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Trading the Cable swings via averages

  • #8,821
  • Feb 23, 2023 4:01am Feb 23, 2023 4:01am
Quoting Sol72
About red level in the 1st box: is this EMA swing level? And do u use a pending orders?
Yes and yes.
  • #8,822
  • Feb 23, 2023 4:04am Feb 23, 2023 4:04am
Another nice one...
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  • #8,823
  • Feb 23, 2023 12:25pm Feb 23, 2023 12:25pm
Hello! Well done!
But today was my bad day. Lost most of my deposit. Entered too early, held the position for too long - common mistakes. Allan, tell me: do you track only the levels of 1 hour or all time periods?
  • #8,824
  • Feb 23, 2023 7:44pm Feb 23, 2023 7:44pm
Quoting Sol72
Hello! Well done! But today was my bad day. Lost most of my deposit. Entered too early, held the position for too long - common mistakes. Allan, tell me: do you track only the levels of 1 hour or all time periods?
Not at all. I always check all the charts up to the monthly.

This is part of the preparation process prior to trading.

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You are forgetting the first principles of money management.
1) Never add to a losing trade.
2) Always strictly limit the loss i.e. 1%
3) Always compound a winning trade.
4) Get the stop to BE and allow the trade to run to your target.
  • #8,825
  • Feb 23, 2023 9:23pm Feb 23, 2023 9:23pm
Quoting Nala66
{quote} Not at all. I always check all the charts up to the monthly. This is part of the preparation process prior to trading. {image} You are forgetting the first principles of money management. 1) Never add to a losing trade. 2) Always strictly limit the loss i.e. 1% 3) Always compound a winning trade. 4) Get the stop to BE and allow the trade to run to your target.
Master,
Can you explain more details, Why you look fort short on that swing lows?
To me, I will look for bullish div near that swing to go LONG.
  • #8,826
  • Feb 24, 2023 3:20am Feb 24, 2023 3:20am
Hi Mr.Alan, Thank you so much for sharing your trading method.

I have read your thread and learned many things there.

Could you help to correct the Zoo point of To day GPU/USD I saw the BEARISH DIV at 1.20272 H1. after price pull back to EMA 26. So is it the Zoo.

And I jump to 5 min time frame to find the entry but I missed and I wait for the Hook to re-entry, Is that correct.

Hope to get your answer.
Thank you so much!
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  • #8,827
  • Feb 24, 2023 6:36am Feb 24, 2023 6:36am
You were right! The pound fell exactly to the level. It is a pity that I was not there. Only managed to earn a few points in the morning. Please comment on my settings and what to look out for. Thank you!
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  • #8,828
  • Feb 24, 2023 6:49am Feb 24, 2023 6:49am
This is within 5 pips of hitting the target.... Good enough for me =60 pips.

Here was the setup...

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Look at the 1-hour circle. On both the 5 min and 1 min they are screaming short.

I transfer the 1-hour target level to the 5 min chart, so I only have to watch the 5 min.

I suspect it will hit this hour.
  • #8,829
  • Feb 24, 2023 7:01am Feb 24, 2023 7:01am
Allan, I also ask you to tell me where to put stops - I am periodically knocked out of good deals due to a close stop. And another question: there are no intermediate levels between the levels 1.20466 and 1.13912. Can the pound fall there?
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  • #8,830
  • Feb 24, 2023 7:01am Feb 24, 2023 7:01am
Wonder full Mr. Alan,

I was entry after the div, It was a pull back to test the DIV, It is the Hook right Mr. Alan?

Could you advise your setup stoploss at before you guide ( 10 pip stoploss and TP 40pip ) is it still work? Because I saw you are using other for setup stoploss and TP.

Thank you
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  • #8,831
  • Feb 24, 2023 7:08am Feb 24, 2023 7:08am
Quoting LFrZero
{quote} Master, Can you explain more details, Why you look fort short on that swing lows? To me, I will look for bullish div near that swing to go LONG.
We are trading below the average, so we are short until the bulls cross and find support then we start thinking long.

Even a bull div below the average should only be regarded as a scalp until the market proves differently.
  • #8,832
  • Feb 24, 2023 7:15am Feb 24, 2023 7:15am
Quoting harry888
Hi Mr.Alan, Thank you so much for sharing your trading method. I have read your thread and learned many things there. Could you help to correct the Zoo point of To day GPU/USD I saw the BEARISH DIV at 1.20272 H1. after price pull back to EMA 26. So is it the Zoo. And I jump to 5 min time frame to find the entry but I missed and I wait for the Hook to re-entry, Is that correct. Hope to get your answer. Thank you so much! {image} {image}
Usually the hook is where I take a second entry but if we miss the first one then we have no choice but to take the hook as a first and get the second on as it crosses the EMA south again.

The point is we want to get as much of the move to pay our way. So, if there are only 50 pips left then we have a 25 pip stop and the results are the same.

We could even wait till there are just 40 pips left and a 20 pip stop and the results would still be the same. The only thing changing is the lot size of the entry. The cheaper we can get it the better.
  • #8,833
  • Feb 24, 2023 7:24am Feb 24, 2023 7:24am
Quoting Sol72
You were right! The pound fell exactly to the level. It is a pity that I was not there. Only managed to earn a few points in the morning. Please comment on my settings and what to look out for. Thank you! {image}
Trying to trade prior to the London open is a waste of time it is most often just a choppy situation.
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  • #8,834
  • Feb 24, 2023 7:28am Feb 24, 2023 7:28am
Quoting harry888
Wonder full Mr. Alan, I was entry after the div, It was a pull back to test the DIV, It is the Hook right Mr. Alan? Could you advise your setup stoploss at before you guide ( 10 pip stoploss and TP 40pip ) is it still work? Because I saw you are using other for setup stoploss and TP. Thank you {image}
I look at the target distance. The initial stop is half this distance.

Get the stop to BE and get another trade on again half the distance for the stop as the remaining target is.
  • #8,835
  • Feb 24, 2023 7:37am Feb 24, 2023 7:37am
Here we have a clssic example of the above div situation.

We are at the target level with a bull div on the 5 min but the bulls failed to make it back over the EMA and find support, so bulls are weak and price makes a lower low.

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Always be aware a bull div in a down trend could be nothing more than a quick scalp
  • #8,836
  • Feb 24, 2023 7:50am Feb 24, 2023 7:50am
I get a little trade shy at this stage because it is Friday and late.

Looking at the weekly then I see price is still above the C point but is testing it.
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See what Monday brings.

Off to bed for me though...

Have a good weekend
  • #8,837
  • Feb 24, 2023 2:24pm Feb 24, 2023 2:24pm
Quoting Nala66
I get a little trade shy at this stage because it is Friday and late. Looking at the weekly then I see price is still above the C point but is testing it. {image} See what Monday brings. Off to bed for me though... Have a good weekend
Hi Alan!

Which EMA are you using to check Weekly Chart ? will be the same as the 5 min ?
  • #8,838
  • Feb 24, 2023 5:11pm Feb 24, 2023 5:11pm
Thanks you Mr.Alan.

Have a nice weekend!!!
  • #8,839
  • Feb 24, 2023 8:35pm Feb 24, 2023 8:35pm
Quoting Ulisesrocker
{quote} Hi Alan! Which EMA are you using to check Weekly Chart ? will be the same as the 5 min ?
Yes, it is always a 26 period EMA representing the 50% level of the RSI.
  • #8,840
  • Feb 25, 2023 9:12am Feb 25, 2023 9:12am
Hello Allan! I had problems with the entry: if you wait for the divergence to form, then the entry at the close is too late. Entry before the formation of a divergence from the market - may be erroneous. How to solve this problem?
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