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EASY H1 trading using divergence and candle sticks

  • #21
  • Mar 20, 2012 10:24am Mar 20, 2012 10:24am
Quoting PurePrice
Appears that AU is hesitating at the 1.0500 figure and having a tough time getting above it for now, as expected
Am I missing something cuz I don't seem to be seeing the divergence
  • #22
  • Mar 20, 2012 11:07am Mar 20, 2012 11:07am
Quoting biDc
Am I missing something cuz I don't seem to be seeing the divergence
No, you are not missing anything. It is not that easy to see it I guess given the two points are not that far apart. But here is a chart in case that may help.
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_nu.jpg Size: 205 KB
  • #23
  • Mar 20, 2012 11:11am Mar 20, 2012 11:11am
So I moved my SL to BE and closed 1/2 already since Bernanke is speaking in 30 minutes according to FF calendar, and I don't want to lose this because of a speech so I normally moved to BE, that way I can't lose the trade. If the reaction to speech goes in my favour, it is a nice bonus then
  • #24
  • Mar 20, 2012 11:36am Mar 20, 2012 11:36am
Quoting PurePrice
No, you are not missing anything. It is not that easy to see it I guess given the two points are not that far apart. But here is a chart in case that may help.
I see thanks!
  • #25
  • Mar 20, 2012 4:48pm Mar 20, 2012 4:48pm
Quoting PurePrice
So I moved my SL to BE and closed 1/2 already since Bernanke is speaking in 30 minutes according to FF calendar, and I don't want to lose this because of a speech so I normally moved to BE, that way I can't lose the trade. If the reaction to speech goes in my favour, it is a nice bonus then
Stopped out at BE. However, we may still have a chance to get in Long again, if we go above the high of the hammer candle, as we still have divergence in place on NZDUSD
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_nu.jpg Size: 217 KB
  • #26
  • Mar 20, 2012 8:38pm Mar 20, 2012 8:38pm
These have NOT setup yet, but it appears as though we "might" see setups on EU or EJ or USDCHF. Why? Because those are already showing signs of divergence on H!. We need to keep a closer eye on them to see if these setups materialze.

Also, EUR AUD is setup for a possible short entry below the candle formation. I however do not trade this pair and know nothing about it, as my spread is 5 pips, I would not trade it. But if you trade this pair or are familiar with its personality, check out the chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_ea.jpg Size: 209 KB
  • #27
  • Mar 20, 2012 9:27pm Mar 20, 2012 9:27pm
Can you give more specifics on when you are entering your trades once the criteria are met? Do you wait for a bar to close above or below the pin or engulfing bar as confirmation or do you enter at the close of the signal bar? Where are you setting your SL/TP?

Thanks again for sharing.

Scott

Quoting PurePrice
I will discuss entry and exit and trade management tomorrow if you guys care to read
Prices are never too high to begin buying or too low to begin selling.
  • #28
  • Mar 20, 2012 9:50pm Mar 20, 2012 9:50pm
Quoting thehenryfam
Can you give more specifics on when you are entering your trades once the criteria are met? Do you wait for a bar to close above or below the pin or engulfing bar as confirmation or do you enter at the close of the signal bar? Where are you setting your SL/TP?

Thanks again for sharing.

Scott
Entry is a couple of pips above the high/below the low of the bar. I do not wait for another bar to confirm as the pinbar or engulfing bar is already a good enough sign for entry.

I set my SL a few pips below/above the opposite side of the candle. TP1 to be the same as SL, and TP2= 2 X SL or next support/resistance level and moving SL to BE.
  • #29
  • Mar 20, 2012 10:03pm Mar 20, 2012 10:03pm
Quoting PurePrice
Entry is a couple of pips above the high/below the low of the bar. I do not wait for another bar to confirm as the pinbar or engulfing bar is already a good enough sign for entry.

I set my SL a few pips below/above the opposite side of the candle. TP1 to be the same as SL, and TP2= 2 X SL or next support/resistance level and moving SL to BE.
here is what i mean
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_nu.jpg Size: 219 KB
  • #30
  • Mar 20, 2012 10:14pm Mar 20, 2012 10:14pm
chart to show entry, SL and TP. As said before I dont trade this pair, and I don't trade the Tokyo session, but those are examples to demonstrate the setup and trade management basic ideas
Attached Image (click to enlarge)
Click to Enlarge Name: divergence_ea.jpg Size: 217 KB
  • #31
  • Mar 20, 2012 10:16pm Mar 20, 2012 10:16pm
Hi PurePrice,

You may want to check out Razormans Range Breaker method. It is similar to what you are doing. On the first post are several videos which you may find beneficial.

http://www.forexfactory.com/showthread.php?t=310120

All the Best

Bluesteele
Master your Mind,,,Master the Market
  • #32
  • Edited Mar 21, 2012 1:10am Mar 20, 2012 10:28pm | Edited Mar 21, 2012 1:10am
Quoting porfirio
the system is like jankone ... definitely beneficial!
basically is what I use ... the only difference is that instead of RSI use CCI

I have found over time that the simplest, most beneficial

engulynf, pinbar and divergence (rsi or cci) ... not need anything more

http://www.forexfactory.com/attachme...1&d=1332235681
Could you please share the indicators & template! like the picture you uploaded?

I'd like to try and make a trade based on oversold, overbought zig zag and Reversal Candlestick too!

thank you very much sir!
If you have to make a mistake, make sure it is a new one
  • #33
  • Mar 20, 2012 11:16pm Mar 20, 2012 11:16pm
eur/usd seem to be setting one up with an IB
  • #34
  • Mar 21, 2012 8:00am Mar 21, 2012 8:00am
Hello,


very nice!!!

Attached Image (click to enlarge)
Click to Enlarge Name: divergence-2103.gif Size: 12 KB




Nice way of trading :-)


Regards...

Chriss
  • #35
  • Mar 21, 2012 9:06am Mar 21, 2012 9:06am
Quoting Komugi
Could you please share the indicators & template! like the picture you uploaded?

I'd like to try and make a trade based on oversold, overbought zig zag and Reversal Candlestick too!

thank you very much sir!

Not sure why you need a template. It is just RSI(7) that you need to pace onto your charts. The divergence lines are drawn manually by hand.
  • #36
  • Mar 21, 2012 9:06am Mar 21, 2012 9:06am
Quoting biDc
eur/usd seem to be setting one up with an IB

Nice call biDc
  • #37
  • Mar 21, 2012 9:07am Mar 21, 2012 9:07am
Quoting chrissfx
Hello,


very nice!!!

Attachment



Nice way of trading :-)


Regards...

Chriss
Thank you Chriss
  • #38
  • Mar 21, 2012 9:08am Mar 21, 2012 9:08am
Quoting bluesteele
Hi PurePrice,

You may want to check out Razormans Range Breaker method. It is similar to what you are doing. On the first post are several videos which you may find beneficial.

http://www.forexfactory.com/showthread.php?t=310120

All the Best

Bluesteele

That is one of the threads that inspired me to do this actually and thanks for pointing that out.
  • #39
  • Mar 21, 2012 9:12am Mar 21, 2012 9:12am
The things i don't really understand is how do you know that divergence has taken place or not?

and what are the entry and exit rule??
  • #40
  • Mar 21, 2012 9:24am Mar 21, 2012 9:24am
Very nice system. Seems to be a descent amount of setups.

Which pairs are you watching?

Thanks for sharing this. :-)

Carol
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