It was my own annoyance, on why the bulls had not turned up after i saw the slow rsi at 50 and fast over 80 on the one hour yesterday.
I realized my mistake was not having a bear support, plus i was taking a punt to confirm i am reading the charts right.
Today we all ready the charts like a t. One person even had the sell on from bear support all the way up (they were up at silly o clock)
But we all got our pips and there were pull backs to newer bear supports for even more on the 5 min. Interesting price is now at the level it has failed to break several times. Lets see what happens!
Thanks Alan, all makes sense. It was my own annoyance, on why the bulls had not turned up after i saw the slow rsi at 50 and fast over 80 on the one hour yesterday. I realized my mistake was not having a bear support, plus i was taking a punt to confirm i am reading the charts right. Today we all ready the charts like a t. One person even had the sell on from bear support all the way up (they were up at silly o clock) But we all got our pips and there were pull backs to newer bear supports for even more on the 5 min. Interesting price is...
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It probably did turn up but failed to cross the waterline so it turns down again. This is telling us it is too weak to climb.
This is the problem with trying to predict price. It can drop for an hour then rise for an hour and so on but I still find the best results come once London opens and it moves steadily in one direction at least for a time and hopefully that time pays the 40 pips.
Hi dear Alan, what is more confident entry?, when divergence appears we put a tentative entry with small lot size and when support comes we open more confident entry with big lot size.
can we enter with big lot size on divergence isn't the more confident entry than finding support ? or
can one only trade on divergences? like scalping with big lot size all the day , i mean begginers like me not so expert to catch the target at london open or on 40 pips then they can scalp all the day with big lot size to achive target?
Hi dear Alan, what is more confident entry?, when divergence appears we put a tentative entry with small lot size and when support comes we open more confident entry with big lot size. can we enter with big lot size on divergence isn't the more confident entry than finding support ? or can one only trade on divergences? like scalping with big lot size all the day , i mean begginers like me not so expert to catch the target at london open or on 40 pips then they can scalp all the day with big lot size to achive target?
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Not all divs lead to profit. Sometimes price want to reach a target so if you go for all those divs and they don't put enough for break even, you can quickly chew up your capital.
For scalping I always recommend an area where price is bouncing off a support, this is extremely vital as you have a stronger signal.
One thing to also look at is also seeing divs on more time frame, for example when I have a trade on, I would hedge if I see a div on the 5 AND 15 (with TBT!).
Obviously there are exceptions to the rule , but the point is we are the house not the gambler..
Long and short of it, if you are going to scalp just on divs, say good bye to all your money.
Hi dear Alan, what is more confident entry?, when divergence appears we put a tentative entry with small lot size and when support comes we open more confident entry with big lot size. can we enter with big lot size on divergence isn't the more confident entry than finding support ? or can one only trade on divergences? like scalping with big lot size all the day , i mean begginers like me not so expert to catch the target at london open or on 40 pips then they can scalp all the day with big lot size to achive target?
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The problem with the larger entry at the start is the larger risk. It is always the risk we are managing not the profit. However I will often take this same risk if I have made an earlier profit to cover the potential loss.
I suppose it gets down to following good trading habits where the risk is always foremost in our minds so we limit it as much as we can. A three stage entry pays a reward many more times greater than a single entry loss, so we have the math on our side giving us an edge.
{quote} Not all divs lead to profit. Sometimes price want to reach a target so if you go for all those divs and they don't put enough for break even, you can quickly chew up your capital. For scalping I always recommend an area where price is bouncing off a support, this is extremely vital as you have a stronger signal. One thing to also look at is also seeing divs on more time frame, for example when I have a trade on, I would hedge if I see a div on the 5 AND 15 (with TBT!). Obviously there are exceptions to the rule , but the point is we are...
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I agree with this entirely, divs are not the be all and end all of trading.
First find a ZOO point on the higher time frame (1H) then looks for the signal to get in on the lower time frame. This will limit your risks and maximize the potential for profit.
Most often I see people looking for bull divs in a downtrend instead of looking for continuation divs which give a higher probability of being correct.
Waiting for these pull backs for prior to continuations gives the best chance but so many people regard this as a turnaround and occasionally it is so that is why we hedge. We don't always expect to profit from a hedge but it does put us in a good position should the situation change.
Now this 5 min has hit the EMA price level but it did so in div so we have options. We can hedge if we need mor pips for our daily bread or we can close and pick up a few more later but what we do not do is ignore it and HOPE it will continue up.
{quote} I agree with this entirely, divs are not the be all and end all of trading. First find a ZOO point on the higher time frame (1H) then looks for the signal to get in on the lower time frame. This will limit your risks and maximize the potential for profit. Most often I see people looking for bull divs in a downtrend instead of looking for continuation divs which give a higher probability of being correct. Waiting for these pull backs for prior to continuations gives the best chance but so many people regard this as a turnaround and occasionally...
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Nala can you give us some examples of continuation divs, i relay struggle seeing them.
Today we came on looking to continue with the buys , however we can't see an entry point at them moment , except the risky bull support on the 5.
Trading the Cable swings via averages
