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Trading the Cable swings via averages

  • #3,561
  • Jun 14, 2019 6:27am Jun 14, 2019 6:27am
Quoting Nala66
Seems to be a few problems afoot. At the 108 open what was the hour up to... = Touching the EMA this is a ZOO point is it not? Now did we have a div entry on the 5 min = yes. Do we have a target = yes I posted it. Did the bears find support = yes...I posted that {image}
Hi Alan, can you please describe/explain a little bit more of the two divergences you draw on M5 please? They don't look like the usual cross one so I don't know how to interpret them.

Many thanks for your teaching
  • #3,562
  • Jun 14, 2019 6:29am Jun 14, 2019 6:29am
Quoting Gilaforex13
{quote} Close it if cross EMA on M5, right Alan?
If it crosses the EMA it then needs to find bull support to continue long. So in this case we need to be patient and wait and see.

Remember it is a hedge so we are neither winning more or losing less we are simply waiting to see which direction we need to close.
  • #3,563
  • Jun 14, 2019 6:47am Jun 14, 2019 6:47am
Quoting Nala66
Can someone attempt to draw the ABCD on the 1 hour chart?
I got the AB=CD but I think you have a bit different RSI readings for the ABCD... very curious what you see there.... maybe you start 31 May
Trading S/R with PA only. No indicators anymore!
  • #3,564
  • Jun 14, 2019 9:09am Jun 14, 2019 9:09am
Here are both of them completed
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 61 KB
  • #3,565
  • Jun 14, 2019 12:07pm Jun 14, 2019 12:07pm
Quoting Nala66
Here are both of them completed {image}
Ah that completed ABCD!
Trading S/R with PA only. No indicators anymore!
  • #3,566
  • Jun 14, 2019 3:47pm Jun 14, 2019 3:47pm
Quoting Nala66
Seems to be a few problems afoot. At the 108 open what was the hour up to... = Touching the EMA this is a ZOO point is it not? Now did we have a div entry on the 5 min = yes. Do we have a target = yes I posted it. Did the bears find support = yes...I posted that {image}
Hi Alan, can you please give a walkthrough of the two divergences you draw on M5 please?

especially the first one (where the vertical line is), the RSI 5 is working hard to bring the RSI 14 to go above the 50 waterline, does not it mean there is a bullish bias?
  • #3,567
  • Jun 14, 2019 10:08pm Jun 14, 2019 10:08pm
Here's my ABCD's on the 1hour chart that I was working from yesterday. 2 entries with 42 and 23 pips, job done. I'll also note that all the times frames were in sync with each other travelling under the 26ema and the 4h bear support put in the day before. So there was a lot of confluence for going short.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.PNG Size: 87 KB
  • #3,568
  • Jun 15, 2019 2:46am Jun 15, 2019 2:46am
Quoting MrMagnet
Here's my ABCD's on the 1hour chart that I was working from yesterday. 2 entries with 42 and 23 pips, job done. I'll also note that all the times frames were in sync with each other travelling under the 26ema and the 4h bear support put in the day before. So there was a lot of confluence for going short. {image}
This is a very well drawn example of just how frequent these signals are and one could, if they wished, just make these a speciality for trading.

If we look at the 1 hour chart we can clearly see that the bulls failed the 2727 which sent the price down to test the opposite side. Only now are we seeing an RSI div suggesting we have reached the bottom at the 2586 level.

The bears may hold this position for a tad allowing the EMA to break the 2631. May be even the 2603.
Attached Image (click to enlarge)
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  • #3,569
  • Jun 15, 2019 3:09am Jun 15, 2019 3:09am
Now look to the 5 min chart and see all the bullish divergences that failed to cross the EMA let alone finding support above it.

This is exactly why when trading below the average all bullish divergences should be treated initially as scalps or hedges.

Better to look at the tops for con/divs rather than the bottoms.
Attached Image (click to enlarge)
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  • #3,570
  • Jun 15, 2019 4:14am Jun 15, 2019 4:14am
Quoting Nala66
Now look to the 5 min chart and see all the bullish divergences that failed to cross the EMA let alone finding support above it. This is exactly why when trading below the average all bullish divergences should be treated initially as scalps or hedges. Better to look at the tops for con/divs rather than the bottoms. {image}
that's extremely important indeed and I think this is the temptation for most peeps here.... trading divergences all over the place especially against the trend. We have to be sharp as a knife with our analyses and the sharp as a knife with selecting setups..... ZOO's ....... sharp as a knife with executing both entries and exits.
Trading S/R with PA only. No indicators anymore!
  • #3,571
  • Jun 15, 2019 5:35pm Jun 15, 2019 5:35pm
Hey guys new to this thread.

wanted to say hi, I personally have been trading for 6 years/ for the last 2 years i have been trading 100% GU which was awesome when i started reading this, well i am starting to trade this, this up coming week. looks pretty easy. I am mostly a 1m trader, but ill have to adapt into some 5 or 15M trades to. I am used to scalping, but i can take bigger trades to.... been looking for some simplicity i believe i have found it.
  • #3,572
  • Jun 17, 2019 12:12am Jun 17, 2019 12:12am
Quoting Nala66
Now look to the 5 min chart and see all the bullish divergences that failed to cross the EMA let alone finding support above it. This is exactly why when trading below the average all bullish divergences should be treated initially as scalps or hedges. Better to look at the tops for con/divs rather than the bottoms. {image}
Anybody has the same H1 chart with RSI Div likes what Alan sent at the end of last week?
Mine does not.
Attached Image (click to enlarge)
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  • #3,573
  • Jun 17, 2019 1:29am Jun 17, 2019 1:29am
I am short x 2 with both stops at BE +1 looking for the 1H ema to hit the 2603
  • #3,574
  • Jun 17, 2019 1:58am Jun 17, 2019 1:58am
Hello Alan.
This is 1H TF.
My question is: can I see that as divergence? I mean the importance of using only last H/L for div charting.
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  • #3,575
  • Jun 17, 2019 2:15am Jun 17, 2019 2:15am
Quoting fxpractice
Hello Alan. This is 1H TF. My question is: can I see that as divergence? I mean the importance of using only last H/L for div charting. {image}
Yes certainly but notice how the action doesn't start until about the 108 (9am chart time)
Attached Image (click to enlarge)
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  • #3,576
  • Jun 17, 2019 2:18am Jun 17, 2019 2:18am
Quoting Nala66
{quote} Yes certainly but notice how the action doesn't start until about the 108 (9am chart time)
Yes, sure.
Thanks a lot!
  • #3,577
  • Jun 17, 2019 2:20am Jun 17, 2019 2:20am
IF 2571 I am done for the day
  • #3,578
  • Jun 17, 2019 2:24am Jun 17, 2019 2:24am
I haven't hedged and that may be a mistake.
  • #3,579
  • Jun 17, 2019 2:36am Jun 17, 2019 2:36am
Stops moved to lock in 50%
  • #3,580
  • Jun 17, 2019 2:37am Jun 17, 2019 2:37am
Quoting Nala66
I haven't hedged and that may be a mistake.
That's what I was curious for. Still reason for a hedge isn't it.
Trading S/R with PA only. No indicators anymore!
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