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  • #8,921
  • Sep 4, 2012 10:22pm Sep 4, 2012 10:22pm
Tons of bullish divergence on aussie daily

I think we will see a decent bounce from this 1.0190 level. Back to 1.03 area.
Be hopeful in a winning position, and fearful in a losing position.
  • #8,922
  • Sep 4, 2012 10:55pm Sep 4, 2012 10:55pm
I have started my attack for this pair my long awaited 1.02 was met and that is where I have started my new adventure, my target is 1.04.

We have an inverted hammer on the H4, but I do not know if this will turn the pair and I hope it does not.

I really want the pair to push down to below parity and even meet the Daily trend line at around 97.50, because the swaps will then start to add up over the coming weeks.

I have entered long based on how I trade divergence and not because I am Bullish at the point, this trade could quite easily go more than 500 pips South before turning North.

However it will give me the opportunity to show how trading divergence and market cycles can be profitable without using SL's, that for most newbies are the main thing that blows their account, mainly because the Sharks watch out for main S&R levels and then spike the market just to add liquidity for their next big move.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4h chart 05 09 12.jpg Size: 183 KB
Some people say I'm lucky, but the more I practice the luckier I get
  • #8,923
  • Sep 4, 2012 11:02pm Sep 4, 2012 11:02pm
Quoting Robot Trader
No it does not have the right ratios that relate to Fib numbers, for it to be a Crab.

I have attached a chart showing the calculations that are done by the indicator, once it finds a pattern it will automatically show it.
Would you mind sharing me the indicator? I would be more than happy to have one of those. Thanks

Quoting Robot Trader
I have started my attack for this pair my long awaited 1.02 was met and that is where I have started my new adventure, my target is 1.04.

We have an inverted hammer on the H4, but I do not know if this will turn the pair and I hope it does not.

I really want the pair to push down to below parity and even meet the Daily trend line at around 97.50, because the swaps will then start to add up over the coming weeks.

I have entered long based on how I trade divergence and not because I am Bullish at the point, this trade could quite easily go...
So the divergence lesson has begun, am going to keep my eye on it for sure. Thanks again
  • #8,924
  • Sep 4, 2012 11:08pm Sep 4, 2012 11:08pm
There is a very nice 3 drives pattern that when coming at the end of a decent move often times signifies either a trend reversal or a very good correction is imminent. This also comes to a completion where a bullish butt comes in on same TF and a bullish bat comes in on Daily. All with decent divergence and semi oversold conditions. That said we are in the midst of a very noisy week (headline sensitive) so i would encourage all to tread carefully. However these provide a very good RvR ration much better then the crazy bull theorists have called over the past 3 weeks. Doesnt mean its a guarantee as there are none in life just that it offers very good risk vs reward opportunity. The 3 drives pattern is marked in white. I have also drawn a shark pattern with some potential PRZ in orange to take into serious consideration for re-establishing low risk vs reward shorts. You should notice the higher prz comes in at a critical number i have posted over the last week at 0347.
Attached Image (click to enlarge)
Click to Enlarge Name: au 30 min.jpg Size: 89 KB
Attached Image
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #8,925
  • Edited 11:33pm Sep 4, 2012 11:20pm | Edited 11:33pm
Usually when W1 hits one of it's target, it will give us some nice corrections which will be driven by D1 or H4...

D1 hasn't showed me any signs or correction since the stochastic line is still pointing downward.

Attached Image (click to enlarge)
Click to Enlarge Name: D1.gif Size: 16 KB


Maybe H4 could give us some signs of correction today, but I'm not betting on it because H4 still have some "unfinished business"

Attached Image




P.S. I'm at the bottom of the page. Now I seemed like I'm picking bottoms. Many thanks to the person who has stolen my top of the page trophy twice. You know who you are
  • #8,926
  • Sep 4, 2012 11:23pm Sep 4, 2012 11:23pm
I have also started to attack this pair my first EP was 1.5527 and my TP is 1.52.

Apart from the spread being a pip more than AUDUSD this is a much better carry pair, my broker pays me 10x more swap on this pair than AUDUSD (example AU 1 lot = $1.12 swap GA 1 lot = $12.3 massive difference)

I have entered this trade based on the daily divergence plus 2 other reasons, 1) the RSI is above 80 on the Daily, I consider this to be an extremely overbought area. 2) PA within Bollinger Bands has gone from lower to upper in a straight move and then more than duplicated its move without testing the 20 MA, so following my BB rules I expect PA to test the 20 MA so this becomes a dynamic first TP target.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud daily chart 05 09 12.jpg Size: 164 KB
Some people say I'm lucky, but the more I practice the luckier I get
  • #8,927
  • Sep 4, 2012 11:24pm Sep 4, 2012 11:24pm
Quoting irfandbl
Would you mind sharing me the indicator? I would be more than happy to have one of those. Thanks



So the divergence lesson has begun, am going to keep my eye on it for sure. Thanks again
I will say my peace and leave it at this for you or anyone to do with how they please:

If you wish to trade Harmonic patterns you must learn to identify them yourself and learn as much as you can about it. 99.9% of the software out there will repaint, give invalid pattern, will paint it after the fact or some even give invalid names to the pattern which makes a huuuuge difference. I recomend you google Harmonic patterns or simply go to the master himself and read books bt Scott Carney. More goes into the success of tradin harmonics then just the pattern appearing. Divergence, oversold overbaught condition, ratio confluence,and structure among some other things. Again I wont get into a pissing match with anyone about it but I have said my peace. Learn to do for yourself your trading account will be better off for it. When you learn to identify the potential yourself as opposed to waiting for some indicator to show up then you will learn to get a potential future glimpse into the flow of the market and where price could go and where it will reverse. You seem to be a very good trader as it is and adding the knowledge of Harmonics could help you be even better. Just sayin..is all
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #8,928
  • Sep 4, 2012 11:25pm Sep 4, 2012 11:25pm
Quoting irfandbl
Usually when W1 hits one of it's target, it will give us some nice corrections which will be driven by D1 or H4...

D1 hasn't showed me any signs or correction since the stochastic line is still pointing downward.

Attachment

Maybe H4 could give us some signs of correction today, but I'm not betting on it because H4 still have some "unfinished business"

Attachment
Price did hit 1.0179, ya know...
Play the players, not the cards.
  • #8,929
  • Sep 4, 2012 11:35pm Sep 4, 2012 11:35pm
Quoting GnarlyPips
Price did hit 1.0179, ya know...
Did it really?
My chart showed me it hit 1.0194 the lowest

Thanks so much for the heads up
  • #8,930
  • Sep 4, 2012 11:37pm Sep 4, 2012 11:37pm
Quoting CNTrader
I will say my peace and leave it at this for you or anyone to do with how they please:

If you wish to trade Harmonic patterns you must learn to identify them yourself and learn as much as you can about it. 99.9% of the software out there will repaint, give invalid pattern, will paint it after the fact or some even give invalid names to the pattern which makes a huuuuge difference. I recomend you google Harmonic patterns or simply go to the master himself and read books bt Scott Carney. More goes into the success of tradin harmonics then just the...
Thanks buddy
  • #8,931
  • Sep 4, 2012 11:37pm Sep 4, 2012 11:37pm
Quoting irfandbl
Did it really?
My chart showed me it hit 1.0194

Thanks so much for the heads up

Looking at the "Ask" price? There's a bigger spread than normal due to the news release.

No problem!
Play the players, not the cards.
  • #8,932
  • Sep 4, 2012 11:37pm Sep 4, 2012 11:37pm
would depend on your broker as to the low, expect greater variance around a spike like after GDP. My broker low was only 1.0190

edit: & my price is based on mid point between bid & ask, although it's generally only .8 to 2 pip spread for me.
Hope for the best, prepare for the worst.
  • #8,933
  • Sep 4, 2012 11:42pm Sep 4, 2012 11:42pm
Quoting GnarlyPips
Looking at the "Ask" price? There's a bigger spread than normal due to the news release.

No problem!
No, that was the "Bid" price..

Quoting dab
would depend on your broker as to the low, expect greater variance around a spike like after GDP. My broker low was only 1.0190

edit: & my price is based on mid point between bid & ask, although it's generally only .8 to 2 pip spread for me.
I checked Oanda just now and it showed me 1.0187
  • #8,934
  • Sep 4, 2012 11:44pm Sep 4, 2012 11:44pm
Quoting irfandbl
No, that was the "Bid" price..



I checked Oanda just now and it showed me 1.0187

FF shows 1.0188... I just might have a shady broker, haha. Oh well, been planning on opening an account on Oanda for quite a while.
Play the players, not the cards.
  • #8,935
  • Sep 4, 2012 11:51pm Sep 4, 2012 11:51pm
[quote=irfandbl;5985023]Would you mind sharing me the indicator? I would be more than happy to have one of those. Thanks

I have attached 3 Harmonic indicators, they all do slightly different patterns and some of the patterns they show are less well known.

Most indicators will repaint if the pattern becomes invalid due to PA changing the ratios required, but a least one of these indicators does not repaint and shows all patterns it has found.
Attached File(s)
File Type: ex4 ZUP_v76_5-0_mod.ex4   304 KB | 262 downloads
File Type: ex4 ZUP_v110_poruchik DR.ex4   539 KB | 319 downloads
File Type: ex4 ZUP_v110_poruchik.ex4   539 KB | 280 downloads
Some people say I'm lucky, but the more I practice the luckier I get
  • #8,936
  • Sep 4, 2012 11:54pm Sep 4, 2012 11:54pm
Quoting Robot Trader
Quoting irfandbl
Would you mind sharing me the indicator? I would be more than happy to have one of those. Thanks
I have attached 3 Harmonic indicators, they all do slightly different patterns and some of the patterns they show are less well known.

Most indicators will repaint if the pattern becomes invalid due to PA changing the ratios required, but a least one of these indicators does not repaint and shows all patterns it has found.
Thanks heaps mate
  • #8,937
  • Sep 4, 2012 11:57pm Sep 4, 2012 11:57pm
Quoting irfandbl
Thanks heaps mate
Now your sounding like an Aussie
Some people say I'm lucky, but the more I practice the luckier I get
  • #8,938
  • Sep 4, 2012 11:58pm Sep 4, 2012 11:58pm
harmonic indicator have different time frames, the larger the timeframe, the easier and more reliable it is, because often those long wicks/pin on hour 4 bar stands out more as supply/demand,

those min 1,5 or even 15 can be no reliable sometimes.

i use harmonic too but only to trade corrections rather than reversal, i rem one of the hour 4 bullish harmonic on 1.03 ++ area soon become invalid when price action overlapse subsequently, but the correction was bout 40-50 pips gain before it starts going down again.

those min 15 patterns i only use to scalp instead of holding for reversal.
  • #8,939
  • Sep 5, 2012 12:11am Sep 5, 2012 12:11am
Quoting 5percent
harmonic indicator have different time frames, the larger the timeframe, the easier and more reliable it is, because often those long wicks/pin on hour 4 bar stands out more as supply/demand,

those min 1,5 or even 15 can be no reliable sometimes.

i use harmonic too but only to trade corrections rather than reversal, i rem one of the hour 4 bullish harmonic on 1.03 ++ area soon become invalid when price action overlapse subsequently, but the correction was bout 40-50 pips gain before it starts going down again.

those min 15 patterns i only...
I like to trade them in conjunction with other indicators to give conformation, however if a standalone pattern looks right (and I guess this comes from seeing lots of them) without any other conformation and the R:R is good I will take the trade.
Some people say I'm lucky, but the more I practice the luckier I get
  • #8,940
  • Sep 5, 2012 12:22am Sep 5, 2012 12:22am
Quoting CNTrader
I will say my peace and leave it at this for you or anyone to do with how they please:

If you wish to trade Harmonic patterns you must learn to identify them yourself and learn as much as you can about it. 99.9% of the software out there will repaint, give invalid pattern, will paint it after the fact or some even give invalid names to the pattern which makes a huuuuge difference. I recomend you google Harmonic patterns or simply go to the master himself and read books bt Scott Carney. More goes into the success of tradin harmonics then just...
You are right in what you say it is good to have the ability to draw these patterns manually (if you get good at it you can predict market movement). The main advantage of the automated pattern is it can be loaded on many pairs and TF's and alert you when one is found. We both know that not all patterns are worth trading, so having a heads up especially on the larger TF's gives us the time to evaluate a pattern we might have missed and thus not traded.
Some people say I'm lucky, but the more I practice the luckier I get
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