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Trading the Cable swings via averages

  • #7,441
  • Dec 16, 2021 1:55am Dec 16, 2021 1:55am
Good day Alan and everyone, any trade today?

Found HD at the moment, tried to enter but failed. Too naivee I believe

I put all Alan lesson from page 1 to page 100 into one file and edit for easy reading. Anyone interesting just download, too tired for just reading so today I tried with real money, but definitely not ready.

Peter
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File Type: pdf alan-part1.pdf   1.9 MB | 622 downloads
  • #7,442
  • Dec 16, 2021 4:26am Dec 16, 2021 4:26am
Well done Peter. Let see what the master has to say? He's probably fishing or watching the cricket.
  • #7,443
  • Dec 16, 2021 5:32am Dec 16, 2021 5:32am
Quoting mayflower
Well done Peter. Let see what the master has to say? He's probably fishing or watching the cricket.
The latter
  • #7,444
  • Dec 16, 2021 5:38am Dec 16, 2021 5:38am
My 1 hour chart looks like this currently...
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  • #7,445
  • Dec 16, 2021 5:47am Dec 16, 2021 5:47am
What a funny night, right after I saw 2 bar test + div, I entered my 3rd trade - at the yellow arrow with the hope it might go down, but then it go up and hit the SL also clear the profit of the first and second entry. After that it go down and go up again at the moment. Dont know what to do in this case ....
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  • #7,446
  • Dec 16, 2021 6:02am Dec 16, 2021 6:02am
And now a 70pips candle within 2min, good night everyone
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  • #7,447
  • Dec 16, 2021 8:34am Dec 16, 2021 8:34am
Quoting Pettra
What a funny night, right after I saw 2 bar test + div, I entered my 3rd trade - at the yellow arrow with the hope it might go down, but then it go up and hit the SL also clear the profit of the first and second entry. After that it go down and go up again at the moment. Dont know what to do in this case .... {image}
Pettra put these other EMA's on your 5 min chart to get a better outlook on what is happening.
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  • #7,448
  • Dec 16, 2021 8:45am Dec 16, 2021 8:45am
Also on the 1 hour look how the bear support lines (black) have become bull resistances.
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  • #7,449
  • Dec 16, 2021 9:57pm Dec 16, 2021 9:57pm
I really have no way to say this anymore simply...
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  • #7,450
  • Dec 17, 2021 3:25am Dec 17, 2021 3:25am
How many just took this 1 hour ZOO and went long on the 5 min div. It is that simple...
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  • #7,451
  • Dec 17, 2021 3:42am Dec 17, 2021 3:42am
Quoting Nala66
How many just took this 1 hour ZOO and went long on the 5 min div. It is that simple... {image}
Hi Alan, I did enter but didnt do good, can you help on few things:

1. First I enter long with 0.29 lot and went good
2. After price break EMA bull found support and I can see 2 bar test so I enter second entry with 0.58, put SL of both entries the same
3. And then it go down and stoped out

I think I doing wrong, since I keep getting stop out like that. Thanks a lot.

Peter
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  • #7,452
  • Dec 17, 2021 4:22am Dec 17, 2021 4:22am
Should we hedge and now close hedge and long again?
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  • #7,453
  • Dec 17, 2021 7:55am Dec 17, 2021 7:55am
Quoting Pettra
Should we hedge and now close hedge and long again? {image}
You need to be looking at the bigger picture in conjunction with your 5 min chart.

On the hour chart price ran into HD so from then on it was a short trade since we expect it to cross the EMA because of the div.

No point hedging longs here.

So the div you have at the top of the 5 min was when we had an HD on the 1 hour. Therefor you have the ZOO and the entry
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  • #7,454
  • Dec 17, 2021 1:02pm Dec 17, 2021 1:02pm
Quoting Nala66
{quote} You need to be looking at the bigger picture in conjunction with your 5 min chart. On the hour chart price ran into HD so from then on it was a short trade since we expect it to cross the EMA because of the div. No point hedging longs here. So the div you have at the top of the 5 min was when we had an HD on the 1 hour. Therefor you have the ZOO and the entry {image}
Thanks Alan, can you answer my other question as well? should I accept the stop out as trading, or I did something wrong? Usually how many pips is acceptable for your SL please?
  • #7,455
  • Dec 17, 2021 1:59pm Dec 17, 2021 1:59pm
Quoting Pettra
And now a 70pips candle within 2min, good night everyone {image}
Well in fairness that was because the Bank of England raised interest rates for the first time in years from 0.1% to 0.25%
  • #7,456
  • Dec 17, 2021 2:09pm Dec 17, 2021 2:09pm
Quoting mayflower
{quote} Well in fairness that was because the Bank of England raised interest rates for the first time in years from 0.1% to 0.25%
Saw that, forget to check the new, that's a huge new and it had bull rsi div at that time, missed a big wave
  • #7,457
  • Dec 18, 2021 9:49am Dec 18, 2021 9:49am
Quoting Pettra
{quote} Thanks Alan, can you answer my other question as well? should I accept the stop out as trading, or I did something wrong? Usually how many pips is acceptable for your SL please?
Ten pips max
  • #7,458
  • Dec 21, 2021 5:01am Dec 21, 2021 5:01am
Quoting Nala66
{quote} Ten pips max
I think this is the very best piece of advice to any trader whatever their level of experience and I would like to add my two penn'orth here.

Alan posted this quote in another thread quite a while ago and it is true today as it's always been.

'The Stunned Mullet'

This is a trader who for whatever reason has a fixation price is going to go where they think it should. As a result they 'marry' their trade and hang in there by their fingernails often adding to the losing position in an attempt to average down the losses but end up digging a deeper hole.

And so it is that - in my honest opinion, truly the most difficult thing of all to learn about trading is 'the art' of getting yourself out of a losing trade. Once you overcome that hurdle you may finally start to grow your account.
  • #7,459
  • Dec 21, 2021 8:13am Dec 21, 2021 8:13am
Quoting mayflower
'The Stunned Mullet' This is a trader who for whatever reason has a fixation price is going to go where they think it should. As a result they 'marry' their trade and hang in there by their fingernails often adding to the losing position in an attempt to average down the losses but end up digging a deeper hole.
There is even a practical way to figure it out. I don’t remember who said, but it sounds something like this - "... when the pain from every lost dollar becomes more than the pain of admitting your mistake."
  • #7,460
  • Dec 22, 2021 1:32am Dec 22, 2021 1:32am
Once again stuck in a range for two days now...
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