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Attachments: Trading the Cable swings via averages
Exit Attachments

Trading the Cable swings via averages

Hi Alan,
Thanks for your continuous support. I have a doubt regarding today's action. I get that Short is the way to go for today, as traded by you and probably Jazz1964. However, I'm confused about how we deal with these few bullish divergences along the way, as drawn in the picture. To me, this is one of the most confusing parts, as these types of situations happen pretty often. Please educate me.
Attached Image (click to enlarge)
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Quoting KevinOwens
Hi Alan, Thanks for your continuous support. I have a doubt regarding today's action. I get that Short is the way to go for today, as traded by you and probably Jazz1964. However, I'm confused about how we deal with these few bullish divergences along the way, as drawn in the picture. To me, this is one of the most confusing parts, as these types of situations happen pretty often. Please educate me. {image}
Hi Kevin

You started off well picking the HD but things fall apart after that. Remember this is the open and we expect good movement so once below the EMA we are short.

There is a good chance bull divs are not going to work in a bullish manner until we get where we are going so instead of making it to the EMA they make LL's instead.

Now if you are worried about them at all you can always hedge them however you have hardly made much money by the time the 1st one sets up after the hook so better to just move the stop to BE.

For me I am not looking for divs at all at this time I am looking where it may be going and for the signals that may take it there.

You haven't got the horizontal levels of the average swings on the chart so this makes things a tad difficult to see.

Anyway I have put all the stuff on your chart
Attached Image (click to enlarge)
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To cut a long story short I have wound up my account until the new year and I am trading one of the kids accounts. It was $60 now it is $127.33.
…………………………………………...

In the trade above, the 1st entry should have been the HD but I missed that having visitors at the time. The next two trades would have been 2 and 3.

Now if we have not made our target price by the bottom of the move we would hedge. This locks in all the profit and frees up all the equity so we have plenty of money in the account to take another long to finish the job. So we could have got something like 40 pips down and 20 pips back up if we wanted that much, all of it at top dollar per pip.
Quoting MrMagnet
Here are a bunch of scripts that you all can my make use of that will hopefully make the order process easier. Refer to post #2807 and after for Alan's explanation about using them. These are scripts and go in the scripts folder. If you don't know how to do this then use google as it is a great resource. Script details as follows !Break Even + 1 pip - Adds or moves the stops to break even plus 1 pip. It will work on multiple orders at once. !Close All Open & Pending Orders- Closes all open orders and pending orders. BEWARE - This includes closing...
========
MrMagnet,
Thank you for your kindness accorded us all; "paying forward" is great trait and I wish you continued success.
Could you please offer us the option to have the "!Break Even + 1 Pip" to change the one-pip to spread +1 and if not, just the option to select our own value seeing that your Script is an ex4-file format and we cannot change that.
Changing the stop is already in this format and can be selected according to our preferences.
Thanking you in advance.
Best wishes,
Hercs.
Hercs
Quoting Nala66
That was the night and bright 5 min charts now look at the 1 hour where the inference comes from {image}
Hi Alan:

I saw you draw 26EMA Average swing High/Low line and also Price Pivot(low), I wonder, as a trend reference, which one prevail during your trade entry/exit?

Thank you in advance
It depends which side of the EMA price is currently trading on. If on the top side then look to those average swing highs for targets of price. If on the underside the opposite applies.
Quoting Nala66
{quote} It doesn't matter which side they are draw on if they disagree I just call them divergences. However if the fast RSI is on the inside (that is closest to the 50% level) it indicates weakness. Whereas when it is on the outside it indicates being over extended.
Hi Alan:

Traditionally we draw divergences between Price pivots and RSI indicator, however you've drawn divergences on double RSI, and also Price pivots vs RSI(14), any significant differences between both of them?
Quoting Hercs
{quote} ======== MrMagnet, Thank you for your kindness accorded us all; "paying forward" is great trait and I wish you continued success. Could you please offer us the option to have the "!Break Even + 1 Pip" to change the one-pip to spread +1 and if not, just the option to select our own value seeing that your Script is an ex4-file format and we cannot change that. Changing the stop is already in this format and can be selected according to our preferences. Thanking you in advance. Best wishes, Hercs.
Sorry mate, I'm not a coder and what you are asking is above my basic knowledge for that script. You can get what you want made at the MQL5 Freelance section quite easily at very little cost.

https://www.mql5.com/en/job
Quoting limth
{quote} Hi Alan: Traditionally we draw divergences between Price pivots and RSI indicator, however you've drawn divergences on double RSI, and also Price pivots vs RSI(14), any significant differences between both of them?
They are both types of divergence.

Plus we can spot the hidden divergence by using the RSI with a history attached like this. The outer black line is the history the red is the actual.
If the black does not get above the red but the price does then it is a bearish HD.
If the black does not get below the red but the price does then it is a bullish HD.
Attached Image (click to enlarge)
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Talking about HD's, did you ladies and gentlemen also shorted the M5 HD back to the M30 EMA?
Attached Image (click to enlarge)
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A two-step short, second entry after the M5 two-bar break.
Then, at that M30 EMA which is a ZOO (Horizontal previous resistance 1.3150) a Long into the M5 EMA.
Day is done.
M30 gave nice EMA touches last week and did that again today.
Trading S/R with PA only. No indicators anymore!
Quoting Jazz1964
Talking about HD's, did you ladies and gentlemen also shorted the M5 HD back to the M30 EMA? {image} A two-step short, second entry after the M5 two-bar break. Then, at that M30 EMA which is a ZOO (Horizontal previous resistance 1.3150) a Long into the M5 EMA. Day is done. M30 gave nice EMA touches last week and did that again today.
HI jazz

How do you apply history to your RSI ?
Quoting logic38
{quote} HI jazz How do you apply history to your RSI ?
I am not sure what you mean Logic38, sorry. Maybe you can explain what you are asking?
Trading S/R with PA only. No indicators anymore!
Quoting Jazz1964
{quote} I am not sure what you mean Logic38, sorry. Maybe you can explain what you are asking?

TO QUOTE alans post
Plus we can spot the hidden divergence by using the RSI with a history attached like this. The outer black line is the history the red is the actual.
If the black does not get above the red but the price does then it is a bearish HD.
If the black does not get below the red but the price does then it is a bullish HD.

i see that on the bottom of your posted chart you have a RSI with three lines the same as Alans RSI History?

Is it a special RSI or do you apply the lines to show he hidden HD
Sorry about bothering you Jazz

I have now found the indicator in the attachments.
I wasn't trading yesterday and see now that I didn't miss much. We need to see a break one way or the other but the market is very thin at this time.
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Quoting Nala66
{quote} Hi and welcome. The bar 108 on the 5 min chart is just an approximation of the time to expect something to move the market significantly. We cannot be at the PC all the time so we need to employ some form of time management. the 108 is the approximate time I start to look for trades. Once I am in the trade and the stops are at break even I can leave it alone to do its thing.
Hi Alan:

Just wanna to get a hang of it...Your bright template automatically applies the 108 bars, however when I on back the Period Separators on my HotForex MT4 and use cursor to measure it from left to right, it is constantly 122 bars, what does it means?

Tqvm
Quoting limth
{quote} Hi Alan: Just wanna to get a hang of it...Your bright template automatically applies the 108 bars, however when I on back the Period Separators on my HotForex MT4 and use cursor to measure it from left to right, it is constantly 122 bars, what does it means? Tqvm
I don't know, I always place the 108 manually everyday
Shame I had to miss the Short due to a family obligation. I hoped I would be back in time to take it, but no.
With the Weekly chart showing we are in resistances,
H4 running out of steam,
H1 flat EMA,
My ZOO was the M15 swing high at 1.3162
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Trading S/R with PA only. No indicators anymore!
The 5 min short also kicked off with a HD 'again'
I think the market is just playing silly buggers, we need a decent break...
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inktech