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EASY H1 trading using divergence and candle sticks

  • #641
  • May 2, 2012 7:20am May 2, 2012 7:20am
Quoting icarusfx
i'm watching gpy/gbp for a long op around 129.70

regards
Wait for div to play
  • #642
  • May 2, 2012 7:21am May 2, 2012 7:21am
Quoting PurePrice
If the USD gets stronger, everything else that is paired with it gets weaker

For example if you look at USDJPY, then if traders start demanding USD and going long on USDJPY, then that means they are buying USD and selling JPY. This may have a ripple effect on EURJPY and then possibly GPBJPY, and so on. That is why when you enter any trade you do not want to enter multiple correlated pair trades since you would be increasing your exposure and thereby increasing your risk. Because very likely, as you will notice that if a trade fails on one USD...

oops, I forgot to add the most important thing here, which is risk appetite and risk aversion, which are generally judged by USD and JPY.
  • #643
  • May 2, 2012 7:30am May 2, 2012 7:30am
i forgot to mention the short setup on USDJPY a few minutes ago, but it looks like it already moved a good number of pips (likely due to APD non-farm announcement)
  • #644
  • May 2, 2012 7:32am May 2, 2012 7:32am
Quoting 2013
Wait for div to play
thanks 2013 i've been doing this a long time I'm just highlighting areas that new traders should be watching! there is div but without the right reaction/conformation it's worthless or expensive lol

will look for gbpusd sup @ s3 and see what we look like from there

regards
  • #645
  • May 2, 2012 7:39am May 2, 2012 7:39am
Quoting icarusfx
thanks 2013 i've been doing this a long time I'm just highlighting areas that new traders should be watching! there is div but without the right reaction/conformation it's worthless or expensive lol

will look for gbpusd sup @ s3 and see what we look like from there

regards
I agree with you on GU , the div pattern is playing now. [email protected] you mention is the place to be highlight as you say. Let's see how it react.
  • #646
  • May 2, 2012 7:43am May 2, 2012 7:43am
dont know when the gu goes up ,but the div looks valid to me , agree?
  • #647
  • May 2, 2012 7:48am May 2, 2012 7:48am
Quoting icarusfx
thanks 2013 i've been doing this a long time I'm just highlighting areas that new traders should be watching! there is div but without the right reaction/conformation it's worthless or expensive lol

will look for gbpusd sup @ s3 and see what we look like from there

regards

16150-16160 area should be interesting to watch as that is previous support/resistance area, and we may get a setup there
  • #648
  • May 2, 2012 8:20am May 2, 2012 8:20am
Quoting PurePrice
16150-16160 area should be interesting to watch as that is previous support/resistance area, and we may get a setup there
yeah s3 is 61561 :o) i've got hidden and regular div on stochs and rsi I'm nolonger interested in gbpyen
  • #649
  • May 2, 2012 8:26am May 2, 2012 8:26am
also usdcad audusd are on the watch list regards
  • #650
  • May 2, 2012 9:03am May 2, 2012 9:03am
Quoting PurePrice
16150-16160 area should be interesting to watch as that is previous support/resistance area, and we may get a setup there
I have got in at 16180 - on close of the bullish engulfing ( I am pretty sure it was a BE). Was this a wise thing to do? thanks :-)
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  • #651
  • May 2, 2012 9:16am May 2, 2012 9:16am
Quoting bluemosaic
I have got in at 16180 - on close of the bullish engulfing ( I am pretty sure it was a BE). Was this a wise thing to do? thanks :-)
I wanted more of a reaction... I like to look at 15min chart for entry and....i'm still looking.

regards
  • #652
  • May 2, 2012 9:17am May 2, 2012 9:17am
Quoting bluemosaic
I have got in at 16180 - on close of the bullish engulfing ( I am pretty sure it was a BE). Was this a wise thing to do? thanks :-)

not strong enough i think , can still do a small short before long
  • #653
  • May 2, 2012 9:19am May 2, 2012 9:19am
Quoting icarusfx
I wanted more of a reaction... I like to look at 15min chart for entry and....i'm still looking.

regards
Thanks for reply - so you look for a pin bar of engulfing pattern on the 15 min chart (but not divergence) after identifying the same pattern (and divergence) on the 1h chart initially?
  • #654
  • May 2, 2012 9:20am May 2, 2012 9:20am
Quoting bluemosaic
I have got in at 16180 - on close of the bullish engulfing ( I am pretty sure it was a BE). Was this a wise thing to do? thanks :-)
also when your lookng for a PA entry the most important thing is to assess the bar relative to the previous few bars (size does matter with pa) your bullish eng was smaller than the bearish down bars!

hope this helps

Nathan
  • #655
  • May 2, 2012 9:23am May 2, 2012 9:23am
Quoting icarusfx
I wanted more of a reaction... I like to look at 15min chart for entry and....i'm still looking.

regards
We have divergence established
We have a bullish engulfing candle stick pattern
The above two things should indicate a possible reversal around this level, which as I mentioned earlier is a previous resitance/support level at which we "expect" a pause in price, so this area makes sense to have a possible setup.

However, I normally would like to wait for PA confirmation after the price breaks the high of the setup candle by a few pips, which is yet to happen.
  • #656
  • May 2, 2012 9:26am May 2, 2012 9:26am
Quoting bluemosaic
Thanks for reply - so you look for a pin bar of engulfing pattern on the 15 min chart (but not divergence) after identifying the same pattern (and divergence) on the 1h chart initially?
I enter off both 15min and 1h charts in much the same way. I trade with divergence, range, sup & res and volume.

I like to enter on 15 min range extremes within a 1h trend

& 15 min/1h range extremes for counter trend

pa & volume entry also touch sup&res entry

I've not really got the time to go into it now but it's very similar to whats going on here :o)

kind regards
  • #657
  • May 2, 2012 9:27am May 2, 2012 9:27am
Quoting PurePrice
We have divergence established
We have a bullish engulfing candle stick pattern
The above two things should indicate a possible reversal around this level, which as I mentioned earlier is a previous resitance/support level at which we "expect" a pause in price, so this area makes sense to have a possible setup.

However, I normally would like to wait for PA confirmation after the price breaks the high of the setup candle by a few pips, which is yet to happen.
thanks very much - very helpful

think it has now just broken the PA bar...
  • #658
  • May 2, 2012 9:28am May 2, 2012 9:28am
Quoting PurePrice
We have divergence established
We have a bullish engulfing candle stick pattern
The above two things should indicate a possible reversal around this level, which as I mentioned earlier is a previous resitance/support level at which we "expect" a pause in price, so this area makes sense to have a possible setup.

However, I normally would like to wait for PA confirmation after the price breaks the high of the setup candle by a few pips, which is yet to happen.
I agree.... and what I said in the above post (size matters....)
  • #659
  • May 2, 2012 9:50am May 2, 2012 9:50am
Keep eyes on AU guys could be a nice hammer
  • #660
  • May 2, 2012 9:53am May 2, 2012 9:53am
Good job guys for gbpusd setup, looks good. Personally i didnt take the trade, closed my trade day early, dont want to be taking some more stupid trades like i did earlier. Some kind of self punishment eh haha.. Cheers guys and green pips to all.

Regards
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