Options

Search
Search
Search

Subscribe to Thread

Bookmark Thread

First Page First Unread Last Page Last Post

Printable Version

Similar Threads

Can someone make a divergence candle indicator 6 replies

The Market Explained by candle sticks and price action 124 replies

High's and Lows of Candle Sticks 7 replies

I'm loving Candle Sticks, newbie's check'em out 24 replies

EASY H1 trading using divergence and candle sticks

Quoting alphine
How we know that price won't go down more? ( for AUDUSD ). Should we wait for bulish candle for next candle?
We dont know if the price will continue or reverse as no one can tell the furture. That is why we place an SL in case it goes against us. When we have candlestick patterns and divergence, we are hoping this will give us a small edge, but that is all it will do. you WILL have losers and that is part of trading. As long as you control your losses you will be around to trade the next setup when you get it.
for "possible" LONG setups. As things stand now and we have 10 more minutes to go for this candle to close, we are getting nice hammer formations on EJ, GJ and UJ with clear divergence on RSI. I see that EJ and GJ are at previous resistance levels which may become support now. So this would be a nice setup if we trigger long. The only bad thing about it is that we are in NY afternoon time which is generally super slow.
This level may give us an opportunity for a short trade as the pair is sitting at parity which "should" be an important psych level... keep an eye on this level
The Loon being worth more than US Dollar.....can't have that
Quoting goldsurfer
The Loon being worth more than US Dollar.....can't have that
Nope -- gotta short this sucker LOL
Quoting PurePrice
for "possible" LONG setups. As things stand now and we have 10 more minutes to go for this candle to close, we are getting nice hammer formations on EJ, GJ and UJ with clear divergence on RSI. I see that EJ and GJ are at previous resistance levels which may become support now. So this would be a nice setup if we trigger long. The only bad thing about it is that we are in NY afternoon time which is generally super slow.

If you took those Long trades, you should be at TP1 now. Close partial and move rest to BE as it is end of NY session also.
Quoting PurePrice
This level may give us an opportunity for a short trade as the pair is sitting at parity which "should" be an important psych level... keep an eye on this level

As expected, the USDCAD hit the parity level like it just hit a cement wall and dropped 15 pips. Now that it is end of NY session, who knows what will happen with the dead trading period until Sydney/Tokyo open.
good calls PP. Please keep posting your charts for us ignorant of this pure trading style Even if after the fact that way I can check and see if I saw what I thought i saw....

cheers
what is the best method to place our TP ? thank you so much sir Pure Price!

If you have to make a mistake, make sure it is a new mistake
Quoting Komugi
what is the best method to place our TP ? ...

Hello Komugi,

i would look always for previous support and resistance for possible target points. I have attached a H1 chart (TP = gold price label), there you can see the neckline of SHS-pattern, this is a strong support area (TP1). If we break this, we have a broken trendline, where we may can expect a possible bounce and retest (TP2). Equal how the market will go, on this trade i would advise very tight SL as we had a straight upmove the last hours and a continuation is anytime possible.

Attached Image (click to enlarge)
Click to Enlarge Name: divergence-2303.gif Size: 12 KB


Hopefully this helps a little bit :-)

Regards...

Chriss
Quoting Komugi
what is the best method to place our TP ? thank you so much sir Pure Price!


I generally like to place a first TP at the same amount as my SL. SL is normally a few pips above or below the high/low of the pinbar (or englufing) candle depending hther you are going short or long of course. So that should be eay to do, and will give you a chance to make some money on the trade and would be a 1:1 risk. If you are a trader that would liek to stay in the trade and get more out of it incase it continues in your favour. Then as your trde hits first target(TP1) as above, close part of your position (1/2 or 1/3, that is up to you) and move your SL to Break Even that way it is a free trade now. You next TP could be support resistance zone, nearest round number, high/low of the day, Although i never use this but some peopel use Fib exentions and levels, OR possibly could be just a set amount of twice the amount of SL this way you can have 1:1.5 R:R trade if you hit TPs and TP2 and close 1/2 at each.
Quoting goldsurfer
good calls PP. Please keep posting your charts for us ignorant of this pure trading style Even if after the fact that way I can check and see if I saw what I thought i saw....

cheers
My pleasure. Hopefully you guys got in on the Yen pairs as they soared up nicely to hit (TP1= SL) and (TP2 = 2 x SL) and maybe beyond. The USDCAD went nicely down for about 30 pips but bounced back up agian, so hit TP1 for sure but that is about it.
I am not seeing anything jump out at me as upcoming possible setups, except for USDJPY as it nears previous support level around 82.30-82.40 zone and may possibly setup a long trade... lets watch this one closely. If YOU are seeing anything, please feel free to post.
this pair looking to put in a hammer candle with divergence maybe if it continues in the next 10 minutes.

It is Friday late morning so be cautious
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_gj.jpg Size: 220 KB
Quoting PurePrice
this pair looking to put in a hammer candle with divergence maybe if it continues in the next 10 minutes.

It is Friday late morning so be cautious
yeah, dat a big pin bar.....maybe cut down your trade jus' a tad

cheers
Good afternoon @ all,

What pairs to watch?

Me actually looking at: USD/CHF - it has to sink a little bit more
AUD/USD - it has to rise a little bit more

but on both the RSI looks promising. Also E/U has made a divergence on M5, sitting again at hourly resistance, is also on the screen.

Regards...

Chriss
AJ is the winner in the race to TP1, but EJ and Beast close behind. Another good call by PP. I am getting older and have noticed dementia setting in, but that is no excuse for trading like a moron for the past 5 years
The EJ is not divergence but the AJ i thought looked better than the Beast. Because of the length of the candle I cut my TP1& 2 in half. Demo still as I have never been sharp enough to even spot divergence let alone trade it. But after a few days of practicing this method it's getting easier


cheers and good weekend
Hey,

i'm out on E/U with 10 pips green.

Thanks for the nice system PurePrice!

Good weekend @ all from me too.


Regards...

Chriss
Quoting chrissfx

i would look always for previous support and resistance for possible target points. I have attached a H1 chart (TP = gold price label), there you can see the neckline of SHS-pattern, this is a strong support area (TP1). If we break this, we have a broken trendline, where we may can expect a possible bounce and retest (TP2). Equal how the market will go, on this trade i would advise very tight SL as we had a straight upmove the last hours and a continuation is anytime possible.


Hopefully this helps a little bit :-)

Regards...

Chriss
Surely this helps very much. thank you ! just like my previous trade sell on EU . the previous broken resistance was used as support and my TP. it's super effective!

Quoting PurePrice
I generally like to place a first TP at the same amount as my SL. SL is normally a few pips above or below the high/low of the pinbar (or englufing) candle depending hther you are going short or long of course. So that should be eay to do, and will give you a chance to make some money on the trade and would be a 1:1 risk. If you are a trader that would liek to stay in the trade and get more out of it incase it continues in your favour. Then as your trde hits first target(TP1) as above, close part of your position (1/2 or 1/3, that is up to you)...
100% I'd love to follow your management system! indeed you are the greatest guru here to me on explaining such excellent strategy. thank you so much
If you have to make a mistake, make sure it is a new mistake
Thread Tools Search this Thread
Search this Thread:

Advanced Search

0 traders viewing now