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Trading the Cable swings via averages

  • #6,321
  • May 13, 2020 1:29am May 13, 2020 1:29am
We are at the 1hour EMA and sitting at the daily pivot also (2296) so this is anyone's guess
  • #6,322
  • May 13, 2020 1:59am May 13, 2020 1:59am
Quoting Nala66
Finally after the 1 hour div and the pull back to the EMA I get my 1K back. So off to a good start but haven't a clue where we are going from here.
Were you trading the H1 price divergence from this morning? I was wondering if it was maybe too old, but I guess not?
  • #6,323
  • May 13, 2020 2:04am May 13, 2020 2:04am
Reg Div in 4H
  • #6,324
  • May 13, 2020 3:18am May 13, 2020 3:18am
Quoting Nala66
Finally after the 1 hour div and the pull back to the EMA I get my 1K back. So off to a good start but haven't a clue where we are going from here.

Given that we are sitting at the daily pivot point and the bullish move stopped at ema , at which point would you consider a long trade?
  • #6,325
  • May 13, 2020 3:30am May 13, 2020 3:30am
Quoting tazytam
{quote} Were you trading the H1 price divergence from this morning? I was wondering if it was maybe too old, but I guess not?
No I wasn't, I was using that as the direction signal but entered on the 5 min bull div and the subsequent bear div shown on the chart below.
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  • #6,326
  • May 13, 2020 3:33am May 13, 2020 3:33am
Quoting Andy1501
{quote} Given that we are sitting at the daily pivot point and the bullish move stopped at ema , at which point would you consider a long trade?
Sorry this is late but I don't read the thread whilst trading.

As I said earlier not sure what to do at that point but took a punt on the 5min bear div for short...Not long
  • #6,327
  • May 13, 2020 3:53am May 13, 2020 3:53am
Here are things I was looking at on the 5 min chart...
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  • #6,328
  • May 13, 2020 3:55am May 13, 2020 3:55am
Before anyone asks "What is a Bearl Resistance' it is a special typo..
  • #6,329
  • May 13, 2020 5:26am May 13, 2020 5:26am
That last chart I posted had a line just placed randomly, I just copy and drag it when wanted.

Just look where price just went to on the same chart.

Perhaps this is just my natural magnetism
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  • #6,330
  • May 13, 2020 6:58am May 13, 2020 6:58am
Quoting Nala66
{quote} Sorry this is late but I don't read the thread whilst trading. As I said earlier not sure what to do at that point but took a punt on the 5min bear div for short...Not long
Thank you for the reply! It looks like my mistake paid off this time . My logic for going long was the daily pivot indicating that a down move was unlikely so I looked for bull support on the 5 minute . The 1 hour finding bull support was further confirmation, considering the Rsi was within the 20-80 limits.

Could you confirm or deny this logic?
  • #6,331
  • May 14, 2020 12:18am May 14, 2020 12:18am
Quoting Andy1501
{quote} Thank you for the reply! It looks like my mistake paid off this time . My logic for going long was the daily pivot indicating that a down move was unlikely so I looked for bull support on the 5 minute . The 1 hour finding bull support was further confirmation, considering the Rsi was within the 20-80 limits. Could you confirm or deny this logic?
Not sure exactly where on the chart we are referring to here, but that doesn't matter.

The point is you traded with a plan and executed the plan with a basis of probability signals and that is all we can do.

So well done and keep up the good work.

I was trading after the 108 bar so my first trade was short and my next trade was long, I was done and dusted well before that bigger down move.
  • #6,332
  • May 14, 2020 12:44am May 14, 2020 12:44am
OK so from our deductions yesterday the 1 hour did hit the AB= CD and in the process appears to have made another one which it is very close to hitting.

No other signals as yet that I can see.
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  • #6,333
  • May 14, 2020 1:11am May 14, 2020 1:11am
And it just hit that AB=CD also, so where to from here?
  • #6,334
  • May 14, 2020 3:49am May 14, 2020 3:49am
Darn it my stops were a tad too tight...stopped out....

Or were they, this doesn't look good at all, can't seem to get a decent run these days..
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  • #6,335
  • May 14, 2020 3:53am May 14, 2020 3:53am
Whoops I missed this HD
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  • #6,336
  • May 14, 2020 11:41am May 14, 2020 11:41am
Quoting Nala66
Whoops I missed this HD {image}
Going back to 1.20 with the risk-off environment resuming.
Be humble or be humbled.
  • #6,337
  • May 14, 2020 7:44pm May 14, 2020 7:44pm
Quoting Temujin
{quote} Going back to 1.20 with the risk-off environment resuming.
I don't know what this means?
  • #6,338
  • Edited 8:02pm May 14, 2020 7:50pm | Edited 8:02pm
As I check the charts this morning, my time, I see that the 5min did actually manage to make the target I was looking for eventually. This came after a great deal of struggling to halt the 1 hour and possibly turn it. It remains to be seen if the bulls can hold onto this for any length of time. Not a big moving day at all and very choppy to scalp.
Attached Image (click to enlarge)
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When we look at the 1 hour we can see when an assault on the EMA is made by the bulls, there is a struggle of sorts.
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  • #6,339
  • May 14, 2020 9:21pm May 14, 2020 9:21pm
https://www.forexfactory.com/attachm...1&d=1589446399

Hi Alan, hopefully no questions is too stupid and I haven't missed something obvious here, but from a trade mgt perspective, was there an option to hedge when you closed entry 2? Also, was entry 1 left open during the downward move from entry 2's closure? Am new to the practice of hedging and am trying to understand as much as possible of the thought process when deciding to hedge or not and trade mgt in general. Many thanks....Paul.

PS sorry about attachment of your chart image - cant seem to get it copy and paste directly in here :-(
  • #6,340
  • May 14, 2020 9:54pm May 14, 2020 9:54pm
Quoting Nala66
As I check the charts this morning, my time, I see that the 5min did actually manage to make the target I was looking for eventually. This came after a great deal of struggling to halt the 1 hour and possibly turn it. It remains to be seen if the bulls can hold onto this for any length of time. Not a big moving day at all and very choppy to scalp. {image} When we look at the 1 hour we can see when an assault on the EMA is made by the bulls, there is a struggle of sorts. {image}
Would this finding encourage you to adjust your entries for long trades in the future ? For example , waiting for a second pull back before entry ( to compensate for the volatility )....
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