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Trading the Cable swings via averages

  • #9,141
  • Jul 25, 2023 11:50pm Jul 25, 2023 11:50pm
Quoting 40PipsAlan
{quote} Figured I would take a closer look at this too on the M5 chart. We got the initial entry point from the H1 divergence and the M5 runs into divergence for the big spike up to retest last average high. Guessing this was NY open time which then retraced back to resume the downward trend. A couple hours later we get another EMA average test which also failed to take it higher so we get another couple of chances to get back in again. Is all very good if you have the time to sit and watch the chart for 8 hours. {image}
I usually see Mr. Alan get back in really fast. Maybe if it is choppy time, he will stay away, am I right?
  • #9,142
  • Jul 26, 2023 1:06am Jul 26, 2023 1:06am
Bull support on the daily,H4,H1,M15 and M5. Anyone going short at this time?
  • #9,143
  • Jul 26, 2023 9:50pm Jul 26, 2023 9:50pm
Try short today grab around 50 pip as price airmed swing H1.
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Let the bots trade, we just see.
  • #9,144
  • Jul 27, 2023 12:19am Jul 27, 2023 12:19am
H4 ABCD at the 50% Level. H1 showing RSI divergence at a previous EMA average . Time to close Buy trades I think. Pullback coming.
  • #9,145
  • Jul 27, 2023 6:47am Jul 27, 2023 6:47am
Quoting 40PipsAlan
H4 ABCD at the 50% Level. H1 showing RSI divergence at a previous EMA average . Time to close Buy trades I think. Pullback coming.
Over target but entry soon
Let the bots trade, we just see.
  • #9,146
  • Edited 5:46am Jul 31, 2023 5:29am | Edited 5:46am
Looks like we stuck in a tight range between the daily and H4 EMA today.
Waiting on some action
  • #9,147
  • Aug 1, 2023 10:15am Aug 1, 2023 10:15am
All that waiting through the ranging period paid off today for around +70 pips. Nice
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  • #9,148
  • Aug 1, 2023 7:39pm Aug 1, 2023 7:39pm
Quoting 40PipsAlan
All that waiting through the ranging period paid off today for around +70 pips. Nice {image}
If you don't mind, can you make details on your chart for others inference?
  • #9,149
  • Aug 2, 2023 12:54am Aug 2, 2023 12:54am
Quoting prohaha
{quote} If you don't mind, can you make details on your chart for others inference?
How about this. Bear support line from the last Bear support candle. Bull support line from the bull support candle creating the range holding pattern.
Bear candle breaks below the bull support line. Wait to see what happens after that and we get a new bear support candle respecting the line. Drop to M5 to get an entry point and we have several places where we could get in on the trade. My exit point should have been the H1 divergence but I got diverted with other things and got stopped on my trail stop.
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  • #9,150
  • Aug 2, 2023 1:42am Aug 2, 2023 1:42am
Sometimes it takes a while hey!
  • #9,151
  • Aug 2, 2023 3:02am Aug 2, 2023 3:02am
Quoting prohaha
{quote} At post #8783, you were stopped out by that long tail. However you still got back in trade and made a good profit. So, Could you pls clarify the way you deal with that situation? I don't know how to get back after that Stoploss hunt. {image}
Hi Master Alan,

Pls don't ignore my question. Thanks for your patiance.
  • #9,152
  • Edited 6:48am Aug 2, 2023 5:07am | Edited 6:48am
Back on the ranging train.
And there we go after that good dollar news, the pound drops like a stone.
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  • #9,153
  • Aug 2, 2023 7:22am Aug 2, 2023 7:22am
H1 close over the EMA=wait.
Bear support candle is next candle (doesnt close back over the EMA)
Look for entry on the M5 ( I waited for the previous range to break first)
Nice +65 pips. Closed when M5 showed some divergence
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  • #9,154
  • Aug 2, 2023 8:59am Aug 2, 2023 8:59am
Quoting prohaha
{quote} Hi Master Alan, Pls don't ignore my question. Thanks for your patiance.
Gee whiz I can barely remember what I did yesterday let alone 4 months ago.

What PROBABLY happened was that I moved my stop too early causing the stop out.

Then I would have got back in at the top of that spike because it was the average swing high level and may have been in div on the 1 min chart.

I suspect many traders would have been short especially when the bears found support, that spike would have surprised all, the market does not like surprises and reacted accordingly.

If we don't mark the average swing highs and lows on our charts we cannot tell if a move was successful or not. We need these levels to determine our targets which in turn determines our risk/reward levels for the lot size to place.

It is the same thing every day that I look for as part of the routine analysis.

Does that answer your question?
  • #9,155
  • Aug 2, 2023 9:12am Aug 2, 2023 9:12am
Quoting 40PipsAlan
H1 close over the EMA=wait. Bear support candle is next candle (doesnt close back over the EMA) Look for entry on the M5 ( I waited for the previous range to break first) Nice +65 pips. Closed when M5 showed some divergence {image}
Best to always include the previous swing highs and lows on the chart to plot the potential targets....thus
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  • #9,156
  • Aug 2, 2023 10:28am Aug 2, 2023 10:28am
Quoting Nala66
{quote} Gee whiz I can barely remember what I did yesterday let alone 4 months ago. What PROBABLY happened was that I moved my stop too early causing the stop out. Then I would have got back in at the top of that spike because it was the average swing high level and may have been in div on the 1 min chart. I suspect many traders would have been short especially when the bears found support, that spike would have surprised all, the market does not like surprises and reacted accordingly. If we don't mark the average swing highs and lows on our charts...
Tks for your reply, I am not used to entry on the 1 minute chart because it's too fast, so maybe I'll try to get back on the next ZOO point on higher time frames.
  • #9,157
  • Aug 2, 2023 10:45am Aug 2, 2023 10:45am
Quoting Nala66
{quote} Best to always include the previous swing highs and lows on the chart to plot the potential targets....thus {image}
Here below is the 1 hour chart which I can not find out any interesting ZOO points. On 5 hours from bar 108, price is flattened around EMA26 so in this case, do you keep awaiting to the signals once you plot some potential Zoo points? or you drop to lower timeframe to get the signals?
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  • #9,158
  • Aug 2, 2023 11:55am Aug 2, 2023 11:55am
Quoting prohaha
{quote} Here below is the 1 hour chart which I can not find out any interesting ZOO points. On 5 hours from bar 108, price is flattened around EMA26 so in this case, do you keep awaiting to the signals once you plot some potential Zoo points? or you drop to lower timeframe to get the signals? {image}
Dont forget the daily EMA as well. Any touches of the daily are definitely on my list as a ZOO point. Also all those EMA sitting above price will take some beating if you are considering a long trade and perfect for a SL zone. Maybe keep an eye on the news as well. I use FXSSI.Calender which plots a line on the chart for upcoming red news.
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File Type: ex4 FXSSI.Calendar.ex4   118 KB | 214 downloads
File Type: ex4 NalaD1.ex4   16 KB | 199 downloads
  • #9,159
  • Aug 3, 2023 1:13am Aug 3, 2023 1:13am
Quoting prohaha
{quote} Here below is the 1 hour chart which I can not find out any interesting ZOO points. On 5 hours from bar 108, price is flattened around EMA26 so in this case, do you keep awaiting to the signals once you plot some potential Zoo points? or you drop to lower timeframe to get the signals? {image}
The EMA is a ZOO point, the divergence is a ZOO point.
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And there is a well defined swing low target.
  • #9,160
  • Aug 3, 2023 10:26am Aug 3, 2023 10:26am
Got lucky on this one too. M15 divergence and a big pin bar told me to get in on the M5 for a trip back to the EMA. Closed over the H1 EMA so waiting for a H1 support candle to form soon. +47 pips
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