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Trading the Cable swings via averages

  • #9,161
  • Edited 6:24am Aug 4, 2023 6:08am | Edited 6:24am
Another slow day. NFP i guess.
Possible short entry at the H1 Bear support candle, but it looks to be stuck in a range again. Maybe once we break the range.
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  • #9,162
  • Aug 4, 2023 11:01am Aug 4, 2023 11:01am
The post I made (9,155) of the 4 hour chart has hit the target making a divergence of the RSI type.

Bouncing back way past 100 pips.

So see how the average swing low was a great ZOO point because they are few and far between on the 4 hour time frame but yield big numbers when they do.
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Remember the market is always testing the limits people are prepared to pay for the currency both long and short. A failure of the top side leads to a test of the bottom side. It does this on all time frames so looking at a higher one gives us the direction we should be aiming to trade on the lower time frames.
  • #9,163
  • Aug 5, 2023 8:52am Aug 5, 2023 8:52am
Isn't hindsight a wonderful thing.
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  • #9,164
  • Aug 7, 2023 3:28am Aug 7, 2023 3:28am
Quoting 40PipsAlan
Isn't hindsight a wonderful thing. {image}
You betcha it is. I must have looked at thousands of charts trying to figure why it stops or moves from one place to another.
  • #9,165
  • Aug 8, 2023 6:45am Aug 8, 2023 6:45am
Nice little +70 today.
My bias is short due to being below the daily EMA. 2nd attempt at breaking the bear support from previous swing along with RSI divergence on the H1.
Target the last EMA average.
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  • #9,166
  • Aug 9, 2023 5:58am Aug 9, 2023 5:58am
Lets try that again. Only +25 Pips this time. Trail stop hit.
The M5 shows divergence
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  • #9,167
  • Aug 10, 2023 7:40pm Aug 10, 2023 7:40pm
The 4hour had been dithering about the C level for some time trying to break long, but the bears said no way and took it down to the D1 level despite the news.

This was also an average swing low level which it has now hit twice.
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  • #9,168
  • Edited 5:37am Aug 11, 2023 3:06am | Edited 5:37am
Quoting Nala66
The 4hour had been dithering about the C level for some time trying to break long, but the bears said no way and took it down to the D1 level despite the news. This was also an average swing low level which it has now hit twice. {image}
We above H1 and H4 Bear support almost as well.
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  • #9,169
  • Aug 11, 2023 6:17am Aug 11, 2023 6:17am
If looking for additional ZOO points don't forget to check the fast RSI against the slow one.

When the fast fails to cross the slow look to trade this on the lower time frame.

They look like this...
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Use your common sense for your target price.
Also, I don't like to take longs when the slow RSI is already very high or short if the slow RSI is already low. In general there are not manypips left in these to go for but you may get a few.
  • #9,170
  • Aug 11, 2023 6:23am Aug 11, 2023 6:23am
Quoting 40PipsAlan
{quote} We above H1 and H4 Bear support almost as well. {image}
This means the bear support has failed and may become the opposite i.e. a bull support.
  • #9,171
  • Aug 11, 2023 6:25am Aug 11, 2023 6:25am
Quoting Nala66
{quote} This means the bear support has failed and may become the opposite i.e. a bull support.
Sitting on my hands today.
  • #9,172
  • Aug 11, 2023 11:06pm Aug 11, 2023 11:06pm
How do you draw the levels as red box below? Did you use indicator or draw by hand, Sir?
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  • #9,173
  • Aug 12, 2023 12:02am Aug 12, 2023 12:02am
Quoting prohaha
How do you draw the levels as red box below? Did you use indicator or draw by hand, Sir? {image}
This is done by converting the Fib to a Quartile tool.
In other words, instead of Fib numbers I divide 0 to 100 into four segments. I also add the %$ in the description to give me the prices at the respective levels.

Like this...
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The Fib setup looks like this...
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  • #9,174
  • Aug 12, 2023 1:24am Aug 12, 2023 1:24am
Quoting Nala66
{quote} This is done by converting the Fib to a Quartile tool. In other words, instead of Fib numbers I divide 0 to 100 into four segments. I also add the %$ in the description to give me the prices at the respective levels. Like this... {image} The Fib setup looks like this... {image}
I understand that levels are base on ABC triangle with target D, but I don't know how to use your fib to draw it. Normally, I usally draw ABC triangle first and then from C, I make a parallel line with AB to get my target D & D'. Can you please guide me to use your fib to draw the target?
  • #9,175
  • Edited 10:03am Aug 12, 2023 9:42am | Edited 10:03am
Quoting prohaha
{quote} I understand that levels are base on ABC triangle with target D, but I don't know how to use your fib to draw it. Normally, I usally draw ABC triangle first and then from C, I make a parallel line with AB to get my target D & D'. Can you please guide me to use your fib to draw the target?
Drag the Quartile so that its bottom line is at the B level.

Then select the Quartile and from its top line drag it up so the middle (50%) moves to the A level.

You now have the A to B distance.

Now drag the whole thing so the middle is on the C level..

You now have your 50% D and D, also your 50% D1 and D1 levels and the relevant prices quoted.

You can also just keep doing it by hand, but the Quartile is quicker and quotes the prices for you.

On this 5 min chart we have the initial blue Quartile beginning at B and the middle dragged from the top so that it sits on A.

Then drag the whole thing which I have coloured Black to C and we see price has made the D1
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Normally the next move should result in a bull divergence to go long but in this case, it hit three times before producing the divergence.

Then later on it hit the D1 two more times. Strong level huh!
  • #9,176
  • Aug 12, 2023 10:13am Aug 12, 2023 10:13am
Here is another 5 min example where price hit the D level this time.
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The Blue Quartile was dragged to the Black Quartile position at C.
  • #9,177
  • Aug 15, 2023 3:17pm Aug 15, 2023 3:17pm
Whole bunch of ranging days between the H1 and H4. Watching bull and bear support lines for a break with enough distance to make some pips. Managed to grab +20 today with a break above the H4 which managed to hold price and I got in a bit late as busy at work.
Entry point on the M5 after bull support. I am now in a bullish mood looking for the daily EMA.
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  • #9,178
  • Aug 16, 2023 8:22am Aug 16, 2023 8:22am
Got on a counter trend trade today for +33pips. Price touch the daily EMA and H1 RSi above 70. Target the H1 EMA. Entry on the M5
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  • #9,179
  • Aug 16, 2023 3:21pm Aug 16, 2023 3:21pm
Quoting 40PipsAlan
Got on a counter trend trade today for +33pips. Price touch the daily EMA and H1 RSi above 70. Target the H1 EMA. Entry on the M5 {image} {image}
Looking into my lucky trade today for more detail and its surprising what we can find in hindsight. I am hoping the more in depth detail study that hindsight brings will transfer into instant evaluation in my brain. Anyway, first off, price approaching the daily EMA and we get divergence suggesting an EMA crossover. I went too early here but lucky for me it bounced off the daily and went down below the M5 EMA and formed a bear support and sell ABCD. This bear support would prove to be influential an hour or so later when we get a buy ABCD. But we are not going long here until that bear support is broken. We then move down to the H1 EMA and get divergence here. Time to close the short trade from earlier. Price crosses back over the EMA making another buy ABCD and heading for the first bear support, also 50% level after turning a bear support into bull support which gets retested. We then run into divergence again suggesting an EMA cross. This it does also making a sell ABCD which is short lived and doesnt make M5 bear support until an hour later and makes it to the ABCD sell target and H1 EMA also creating divergence. Jumped in again late of course for another 5 pips and price bounces off the first bear divergence again before making for the H4 EMA.
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  • #9,180
  • Aug 17, 2023 10:25am Aug 17, 2023 10:25am
Below are h1 chart and m5 chart showned ZOO point, how can I catch the long trade at ZOO point on h1? When the wicked of the last bar touched swing low h1, I dropped down to m5 but I couldn't find any signals to get in because there are no divs at that point. Can you give me some advice, Mr. Alan?
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