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EASY H1 trading using divergence and candle sticks

  • #681
  • May 3, 2012 7:14am May 3, 2012 7:14am
uhm, I dont normally trade daily charts or usdjpy, but there is a nice setup that is actually already in play on this pair going LONG. again, with different brokers we will have different candle close time and you might have different looking daily chart. On mine, there was divergence in oversold RSI along with a bullish engulfing candle on May 1st, making this a valid setup at a good reversal area of 79.60ish where we have had price reversals before. The price has gone up above the high of the bull englufing candle, has retraced a bit, and is now goign up above it again ... this may be a nice long term play once the news is over ... lets keep an eye on it for the long term
  • #682
  • May 3, 2012 7:20am May 3, 2012 7:20am
Quoting PurePrice
In case you were not aware of this, there is market moving events coming up in about 45 minutes in the form of ECB press conference, which usually tends to shake the market, and no technical analysis, no matter how good it is, is going to hold if the conference brings on any surprizes.

There is also ISM manufacturing out of the USA about 1.5 hours after that.

Also tomorrow, big NFP announcement, and that also tends to move the market in nice spikey fashion.


There is a few setups in play now with the USD pairs, but i would not take on any...
Agree. Impact http://news<img data-emoji="grin" al...1.png?v=15.1">
  • #683
  • May 3, 2012 7:48am May 3, 2012 7:48am
Quoting PurePrice
In case you were not aware of this, there is market moving events coming up in about 45 minutes in the form of ECB press conference, which usually tends to shake the market, and no technical analysis, no matter how good it is, is going to hold if the conference brings on any surprizes.

There is also ISM manufacturing out of the USA about 1.5 hours after that.

Also tomorrow, big NFP announcement, and that also tends to move the market in nice spikey fashion.


There is a few setups in play now with the USD pairs, but i would not take on any...
Great advice - thanks.
There are a lot of announcements each day - I know the NFP is the main one to avoid and also major interest rates. What others should we avoid?

Looking at the FF calendar there are 20 per day - do we avoid all red ones?

Many thanks
  • #684
  • May 3, 2012 7:56am May 3, 2012 7:56am
Hey PurePrice and Co

I am am a newbie to divergence trading but realy enjoy the simplicity of this strategy....

Would I be right to wait for the possible long and short trader setups for CHF and EUR? - see attachements below.

Thanks for your advice Ez.
Attached Image (click to enlarge)
Click to Enlarge Name: eur long d trade.gif Size: 19 KB
Attached Image
The things which hurt, instruct! - Benjamin Franklin
  • #685
  • May 3, 2012 8:03am May 3, 2012 8:03am
Good Catch, Ezmi.

I think usdchf is a good setup. Just wait for price action to go a few pips below the bearish candle.

But beware of the support just below.

thanks
  • #686
  • May 3, 2012 8:05am May 3, 2012 8:05am
Quoting forexnubie
Good Catch, Ezmi.

I think usdchf is a good setup. Just wait for price action to go a few pips below the bearish candle.

But beware of the support just below.

thanks
Thanks Forexnubie - I hope so!
The things which hurt, instruct! - Benjamin Franklin
  • #687
  • Edited 8:28am May 3, 2012 8:09am | Edited 8:28am
Good question, Blue Mosaic.

I have not been a great fan of this news stuff. There are news everyday, and if you have to stay away, you can trade only once a week or once a month, if you have to choose a day without news.

My point is this. News, usually does not change the trend of the pair. It does on occasions, but I would emphasize more on the trend of the pair, than the particular news.

Even if there is a move after the news, it retraces and many times resumes the original trend. May be very big news like NFP, may be good to stay away, but if you hesitate because of the news, you will never be trading.

Me, personally, I dont care about the news, I concentrate more on the trend of the pair. One news changing a weak currency that has been weak for months to strong one in 15 minutes because of one unemployment news, I dont believe in that.

To wrap it up, except NFP, if your stop losses are properly placed, I wont care about the news.

Just my 2 cents.

thanks
  • #688
  • May 3, 2012 8:09am May 3, 2012 8:09am
- is this another one?
Attached Image
The things which hurt, instruct! - Benjamin Franklin
  • #689
  • May 3, 2012 8:28am May 3, 2012 8:28am
Again, Very close to support.
  • #690
  • May 3, 2012 8:37am May 3, 2012 8:37am
Quoting forexnubie
Again, Very close to support.
Ah yes - thanks you - just redrafting my trading plan......
The things which hurt, instruct! - Benjamin Franklin
  • #691
  • May 3, 2012 8:42am May 3, 2012 8:42am
Quoting forexnubie
Good question, Blue Mosaic.

I have not been a great fan of this news stuff. There are news everyday, and if you have to stay away, you can trade only once a week or once a month, if you have to choose a day without news.

My point is this. News, usually does not change the trend of the pair. It does on occasions, but I would emphasize more on the trend of the pair, than the particular news.

Even if there is a move after the news, it retraces and many times resumes the original trend. May be very big news like NFP, may be good to stay away,...

Good points. However, I think I need to clarify one thing about news. When i said be careful and avoid news, it does not mean not to trade the whole day. What i meant was do not enter into a new position just before or right at news time, unless you have a large stop loss in place and can wither the storm.
  • #692
  • May 3, 2012 8:55am May 3, 2012 8:55am
potential setup (bearish) on EUR/JPY if current bar closes as pin:
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 20 KB
  • #693
  • May 3, 2012 9:05am May 3, 2012 9:05am
Quoting bluemosaic
potential setup (bearish) on EUR/JPY if current bar closes as pin:
On its way down :-)
  • #694
  • May 3, 2012 9:08am May 3, 2012 9:08am
Quoting bluemosaic
On its way down :-)

LOL - It is......
The things which hurt, instruct! - Benjamin Franklin
  • #695
  • May 3, 2012 9:11am May 3, 2012 9:11am
I have jumped out of CHF, EUR and GBPCHF - will await respective support and resistance lines to be broken first....
The things which hurt, instruct! - Benjamin Franklin
  • #696
  • May 3, 2012 9:33am May 3, 2012 9:33am
I played short trade eurusd divergence on H1. Sorry cant post screenshot now, still outside. Anyone also take the trade?
  • #697
  • May 3, 2012 9:46am May 3, 2012 9:46am
this might be where nzdusd will slow its recent slide and get a nice bounce up off the big figure of 0.8000, but watch and see
  • #698
  • May 3, 2012 9:53am May 3, 2012 9:53am
Quoting PurePrice
this might be where nzdusd will slow its recent slide and get a nice bounce up off the big figure of 0.8000, but watch and see
...the third included.....
Attached Image
The things which hurt, instruct! - Benjamin Franklin
  • #699
  • May 3, 2012 9:55am May 3, 2012 9:55am
it seems tht GU is finally moving above the H1 pinbar and divergence that many posters have talked about earlier. However, it appears there is a falling trendline on H1 that is keeping the Cable down for now. I think if we get and close above 1.6200 decisively, we may have a good shot at a long trade, as that means that the trendline is also broken to the upside and potential breakout
  • #700
  • May 3, 2012 9:57am May 3, 2012 9:57am
Quoting Ezmai
...the third included.....
sell? thats a strange place to want to sell?
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