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Trading the Cable swings via averages

  • #7,061
  • Jul 3, 2021 12:38am Jul 3, 2021 12:38am
Quoting yahya11
Hi mentor, i am stuked in these two trades pleas help what to do now , i dont use stop and then fulishly hedge the losing trade now this is the scenario, profit is less and loss is huge. can i close both simaltaneously or close buy trade and left sell one for some loss recovery or any other solution for this you suggest {image}

Honestly close them. Take it as a learning opportunity. Always use stops. We should only hedge based on what we see on the higher TF and take an entry, usual in this case we should already be in the sale.

Also I can't tell where your entry points for these trades are from?

For example the way I trade based on Alan's method, i take the 1 hour reference but my entry points are on the 5 mins. So you should show us that chart as well. Right now your entry points make no sense to me.

I think for yourself. You need to come up with a money management system that suits your needs.

For example my entry points and stop losses are quite shortish on the 5 min chat, but my TP target are 4:1 with money management i also bank as the trade is going my way (i have a distance of 8 - 10 pips per bank).

What I am seeing here is a huge NO NO , in terms of trading. Your hedge makes even less sense to me, as when I do a hedge it usual my buy is below my sell. There was a buy at 08 10 gmt, but it was a scalper and i stopped out at be.

I think your sell kinda makes sense did you take it from a div on a lower TF?

Again though there is no Money Management which is the main issue.
  • #7,062
  • Jul 4, 2021 5:31am Jul 4, 2021 5:31am
Pardon my French but only fools don't use stops, they are critical to successful trading. We can take many small hits and easily recover a nice profit from our better trades.

This is the whole basis of tentative entries and then adding to them when we are winning.

You had a sell and a buy of the same size so you were getting nowhere. You could have close the short and had plenty of time to add to your long making a nice profit.

I would have been stopped out for no loss on the short because I move the stop to B/E at the earliest but then again I probably would not have even thought of shorting on the first place.

Simple rule to follow here...

Never buy tops and never short bottoms.

Hope it turned out not too bad for you.
  • #7,063
  • Jul 4, 2021 10:24am Jul 4, 2021 10:24am
Quoting Nala66
Pardon my French but only fools don't use stops, they are critical to successful trading. We can take many small hits and easily recover a nice profit from our better trades. This is the whole basis of tentative entries and then adding to them when we are winning. You had a sell and a buy of the same size so you were getting nowhere. You could have close the short and had plenty of time to add to your long making a nice profit. I would have been stopped out for no loss on the short because I move the stop to B/E at the earliest but then again I...
Yes mentor you are right, i make a big mistake i didn't use stop, and defending a losing position remaind always bad for me, i learn a lesson from this i will never trade without stops , now if you suggest when market open, i close winning one as price went so high and now it might return to ema then i will close another one also, will it work ?
  • #7,064
  • Jul 4, 2021 10:32am Jul 4, 2021 10:32am
Quoting Ansab001
{quote} Honestly close them. Take it as a learning opportunity. Always use stops. We should only hedge based on what we see on the higher TF and take an entry, usual in this case we should already be in the sale. Also I can't tell where your entry points for these trades are from? For example the way I trade based on Alan's method, i take the 1 hour reference but my entry points are on the 5 mins. So you should show us that chart as well. Right now your entry points make no sense to me. I think for yourself. You need to come up with a money management...
Thanks for respons i really appreciated your effort, you are right money managment is a issue for me but i will handle it now, i also take my entries on 5min chart , first i made sell entry it was in profit but when price return to buy i hedge this , and hedge when it was in loss thats why all went wrong
  • #7,065
  • Jul 5, 2021 2:37am Jul 5, 2021 2:37am
Hello guys. Did I draw correctly AB = CD in today's cable movement in the London session?
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  • #7,066
  • Jul 5, 2021 2:41am Jul 5, 2021 2:41am
Hi Alan, is the labelling correct for bull support and hook in the below chart for 1 minute?
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  • #7,067
  • Jul 5, 2021 5:55am Jul 5, 2021 5:55am
Quoting cylon
Hello guys. Did I draw correctly AB = CD in today's cable movement in the London session? {image}
This is it corrected
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  • #7,068
  • Jul 5, 2021 5:56am Jul 5, 2021 5:56am
Quoting cylon
Hi Alan, is the labelling correct for bull support and hook in the below chart for 1 minute? {image}
Yes this is correct
  • #7,069
  • Jul 5, 2021 6:24am Jul 5, 2021 6:24am
Quoting Nala66
{quote} This is it corrected {image}
Much appreciated.
  • #7,070
  • Edited 10:38am Jul 5, 2021 10:24am | Edited 10:38am
Attached Image (click to enlarge)
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Hi Alan, just wanted to know your opinion.
First can we consider that H1 wick zone as a support zone (zoo)?
Second, the bearish divergence might take the price to its ema but on the first attempt (third arrow in the price chart) price ran into a bullish divergence (green arrow in the rsi chart), at least i believe its a bull rsi/rsi divergence, some say bull div has to be below 50 and below ema, only thing you can get above ema is cont div; whats your thought on this one?
  • #7,071
  • Jul 6, 2021 2:30am Jul 6, 2021 2:30am
Quoting huskyboy
{image} Hi Alan, just wanted to know your opinion. First can we consider that H1 wick zone as a support zone (zoo)? Second, the bearish divergence might take the price to its ema but on the first attempt (third arrow in the price chart) price ran into a bullish divergence (green arrow in the rsi chart), at least i believe its a bull rsi/rsi divergence, some say bull div has to be below 50 and below ema, only thing you can get above ema is cont div; whats your thought on this one?
Sorry to be a tad late answering, been busy.

What I suggest is first look to where the EMA is heading, that is to say is it trying to make a HH.

If we have that in mind then our better options are to be long. Remember we are trading above the average so any shorts are either scalps or hedges.

So do we see signal to take price long.... Yes we do, did the EMA make the HH yes it did. Price reached the bear support (bull resistance)

It achieved all this and finds itself in bear div so at this ZOO point we would short.

Attached Image (click to enlarge)
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And to answer the first question I don't consider that wick to be anything at all.
  • #7,072
  • Jul 6, 2021 8:05am Jul 6, 2021 8:05am
See how on the 1 hour chart the last two bear divs where followed by the Hook which we can see on the RSI (Red Box). We see the fast fails to cross the slow indicating shorts and the two bar test gets us in.

We should all be done for the day...
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  • #7,073
  • Jul 7, 2021 8:34am Jul 7, 2021 8:34am
Dear Alan,

In post #2142, you accept triangle ABC on one side of ema(26), but in post #4246 you don't accept triangle ABC on one side of ema.
Please let me know when to accept triangle ABC lying on one side of ema, when not.

Thank you so much

https://www.forexfactory.com/thread/...3#post12395623

https://www.forexfactory.com/thread/...8#post12052178
  • #7,074
  • Edited 11:53am Jul 7, 2021 11:20am | Edited 11:53am
Quoting jewelnguyen
Dear Alan, In post #2142, you accept triangle ABC on one side of ema(26), but in post #4246 you don't accept triangle ABC on one side of ema. Please let me know when to accept triangle ABC lying on one side of ema, when not. Thank you so much https://www.forexfactory.com/thread/...3#post12395623 https://www.forexfactory.com/thread/...8#post12052178
see post 4894 - 5820 - 5858
  • #7,075
  • Jul 7, 2021 6:47pm Jul 7, 2021 6:47pm
Quoting jewelnguyen
Dear Alan, In post #2142, you accept triangle ABC on one side of ema(26), but in post #4246 you don't accept triangle ABC on one side of ema. Please let me know when to accept triangle ABC lying on one side of ema, when not. Thank you so much https://www.forexfactory.com/thread/...3#post12395623 https://www.forexfactory.com/thread/...8#post12052178
I regard on the same side as being ABCD's and on opposite sides as being divergence
  • #7,076
  • Jul 7, 2021 7:03pm Jul 7, 2021 7:03pm
Attached Image (click to enlarge)
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For example this to me is just regular bear divergence where they are on the same side if it was an ABCD then it would have reached the D target but it didn't.

Not only was this a regular bear div but it was also an RSI div.

Then notice the bottom where it reached the bull support (bear resistance) it was in a bull div sending it back to the EMA.

It is all very simple when you get a handle on it.
  • #7,077
  • Jul 7, 2021 7:10pm Jul 7, 2021 7:10pm
Quoting huskyboy
{quote} see post 4894 - 5820 - 5858
Thank you, but maybe my question wasn't clear enough for you to misunderstand me. I asked the question more precisely.
In post 2142, triangle ABC is on the same side of ema (26). Why do you still accept it? So when ABC is on the same side of ema, when is it considered triangle ABC, when is it not?

https://www.forexfactory.com/attachm...9&d=1551239898
  • #7,078
  • Jul 7, 2021 7:47pm Jul 7, 2021 7:47pm
Quoting Nala66
{image} For example this to me is just regular bear divergence where they are on the same side if it was an ABCD then it would have reached the D target but it didn't. Not only was this a regular bear div but it was also an RSI div. Then notice the bottom where it reached the bull support (bear resistance) it was in a bull div sending it back to the EMA. It is all very simple when you get a handle on it.
Thank you Master,
I take it this way, at point C we expect the price to hit target D, but if on the way to destination D we get a divergence at HH/LL or at bullish/bearish support pushing the price towards ema side, I should immediately cut my order because triangle ABC is wrong.
Do I understand correctly?
  • #7,079
  • Jul 7, 2021 9:24pm Jul 7, 2021 9:24pm
Hello everyone , How many you guys making profit using this Alan's super hit method
  • #7,080
  • Jul 8, 2021 12:02am Jul 8, 2021 12:02am
Quoting yahya11
Hello everyone , How many you guys making profit using this Alan's super hit method
This is a rude question, if you don't like it you can unsubscribe
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