Disliked{quote} Almost but I have it a tad different. A is chosen because it was a pivot not in divergence which the following ones were, B is chosen because it was the next pivot under attack on the opposite side of the EMA, in other words in divergence. C is correct being the close across the EMA {image}Ignored
Trading the Cable swings via averages
- #7,945
- Edited 8:20pm May 25, 2022 8:07pm | Edited 8:20pm
- Joined Mar 2016 | Status: Trader | 6,389 Posts
- #7,951
- May 31, 2022 8:26pm May 31, 2022 8:26pm
- Joined Mar 2016 | Status: Trader | 6,389 Posts
Dear sir. This is my trades for today. I have 1 question looking for more guidance on trading experience: Bar test 1 appeared in the div after a strong bearish candle, I have a hard time orienting on the next candle to act, so in cases like this we can consider it a valid signal are not? And if so, I would like some advice. Thanks you and good heath for you! {image} {image}
- #7,953
- Edited 8:27am Jun 3, 2022 8:16am | Edited 8:27am
- | Joined Dec 2015 | Status: Trader | 509 Posts
Hi Nala66. Thank you for your work. I still have to improve the reading of the charts but despite having a 40% profit trade, I have earned 3% of my account in the last week. Today I lost two trades but then I recovered with the down rally
- #7,955
- Jun 3, 2022 11:58pm Jun 3, 2022 11:58pm
- Joined Mar 2016 | Status: Trader | 6,389 Posts
Merely picking the trade and its direction is only a small part in our regime, money management is much more of a headache and is a craft in itself and there should be many more books written on this singular subject.
Whether we extend our trading period or just get our job done efficiently are options for consideration, I prefer the latter but appreciate others choose the former.
If you choose the former then other options have to be considered such as partially closing your trade and letting the rest run.
Look at the simplicity of this one hour chart. But look at the Bull Back which would have been a scary couple of hours. However the initial down move was about 50 pips and to me that is good value and worthy of collecting, banking and then quitting for the day, about six hours work. Another six hours and a larger profit could have been made but I regard this as over-trading.
It doesn't bother me at all that I could have made more pips, the point is, I got my share.
>>>>>>>>>>>>>>>>>
Now we see the EMA is making for the average swing low so price should make the 2nd target being the next average swing low.
If we cannot see the signals to take then we should not trade period. Guesswork is always a 50:50 chance and we always want the odds on our side. They are odds not to be written in stone so protection is always required.
Try to keep the charts uncluttered, it is information we want, not an art exhibition piece, we see some wonderful works from time to time.
Whether we extend our trading period or just get our job done efficiently are options for consideration, I prefer the latter but appreciate others choose the former.
If you choose the former then other options have to be considered such as partially closing your trade and letting the rest run.
Look at the simplicity of this one hour chart. But look at the Bull Back which would have been a scary couple of hours. However the initial down move was about 50 pips and to me that is good value and worthy of collecting, banking and then quitting for the day, about six hours work. Another six hours and a larger profit could have been made but I regard this as over-trading.
It doesn't bother me at all that I could have made more pips, the point is, I got my share.
>>>>>>>>>>>>>>>>>
Now we see the EMA is making for the average swing low so price should make the 2nd target being the next average swing low.
If we cannot see the signals to take then we should not trade period. Guesswork is always a 50:50 chance and we always want the odds on our side. They are odds not to be written in stone so protection is always required.
Try to keep the charts uncluttered, it is information we want, not an art exhibition piece, we see some wonderful works from time to time.
