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EASY H1 trading using divergence and candle sticks

  • #1,081
  • May 22, 2012 8:35am May 22, 2012 8:35am
Quoting PurePrice
check out EURJPY for potential bearish divergence trade
What would be the plan for EJ ? Is at a convergence point as we speak
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 192 KB
  • #1,082
  • May 22, 2012 8:53am May 22, 2012 8:53am
Quoting Ati_82
What would be the plan for EJ ? Is at a convergence point as we speak
Yeah.. I did take the trade early at .70.. Like I said earlier, the fitch downgrade thing totally ruined ej trade plan today.. But luckily didnt break 102.20 barrier (23.6 fibo area). Anyway still holding, if it breaks the 102.20 then the trade invalidates imo..
  • #1,083
  • May 22, 2012 8:56am May 22, 2012 8:56am
Quoting Madscientist
Yeah.. I did take the trade early at .70.. Like I said earlier, the fitch downgrade thing totally ruined ej trade plan today.. But luckily didnt break 102.20 barrier (23.6 fibo area). Anyway still holding, if it breaks the 102.20 then the trade invalidates imo..
fingers crossed, liked the setup so entered around .94
  • #1,084
  • May 22, 2012 10:17am May 22, 2012 10:17am
Quoting Ati_82
fingers crossed, liked the setup so entered around .94
What is your target if I may ask? Thank you....
  • #1,085
  • May 22, 2012 11:49am May 22, 2012 11:49am
Quoting f311x
What is your target if I may ask? Thank you....
sure, tp is 101.43
  • #1,086
  • May 22, 2012 12:52pm May 22, 2012 12:52pm
Quoting Ati_82
sure, tp is 101.43
Perfect!
  • #1,087
  • May 22, 2012 1:31pm May 22, 2012 1:31pm
Added to position but I managed to take too tight sl and got stopped out by a few pips before the fall. Original entries of the trade looks ok so far. I would love some momentum now.
  • #1,088
  • May 23, 2012 12:29am May 23, 2012 12:29am
EUR/JPY: bullish setup - nice pin bar and hidden divergence
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 26 KB
  • #1,089
  • May 23, 2012 1:12am May 23, 2012 1:12am
Quoting bluemosaic
EUR/JPY: bullish setup - nice pin bar and hidden divergence
massive fail - stopped out.
This Forex game is sometimes very frustrating.... any advice on this trade - if you spot something I did wrong with this trade (or was it just news..) would be much appreciated

thanks
  • #1,090
  • May 23, 2012 1:35am May 23, 2012 1:35am
closed 101.91 short @ 100.28 after breaking to new lows

put a wide stop on remaining position, will see if it continues to fall in days to come.
  • #1,091
  • May 23, 2012 1:35am May 23, 2012 1:35am
Quoting bluemosaic
massive fail - stopped out.
This Forex game is sometimes very frustrating.... any advice on this trade - if you spot something I did wrong with this trade (or was it just news..) would be much appreciated

thanks

I suggest for finding divergence just go to previous 2 or 3 LL or HH.....
any other suggestion welcome.
  • #1,092
  • May 23, 2012 1:39am May 23, 2012 1:39am
Quoting bluemosaic
EUR/JPY: bullish setup - nice pin bar and hidden divergence
better to look for trend continuation signals since we have a clear risk off trend in almost all asset classes. Counter-trend plays in yen pairs is very risky, better stick to majors instead of crosses. I cannot say, i simply do not like the looks of it (your screenshot) not because it didn't work. Maybe others will give more helpful advice Don't worry, there is always a next trade that will work

update: look at other time frames (to get a feel of what's happening around you), look for points like E/SMAs, former break out levels, strong areas - fibo levels - support/resistance in form of tops/bottoms. Try to find similar situations that worked out before.
  • #1,093
  • May 23, 2012 1:42am May 23, 2012 1:42am
Quoting Ati_82
closed 101.91 short @ 100.28 after breaking to new lows

put a wide stop on remaining position, will see if it continues to fall in days to come.
Grats nice trade.. For me I closed all my ej shorts at 101.10.. Too early eh.. But yeah its been a long day for me..
  • #1,094
  • May 23, 2012 1:48am May 23, 2012 1:48am
Quoting Madscientist
Grats nice trade.. For me I closed all my ej shorts at 101.10.. Too early eh.. But yeah its been a long day for me..
grats for you too, you had more pressure on you holding out and turning into profit, hats off from me

thanks pureprice for heads up, i would have missed it otherwise
  • #1,095
  • May 23, 2012 2:05am May 23, 2012 2:05am
Quoting bluemosaic
massive fail - stopped out.
This Forex game is sometimes very frustrating.... any advice on this trade - if you spot something I did wrong with this trade (or was it just news..) would be much appreciated

thanks
Hi,

You just bought in a massive downtrend - look at the bigger picture. Hidden divergence is a continuation "pattern", you find this confirming the current trend - which is very strong down. Not to mention the effect of the latest JPY news...

Another things, on the divergence you spotted: I think the RSI lows are way too far away, seems like 80 bars. I think the higher the distance the lower the reliability. Try not to go more than 20-30 bars away, maybe not even this far. And the rsi was too much on the other side of 50 line. And besides the difference between the rsi lows seems to be quite small. The higher the difference the higher the reliability.
  • #1,096
  • May 23, 2012 2:13am May 23, 2012 2:13am
Thanks all for the advice on my failed trade from earlier.

Really useful info
  • #1,097
  • May 23, 2012 2:18am May 23, 2012 2:18am
Quoting bluemosaic
massive fail - stopped out.
This Forex game is sometimes very frustrating.... any advice on this trade - if you spot something I did wrong with this trade (or was it just news..) would be much appreciated

thanks
Actually wht you did wrong was you didnt wait for the next candle stick to form before taking a trade and also you didnt check if other oscillators a pointing to boy signal.

In general it is better to take a trade in the direction of the longer time frame that gives you 90% winning trades.
  • #1,098
  • May 23, 2012 2:27am May 23, 2012 2:27am
Quoting Ati_82
closed 101.91 short @ 100.28 after breaking to new lows

put a wide stop on remaining position, will see if it continues to fall in days to come.
nice!

I gave back way to many pips yesterday turning a +3-4% day into a 1. and didn't trade eur'jpy doh!
  • #1,099
  • May 23, 2012 4:21am May 23, 2012 4:21am
I spotted 4 divergences on H1. some of them are not finished until the last bar closes (these lines are colored orange).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_rsi7.gif Size: 34 KB
Click to Enlarge Name: gbpaud_rsi7.gif Size: 37 KB
Click to Enlarge Name: nzdchf_rsi7.gif Size: 39 KB
Click to Enlarge Name: nzdusd_rsi7.gif Size: 34 KB
  • #1,100
  • May 23, 2012 4:22am May 23, 2012 4:22am
dear blue mosaic
as i did,unfortunately you made a common mistake.
HD is searched in current trend not in counter trends.hd means trend continuation
have a look at this
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