Trading the Cable swings via averages

Quoting mayflower

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This is as far back as I can go with my 60m chart. Look how the price has reached the next 60m EMA low on the far left of the chart (long blue Horizontal line) and by doing so the price has dragged the EMA down to the next low (short blue horizontal line) on the right side of the chart. I can't get any further back on my chart so absolutely no idea where the next EMA low is on the 60m. However, looking at the 240m the next EMA level is a long way down. Please note I too am not the guru here! {image}

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Quoting Jazz1964

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{quote} Yes, I use pending orders for the 3rd entry.

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Quoting Jazz1964

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I expected a move to the H1 EMA but I knew I had to be cautious with that cos it was against Y's trend. So I took the 108 Long, then waited (could have taken the short for a bit and that first Long which I kinda missed). The big Short, I missed that because I was ready and not at home.

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Quoting Nala66

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So for our diary of events... 1) Following the AB = CD we expected a bull div to start a retest. We got that and placed a long entry. 2) If the average is to make a HH than A then price should reach B for this reason we do not short at level A. 3) Price made level B but was exhausted on the RSI and the EMA has not made the HH at A. This was a close long and go short. 4) The failure in the long direction means that D is going to be tested by the EMA. At this point we have no 5 min level so can refer to the 1H for it. 5) The EMA easily made it past...

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Quoting Nala66

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So for our diary of events... 1) Following the AB = CD we expected a bull div to start a retest. We got that and placed a long entry. 2) If the average is to make a HH than A then price should reach B for this reason we do not short at level A. 3) Price made level B but was exhausted on the RSI and the EMA has not made the HH at A. This was a close long and go short. 4) The failure in the long direction means that D is going to be tested by the EMA. At this point we have no 5 min level so can refer to the 1H for it. 5) The EMA easily made it past D and price did run to the 1H level where we exit and the job is easily completed for the day. Note on my 5m chart I also have the 1H EMA. This shows me the market is strongly bearish and longs should be taken with care. {image} We can then add the 1H chart to show the area we were interested in. Here we cans see the EMA was trying for the 2904 so price hits the next level {image}

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Quoting mayflower

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So here's my 60m chart with a choice of two methods. It has an AB=CD and also a bearish divergence pattern. It has been long and hit the 50% level so is this a pause and wait situation? {image}

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Quoting mayflower

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So here's my 60m chart with a choice of two methods. It has an AB=CD and also a bearish divergence pattern. It has been long and hit the 50% level so is this a pause and wait situation? {image}

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Quoting huskyboy

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Jazz what levels to the upside are you looking at?

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Quoting mayflower

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Grateful thanks to Husky and Jazz. Can you point me to any previous posts that explain the difference between an AB=CD and an ABCD please? I used to know the set up with the two red trendlines and the two red boxes as a reversal.

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