSI_Divergence.ex4   64 KB | 451 downloads
  • #2,562
  • Mar 25, 2019 6:08pm Mar 25, 2019 6:08pm
Quoting wilyno
Sharing the RSI divergence indicator. To prevent abuse, it will auto-expire at the end of the year. {file}
Very nice wilyno thank you. Only comment I can make is when drawing the lines then the indicator should be looking for the first occurrence of a div. In the chart below the red dashed lines were drawn by the indicator and it was seemingly looking for peaks.

However, to identify a continuation divergence in the 1H chart I've labeled the bars with RSI14 values in yellow. The reference peak was 44.55 but the first time price was lower and rsi higher was the bar labeled 46.01 and not the bar labeled 47.54. Ideally then the red-dashed lines should identify the first (46.01 bar) and last (55.41 bar) time the conditions were true for a continuation divergence. Hope this all makes sense.

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  • #2,563
  • Mar 25, 2019 6:29pm Mar 25, 2019 6:29pm
Quoting davidmaree
{quote} Very nice wilyno thank you. Only comment I can make is when drawing the lines then the indicator should be looking for the first occurrence of a div. In the chart below the red dashed lines were drawn by the indicator and it was seemingly looking for peaks. However, to identify a continuation divergence in the 1H chart I've labeled the bars with RSI14 values in yellow. The reference peak was 44.55 but the first time price was lower and rsi higher was the bar labeled 46.01 and not the bar labeled 47.54. Ideally then the red-dashed lines should...
What I tend to do is.
Take the first incidence as you describe David.
Then take the pivot also.
Project the AB from both of these and this gives me a range level to aim for.
  • #2,564
  • Mar 26, 2019 3:00am Mar 26, 2019 3:00am
Any trade taken yet? I see M5 upmove now is more than 30 pips but I can't take because no div observed on M5 or M1 as entries
  • #2,565
  • Mar 26, 2019 4:44am Mar 26, 2019 4:44am
Quoting quangvision
Any trade taken yet? I see M5 upmove now is more than 30 pips but I can't take because no div observed on M5 or M1 as entries
I was in a short trade and didn't pay much attention cos I had to think about other stuff.
Reason for the short was: H1 and H4 same charts as what I posted yesterday. H4 in fact bullish MA patterns but H1 not that convincing.
M5 price was at the MA swing high and I didn't expect it could make a HH.
M5 regular bearish divergence there.

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Trading S/R with PA only. No indicators anymore!
  • #2,566
  • Mar 26, 2019 7:08am Mar 26, 2019 7:08am
Hi Davidmaree,

The rsi at 46.01 did not make a peak, hence the indicator did not pick this point. For the 55.41, there are simply too many intermediate peaks and valleys for the indicator to idenitfy which pairs to plot, hence the indicator will just use the most recent peaks and valleys.

Quoting davidmaree
{quote} Very nice wilyno thank you. Only comment I can make is when drawing the lines then the indicator should be looking for the first occurrence of a div. In the chart below the red dashed lines were drawn by the indicator and it was seemingly looking for peaks. However, to identify a continuation divergence in the 1H chart I've labeled the bars with RSI14 values in yellow. The reference peak was 44.55 but the first time price was lower and rsi higher was the bar labeled 46.01 and not the bar labeled 47.54. Ideally then the red-dashed lines should...
  • #2,567
  • Mar 26, 2019 10:11am Mar 26, 2019 10:11am
This is current H1 chart
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Trading S/R with PA only. No indicators anymore!
  • #2,568
  • Mar 26, 2019 10:55am Mar 26, 2019 10:55am
Quoting Jazz1964
{quote} I was in a short trade and didn't pay much attention cos I had to think about other stuff. Reason for the short was: H1 and H4 same charts as what I posted yesterday. H4 in fact bullish MA patterns but H1 not that convincing. M5 price was at the MA swing high and I didn't expect it could make a HH. M5 regular bearish divergence there. {image}
Hi Jazz,

I enter short too, but SL hits. I wanted to hedge in the middle of the trade but my broker not allow to do so. Is it must hedge to maximize the profit? (I'm sorry if this question was answer before, maybe I missed out the answer) I think I didn't get out in a proper spot or maybe my SL problem, still practicing. Did you enter too? Would you mind to share what's the result? Sorry if too many question. Thanks in advanced.

__Dreammaker
  • #2,569
  • Mar 26, 2019 11:30am Mar 26, 2019 11:30am
Quoting dreammaker
{quote} Hi Jazz, I enter short too, but SL hits. I wanted to hedge in the middle of the trade but my broker not allow to do so. Is it must hedge to maximize the profit? (I'm sorry if this question was answer before, maybe I missed out the answer) I think I didn't get out in a proper spot or maybe my SL problem, still practicing. Did you enter too? Would you mind to share what's the result? Sorry if too many question. Thanks in advanced. __Dreammaker
Hi dreammaker,
imho you don't have to hedge to be profitable. Hedging helps to get your open profit safe in case you see a divergence reason that puts risk on the profit.
If you can't hedge, just exit the trade. Eventually get in again later on a better price.

I didn't hedge myself today because, as mentioned, I wasn't watching the trade as soon as it was safe.
Feel free to shoot a pic of your trades and post it here. I guess Alan or somebody else is sure willing to help.
Trading S/R with PA only. No indicators anymore!
  • #2,570
  • Mar 26, 2019 11:46am Mar 26, 2019 11:46am
Quoting Jazz1964
{quote} Hi dreammaker, imho you don't have to hedge to be profitable. Hedging helps to get your open profit safe in case you see a divergence reason that puts risk on the profit. If you can't hedge, just exit the trade. Eventually get in again later on a better price. I didn't hedge myself today because, as mentioned, I wasn't watching the trade as soon as it was safe. Feel free to shoot a pic of your trades and post it here. I guess Alan or somebody else is sure willing to help.
Hi Jazz,

Thanks for your reply. I'll try to attach a screenshot next time

__Dreammaker
  • #2,571
  • Mar 28, 2019 4:01am Mar 28, 2019 4:01am
Hi
Anyone got your target today?
I got 1.5 my daily target
Lol :d
  • #2,572
  • Mar 28, 2019 6:26am Mar 28, 2019 6:26am
It sure was there!
Trading S/R with PA only. No indicators anymore!
  • #2,573
  • Mar 28, 2019 6:42am Mar 28, 2019 6:42am
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Trading S/R with PA only. No indicators anymore!
  • #2,574
  • Mar 28, 2019 7:44am Mar 28, 2019 7:44am
Quoting Jazz1964
It sure was there!
Jazz, you mean this
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  • #2,575
  • Mar 28, 2019 9:25am Mar 28, 2019 9:25am
Quoting huskyboy
{quote} Jazz, you mean this{image}
This was the one
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Trading S/R with PA only. No indicators anymore!
  • #2,576
  • Mar 28, 2019 1:09pm Mar 28, 2019 1:09pm
There is the reaction to the H1 target level
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Trading S/R with PA only. No indicators anymore!
  • #2,577
  • Mar 28, 2019 8:21pm Mar 28, 2019 8:21pm
Quoting Jazz1964
There is the reaction to the H1 target level {image}
Jazz you are starting to draw your ABCD's incorrectly. You are ignoring the pivots under attack from point C and the minor corrections that take place.
  • #2,578
  • Mar 28, 2019 10:25pm Mar 28, 2019 10:25pm
Quoting huskyboy
{quote} Jazz, you mean this{image}
You are missing off a lot of stuff
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  • #2,579
  • Mar 28, 2019 10:32pm Mar 28, 2019 10:32pm
This is what I mean by small corrections. The Continuation Div makes a small move but remains in divergence. This sets up two possible targets between the two of which I call a target range.
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  • #2,580
  • Mar 29, 2019 3:49am Mar 29, 2019 3:49am
An easy do today hey!
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