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Trading the Cable swings via averages

  • #8,381
  • Oct 5, 2022 7:23am Oct 5, 2022 7:23am
It still works at the 5 min level where we get more detail of the day's activity.

Once the price found support below the EMA there was big bucks to be made.

Love this price action but we have to be on our game all the time making it very tiring, for me anyway.
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  • #8,382
  • Oct 5, 2022 7:32am Oct 5, 2022 7:32am
Quoting Nala66
It still works at the 5 min level where we get more detail of the day's activity. Once the price found support below the EMA there was big bucks to be made. Love this price action but we have to be on our game all the time making it very tiring, for me anyway. {image}
Right down to retest the daily EMA to give us bull support maybe. But the question is will it hold?
  • #8,383
  • Oct 5, 2022 7:38am Oct 5, 2022 7:38am
Quoting 40PipsAlan
{quote} Right down to retest the daily EMA to give us bull support maybe. But the question is will it hold?
The thing with the daily is the targets are huge and take forever.
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  • #8,384
  • Oct 5, 2022 7:44am Oct 5, 2022 7:44am
Looks like the 30 min is going for the ABCD
  • #8,385
  • Oct 5, 2022 8:00am Oct 5, 2022 8:00am
Quoting Nala66
It still works at the 5 min level where we get more detail of the day's activity. Once the price found support below the EMA there was big bucks to be made. Love this price action but we have to be on our game all the time making it very tiring, for me anyway. {image}
My game isnt cutting it just yet boss. Must try harder.
  • #8,386
  • Oct 5, 2022 9:23am Oct 5, 2022 9:23am
I wonder how often the 161 fib expansion is the target. H4 back to the EMA for a mega +170 pips. Shame I wasnt on the train.
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  • #8,387
  • Oct 5, 2022 12:14pm Oct 5, 2022 12:14pm
Quoting 40PipsAlan
I wonder how often the 161 fib expansion is the target. H4 back to the EMA for a mega +170 pips. Shame I wasnt on the train. {image}
there is more to this fib stuff that I need to read up on. All clever stuff.
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  • #8,388
  • Oct 5, 2022 1:09pm Oct 5, 2022 1:09pm
Quoting 40PipsAlan
{quote} there is more to this fib stuff that I need to read up on. All clever stuff. {image}
I put a small tester long trade on after the 161 fib hit. Amazed that I got nearly +60 pips on it. I closed when it started struggling
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  • #8,389
  • Oct 5, 2022 1:52pm Oct 5, 2022 1:52pm
Quoting 40PipsAlan
I wonder how often the 161 fib expansion is the target. H4 back to the EMA for a mega +170 pips. Shame I wasnt on the train. {image}
I prefer to use the Quartile. Each segment is 25% of the swing high/low.

The chart below shows its use.

Note there are 3 Quartiles copied and pasted here. We always lose the very last quartile.
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  • #8,390
  • Oct 5, 2022 2:02pm Oct 5, 2022 2:02pm
Quoting Nala66
{quote} I prefer to use the Quartile. Each segment is 25% of the swing high/low. The chart below shows its use. Note there are 3 Quartiles copied and pasted here. We always lose the very last quartile. {image}
Nice stuff Alan. Where can I find this Quartile tool?
I think it could be very useful.
Ah Fib tool divided into quarters.
  • #8,391
  • Oct 5, 2022 10:38pm Oct 5, 2022 10:38pm
Quoting 40PipsAlan
{quote} Nice stuff Alan. Where can I find this Quartile tool? I think it could be very useful. Ah Fib tool divided into quarters.
Yes, it is the Fibo done in quarters instead of fib numbers.

I have a profile of the monthly Coffee chart where I store the tools. When I click on them and select OK this changes the Fibo numbers saving me the job of putting them in manually.

Here it is...
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Obviously, I don't use this chart for trading and because it is the monthly, I rarely have to slide them to the right. I can change the colours to suit very quickly.

See that yellow one it has the 1.618 on it and also the price of that level.
  • #8,392
  • Oct 5, 2022 10:47pm Oct 5, 2022 10:47pm
This is not quite how I use it but from this chart you should get the idea of advancing the stops.

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I have a whole thread on trading the Quartile if you would like to read that.
  • #8,393
  • Oct 6, 2022 2:43am Oct 6, 2022 2:43am
This is looking like a nothing day. H1 right on the EMA so best go fishing.
  • #8,394
  • Oct 6, 2022 6:50am Oct 6, 2022 6:50am
Just reading the Quartile thread. Statement from Alan

I guess we should always be asking the questions of:

1) Where is the money now?

2) Who is going to collapse bulls or bears?

3) Where is the money then likely to go due to a swing?

4) Can I make my particular profit from the move?

5) How much do I need to invest to achieve my outcome?

6) What is the risk I am prepared to take on?

7) What action am I going to take if I am wrong?

8) Should I take a break and avoid trading irrationally?

9) Will there be other trades in the tomorrows to come?

10) Have I done the work in preparation or am I just 'thinking the trade'?

These are the questions we should all be asking irrespective of what methodology we use.
  • #8,395
  • Oct 6, 2022 8:29am Oct 6, 2022 8:29am
Easy trading today.
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  • #8,396
  • Oct 6, 2022 11:12am Oct 6, 2022 11:12am
Quoting Nala66
Easy trading today. {image}
Spot on with that Target Alan. Well played.
  • #8,397
  • Oct 6, 2022 1:01pm Oct 6, 2022 1:01pm
Well dang me. That Quartile went right to the 100% target. Nice
  • #8,398
  • Oct 6, 2022 8:38pm Oct 6, 2022 8:38pm
Quoting 40PipsAlan
{quote} Spot on with that Target Alan. Well played.
Really once getting the hang of this it becomes second nature like driving a car, we are aware of the destination but watch for the hazards and drive the car unconsciously.

Always remember price is trying to pull the average to a level and must exceed that level in order to do so. Exceeding is not our problem we take what we are given and walk away happy.

Keep practicing and once you get the stop to BE you have nothing to fear. We don't have to watch the price parade we can do other things we enjoy.
  • #8,399
  • Oct 6, 2022 8:39pm Oct 6, 2022 8:39pm
Quoting 40PipsAlan
Well dang me. That Quartile went right to the 100% target. Nice
Can you show haw you used the Quartile for others to see...Thanks
  • #8,400
  • Oct 6, 2022 8:57pm Oct 6, 2022 8:57pm
Here is the 1 hour with two Quartiles and the EMA swing low. See how all three managed to pinpoint the price target for us. (Red circle)

Now in a case like this we would not wait to be stopped out since the target is achieved, we would just close there. Why give back 50 pips of profit?

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