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EASY H1 trading using divergence and candle sticks

  • #261
  • Apr 11, 2012 10:57am Apr 11, 2012 10:57am
Quoting Olu
I was just going to post about the audusd possible short

I am happy we are all getting this. This strategy has earned a permanent place in my arsenal. The sheer simplicity of the system. A true KISS
Good deal
  • #262
  • Apr 11, 2012 10:59am Apr 11, 2012 10:59am
Quoting MrBurns
Can i ask a simple question please? Are we determining exit/TP on previous S/R levels etc at our own personal discretion or would you suggest a set TP pip rate etc.... for example, close position at +50 whatever happens?
I usually place TP1 = SL. TP2= 2 x SL

SL is place a few pips above the high (or below the low) of the setup candle
  • #263
  • Apr 11, 2012 11:00am Apr 11, 2012 11:00am
Quoting forexnubie
Hi Pure Price,

Thank you for the nzd usd call. good one.

thank you so much for posting. I have asked my wife to look for your postings when I am at work.

thank you once again.

Keep it up.

thanks

Lucky you that your wife can watch these
  • #264
  • Apr 11, 2012 11:01am Apr 11, 2012 11:01am
Quoting forexnubie
Hi,

Please see attached screen for nzdusd divergence. The RSI indicator showed a bearish divergence and I placed a sell after the hammer and made some profits.

The chart has both regular RSI and the RSI divergence indicator.

Can you please explain the indicator? Your indicator almost shows both BUY and SELL and it did not plot the latest divergence that is plotted in Yellow on the chart and on the regular RSI.

I am trying to understand your indicator, please explain.

thanks

Hmmmmmmmm,, I see a BUY on your NZDUSD chart and we are setting up short ... Am I seeing this correctly on your chart or am I confused??
  • #265
  • Apr 11, 2012 11:02am Apr 11, 2012 11:02am
Quoting Stemtrade
Couldnt agree more. Im loving this system. Simplistic yet powerful!!
Glad you like it.
  • #266
  • Apr 11, 2012 11:04am Apr 11, 2012 11:04am
Pure price. Do you always keep your stop above/below the signal candle?

Do you ever place it slightly above/below 50% level? Especially on larger candles?

I was just wondering as it would increase risk reward ratio!!! However im guessing it would lower your win/loss ratio. Im new to this thread and system and i am impressed with it thus far. Im hoping it will revive my intraday trading......otherwise ile have to go back to the mundane day job lol

Thank you very much for sharing this pure price. I am going to be posting alerts myself for other traders.
  • #267
  • Apr 11, 2012 11:11am Apr 11, 2012 11:11am
Hi Pure Price,

You are right. It was setting up for SELL and I have made some pips from that after your posting.

What I was trying to clarify was with Schirka, that his indicator was not showing the bearish divergence as we spotted in on our chart and our regular RSI indicator.

thanks for the posting, again.
  • #268
  • Apr 11, 2012 11:15am Apr 11, 2012 11:15am
Hi Pure Price,

EURUSD bounced from 3100 as you said!

what a guess! great!

I sold SELL eurusd on the divergence as posted earlier, now price has started to bounce, do i close it, or let it run? what did you do? are you out of the divergence sell on that pair?

thanks
  • #269
  • Apr 11, 2012 11:18am Apr 11, 2012 11:18am
Quoting Stemtrade
Pure price. Do you always keep your stop above/below the signal candle?

Do you ever place it slightly above/below 50% level? Especially on larger candles?

I was just wondering as it would increase risk reward ratio!!! However im guessing it would lower your win/loss ratio. Im new to this thread and system and i am impressed with it thus far. Im hoping it will revive my intraday trading......otherwise ile have to go back to the mundane day job lol

Thank you very much for sharing this pure price. I am going to be posting alerts myself for other...
If the candle is larger than 40-50 pips, i would likely not take the trade cuz the price is very likely to retrace a bit before going in the correct direction. I like to keep my SL above/below the high/low of the signal candle until I hit TP1 or a level I believe to be a strong support/resistance or round numbers at which point i will move the reminader position to BE
  • #270
  • Apr 11, 2012 11:22am Apr 11, 2012 11:22am
Quoting forexnubie
Hi Pure Price,

EURUSD bounced from 3100 as you said!

what a guess! great!

I sold SELL eurusd on the divergence as posted earlier, now price has started to bounce, do i close it, or let it run? what did you do? are you out of the divergence sell on that pair?

thanks
Hmm, good question.

If i believe this is a support level (which it is of course), I would close partial position, move rest to BE, and let the rest ride as this is TP1 (for about 25-30 pips if you got in around 13130, SL would be 13160, TP1 would be 13100) .. BUT this is just my style, it doesnot have to be yours
  • #271
  • Apr 11, 2012 11:31am Apr 11, 2012 11:31am
Have you got or Know of an indicator or EA, which could alert ones self via email of rsi divergence??

It would mean that we could catch every set-up and maximise profits.

Do you use this system for the Tokyo session?
  • #272
  • Apr 11, 2012 11:45am Apr 11, 2012 11:45am
Quoting Stemtrade
Have you got or Know of an indicator or EA, which could alert ones self via email of rsi divergence??

It would mean that we could catch every set-up and maximise profits.


Do you use this system for the Tokyo session?
If it was me id stick to aus/nzd/jpy pairs for that session. Me on the other hand will be snoozing in bed during Tokyo.
  • #273
  • Apr 11, 2012 11:49am Apr 11, 2012 11:49am
I was thinking the same thing Mr burns lol.

But i have my metatrader setup to text me alerts so i would be willing to get out of bed to catch a trade. But defo would not be willing to sit in front of computer all night.

Where you from? Im from UK Leeds
  • #274
  • Apr 11, 2012 11:50am Apr 11, 2012 11:50am
Quoting Stemtrade
Have you got or Know of an indicator or EA, which could alert ones self via email of rsi divergence??

It would mean that we could catch every set-up and maximise profits.

Do you use this system for the Tokyo session?

I do not have an EA or indi that will alert. There was a posting in post #227 that had an indicator, but I have not tried it and donot think it alerts automatically. I don't even know if it draws divergence properly.

As for Tokyo session, I personally do not trade it as it tends to be really slow moving, and not alotta pip movement usually, with some exceptional sessions of course. However, the best pairs to trade would be EJ, UJ, AU and NU during the Tokyo session, and look for small profit targets.
  • #275
  • Apr 11, 2012 11:57am Apr 11, 2012 11:57am
Thanks PP

Do you carry on trading the us session though if there are set-ups, as late US Like around now can be quiet too?
  • #276
  • Apr 11, 2012 11:59am Apr 11, 2012 11:59am
Quoting Stemtrade
I was thinking the same thing Mr burns lol.

But i have my metatrader setup to text me alerts so i would be willing to get out of bed to catch a trade. But defo would not be willing to sit in front of computer all night.

Where you from? Im from UK Leeds
Im from Birkenhead, Liverpool mate, but live in Wiltshire near Bristol, im ex army so thats why, was based close by to Bristol and had a kid with a local by the time i left the army, so no going home to mummy for me!

I trade of Oanda FXtrade, but have MT4 also with another Oanda account, dont use it that much though. The RSI and charts are fine for me on FXTrade
  • #277
  • Apr 11, 2012 12:02pm Apr 11, 2012 12:02pm
Oh and just check up regularly on your charts at certain times of the day to do some analysis before certain markets open etc and at points through the day. Also make a note of any up and coming news that might effect price and cater for it in your stop.

That text alert thing would do my head in eventually.
  • #278
  • Apr 11, 2012 12:11pm Apr 11, 2012 12:11pm
Quoting MrBurns
Im from Birkenhead, Liverpool mate, but live in Wiltshire near Bristol, im ex army so thats why, was based close by to Bristol and had a kid with a local by the time i left the army, so no going home to mummy for me!

I trade of Oanda FXtrade, but have MT4 also with another Oanda account, dont use it that much though. The RSI and charts are fine for me on FXTrade
Yeah the system seems sound. Just hope it stands the test of time.

So your a fellow northerner coool!

Hows your trading going with this system?

Ive been trading 6 months with a live account. The first 4 1/2 month i managed to wipe half of my account out. I have done many courses. The first one I did in London at a place called knowledge to action, which give me a good foundation but no consistency with the strategies i learned.

I have started to get more consistant in the last month and im hoping this method will help me along the way.

Intraday trading can be though to crack and if i dont manage intraday consistency soon, i will be forced back to my boring day job, leaving only time for end of day trading.

Are you trading with a demo account?
  • #279
  • Apr 11, 2012 2:44pm Apr 11, 2012 2:44pm
Quoting Stemtrade
Yeah the system seems sound. Just hope it stands the test of time.

So your a fellow northerner coool!

Hows your trading going with this system?

Ive been trading 6 months with a live account. The first 4 1/2 month i managed to wipe half of my account out. I have done many courses. The first one I did in London at a place called knowledge to action, which give me a good foundation but no consistency with the strategies i learned.

I have started to get more consistant in the last month and im hoping this method will help me along the way.

Intraday...
Hi ST

I did the knowledge to action course and found it ok. How come you didnt like it?

Olu
If you think you can or cannot do it you are correct
  • #280
  • Apr 11, 2012 2:56pm Apr 11, 2012 2:56pm
Quoting Stemtrade
Yeah the system seems sound. Just hope it stands the test of time.

So your a fellow northerner coool!

Hows your trading going with this system?

Ive been trading 6 months with a live account. The first 4 1/2 month i managed to wipe half of my account out. I have done many courses. The first one I did in London at a place called knowledge to action, which give me a good foundation but no consistency with the strategies i learned.

I have started to get more consistant in the last month and im hoping this method will help me along the way.

Intraday...
no just a small live account, first account ( i say that as there may be a few lol).

I have found that my patience is the hard i need to reign in, thats why im drawn to this kind of trading. Yeh northern boy born and bred.

getting more consistant as the days go on, just make stupid trades sometimes and regret it

I have access to trading during work hours so just keep an eye out during the day for set ups, its good stuff
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