Trading the Cable swings via averages

Quoting steel777

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Alan , well done , your last three pages summarized your trading methods beautifully . This was a choppy market , difficult to trade by most standards . Been reading through all the posts , not finished but what I`ve seen is most impressive . Thank you for your ongoing education of traders new and old . There is always something new to learn .

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Quoting Nala66

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Thanks Guys, I appreciate your appreciation. So when I awake this morning I see the 5 min produced a couple more ABCD signals. The latter one failed to test the bearish D and the market jumped on this to take it all the way to the bullish D. The things to note here are that when we see a failure like this we do not need to see the opposition find support, they often just go like a bat out of hell so be wary of this type of event because it is easy to get stuck on the wrong side. Remember it is the average trying to make the HH. {image}

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Quoting KevinOwens

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{quote} Hi Alan, How do we trade such failures? It's not possible to detect a failure except in hindsight. So, I'm confused about how to deal with these?

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Quoting Nala66

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{quote} You are taking your eye off the fact that the EMA has not made a LL. Ignore the ABCD if the price turns to stop the EMA or at the very least hedge the short and allow the short to be stopped out in favour of the long hedge. Also on the 5 min there was bullish div there so this becomes a ZOO point to trade the 1 min long. So two bar test the 1 min so you have a short stop. When we make multiple entries beginning with a small toe tester we have little to lose and build the trade progressively to maximise the profits.

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Quoting Nala66

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I have no idea what that move was all about but something has stirred up the hornet nest

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Quoting Nala66

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I can't compress the chart any more than this but look at your own and ask... a)where does it look like this average is heading b)what would signal a change in circumstance {image}

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Quoting Ansab001

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{quote} Rumors of a brexit deal being agreed,

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Quoting steel777

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Love this post Alan . What you said is so true . When I first started trading , mid 80`s , no PC`s at home yet . A group of us would gather each day at a broker`s office where he let us sit in a small room watching a black and white bar chart screen . Open a door and yell at a broker to put on or off a trade . It was futures at the time . One older than most us trader had us all convinced that the market would tank any day , so we sold and sold into a raising chart . I never forgot this lesson as one day another guy came in , took one look at our...

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Quoting Nala66

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{quote} These days I get a little irate (to put it mildly), for exactly the reasons you mention here. The charts tell the story, so called experts only put forwards their interpretations. It's the same with institutional traders and their so called advice. If these guys were any good then why are they working for someone else? Look at the chart below, it is an indisputable fact. We just have to learn to read the chart and what it is telling us. There is nothing magic about this. All that has happened is the sentiment between A and B was being contested....

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