Trading S/R with PA only. No indicators anymore!
Trading the Cable swings via averages
- #6,045
- Mar 11, 2020 8:34am Mar 11, 2020 8:34am
{quote} Great trading. What made you persistent about the bearish bias, despite being stopped out BE+1 couple of times?
My bias comes from H1 and H4 EMA direction. All entries on ZOO's with Divs.
As you can see all my entries were on extreme prices which help to have less BE+1 exits.
Reason I took BE+1 exits instead of taking profit nearby the M5 EMA is because I was dealing with bonus trades.
Trading S/R with PA only. No indicators anymore!
- #6,047
- Mar 11, 2020 9:19am Mar 11, 2020 9:19am
Great Trading guys Thanks for the charts posted I find them very useful. Does someone have some kind of explanation for that big bearish spike that happened this morning? I was out of the market , watching . Was it due to the interest rate cut?
Trading S/R with PA only. No indicators anymore!
- #6,051
- Mar 11, 2020 5:34pm Mar 11, 2020 5:34pm
The Daily is ready to make a new lower EMA swing low.
The next level is at 1.23xx
It would not surprise me if we see that level again in a short time. No explanation here but it has to do with Weekly resistance line +61% fib + distribution seen on the Daily ==> potential sell off.
Not that we only should Sell!
The next level is at 1.23xx
It would not surprise me if we see that level again in a short time. No explanation here but it has to do with Weekly resistance line +61% fib + distribution seen on the Daily ==> potential sell off.
Not that we only should Sell!
Trading S/R with PA only. No indicators anymore!
- #6,053
- Edited 6:56pm Mar 11, 2020 6:44pm | Edited 6:56pm
- Joined Mar 2016 | Status: Trader | 6,382 Posts
When we consider the daily chart we need to keep a handle on perspective. With a 26 EMA price has to influence the preceding 25 periods to bend the EMA so of course the numbers of pips in a move are much greater.
On a daily basis the bulls are having a very hard time to make any average HH since 2020/01/31 but the bears are doing all the work to make all the LL's.
Also on the daily chart it doesn't tend to run to the EMA's the same way as the lower time frames because the daily is actually setting the pace or standard. So rather than run directly to a level it tends to snake its way there and of course the bulls are looking always to stop the drop.
Finding a ZOO level on the daily is difficult because there are a lot fewer of them but that doesn't mean we take our eye off the ball.
By the way From A at the top of that AB = CD to the spike we had a couple of days ago the period was 26 days, interesting huh! So price had to do much better going long than all those periods in between and since most of those were making better moves short, price would have had to make a massive move long to bend the average up to make a HH. You can do the math if you are interested in that sort of thing and calculate just how high the price would need to climb to make the HH
On a daily basis the bulls are having a very hard time to make any average HH since 2020/01/31 but the bears are doing all the work to make all the LL's.
Also on the daily chart it doesn't tend to run to the EMA's the same way as the lower time frames because the daily is actually setting the pace or standard. So rather than run directly to a level it tends to snake its way there and of course the bulls are looking always to stop the drop.
Finding a ZOO level on the daily is difficult because there are a lot fewer of them but that doesn't mean we take our eye off the ball.
By the way From A at the top of that AB = CD to the spike we had a couple of days ago the period was 26 days, interesting huh! So price had to do much better going long than all those periods in between and since most of those were making better moves short, price would have had to make a massive move long to bend the average up to make a HH. You can do the math if you are interested in that sort of thing and calculate just how high the price would need to climb to make the HH
- #6,055
- Mar 12, 2020 2:36am Mar 12, 2020 2:36am
I was looking at the road in front of my car. No ZOO's nor div's there.
Just came home to see I missed the trade I expected.
Plenty of room to take a Long
Just came home to see I missed the trade I expected.
Plenty of room to take a Long
Trading S/R with PA only. No indicators anymore!