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EASY H1 trading using divergence and candle sticks

  • #1,421
  • Nov 17, 2015 1:13pm Nov 17, 2015 1:13pm
Quoting piptime
{quote} TP HIT! Easy 120 pips!
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As you can see price dropped another 100+pips from my tp. I could have held out for more profits but how many times has type of thinking gotten you in trouble? Its important to not be too greedy. We never know when the market is gonna turn, get in and get out. I am very happy with the money I made off this trade and wouldn't change the entry and exit regardless of the outcome.
  • #1,422
  • Nov 17, 2015 1:40pm Nov 17, 2015 1:40pm
Quoting piptime
{quote} {image} As you can see price dropped another 100+pips from my tp. I could have held out for more profits but how many times has type of thinking gotten you in trouble? Its important to not be too greedy. We never know when the market is gonna turn, get in and get out. I am very happy with the money I made off this trade and wouldn't change the entry and exit regardless of the outcome.
It is nothing wrong in executing a plan. To use the planned entry and exit. It is an reccomendable approach.

Still, if possible to scale out of the position, close parts of/majority of your position at the exit level. Set the stop to BE and let the remaining live. You have already bagged you profits. The rest of the ride is as close to risk-free as you can get in trading forex.

Never use the TP for the remainder of the position. Move the stop after the price. Set it where it will triggered when the direction changes. Takes some practice, still in the end if you get the hang of it, it will make a huge boost to your trading.

This is just an small addition to your excisting set-up. I glanced at your TE , even though it is an demo account, it is impressive numbers. The sharpe ratio is impressing. A steady climbing equity curve, with low DD and a good Sharpe is what investors are looking for
Do not let the cost of being wrong, exceed the prize of beeing right
  • #1,423
  • Nov 18, 2015 5:13am Nov 18, 2015 5:13am
Quoting wolf300
{quote} Hi Pipdreamin, good news, you can change your name into "Pipmakin" now. Setup couldn`t be better. Price came up from level 15 in rsi 5, which means realy OS, into divergence. (level 85 and 15 are key on rsi 5 for me) Candle shape was good (pinbar), market opening was around and closing level was on fibo 50 from last swings too. (mesured from close to close) Imagine we would get an alert when all those conditions happening...wow.
Hey Wolf thanks so much for your breakdown. You nailed it exactly what I was looking at the time of the buy. I am hoping to turn into "ConsistentPipmakin" Soon enough.
  • #1,424
  • Nov 18, 2015 6:00am Nov 18, 2015 6:00am
Quoting Pipdreamin
{quote} Hey Wolf thanks so much for your breakdown. You nailed it exactly what I was looking at the time of the buy. I am hoping to turn into "ConsistentPipmakin" Soon enough.
Hey Pipmakin

you will from today on.... 100%

If.... you master the one and only reason we don t make money in trading..... fear.
Or pull the trigger, call it what you want.

Not that I mastered this hurdle yet, but if.....

Only thing we have to fear is fear itself. Oh boy, I wish I could turn this one into reality. = Millionaire

Go Pipmakin, go....
  • #1,425
  • Nov 18, 2015 7:34am Nov 18, 2015 7:34am
What can help in reducing the fear, is to risk a very small part of your trading account. For example < 1% of your account to be risked with any trade. Be modest when leveraging and set reasonable stop loss.

Also it can help to know consider that the current/last trade is not the last trade you are going to take. It is just one of many. If you win or loose on that one isn`t important in the overall picture. The important thing is to be able to grow the account on a monthly/weekly basis.

If you trust your system/methods/edge, you know that with proper risk management you will win more than you loose over time. You will also know that some trades you will loose.

All of this could lead to reducing the fear of a loosing trade. If you can get to the state of mind, where you allmost doesn`t care if the current trade is a winner og looser, you are getting closer to eliminating fear.

It takes time, as well as individually suited techniques, in the end fear can be reduced.
Do not let the cost of being wrong, exceed the prize of beeing right
  • #1,426
  • Nov 18, 2015 8:24am Nov 18, 2015 8:24am
Quoting Decima
What can help in reducing the fear, is to risk a very small part of your trading account. For example < 1% of your account to be risked with any trade. Be modest when leveraging and set reasonable stop loss. Also it can help to know consider that the current/last trade is not the last trade you are going to take. It is just one of many. If you win or loose on that one isn`t important in the overall picture. The important thing is to be able to grow the account on a monthly/weekly basis. If you trust your system/methods/edge, you know that with proper...
Decima, that was very helpful and constructive !!!

Thank you very much !!!
  • #1,427
  • Nov 18, 2015 11:11am Nov 18, 2015 11:11am
Something in the works!
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  • #1,428
  • Nov 18, 2015 12:09pm Nov 18, 2015 12:09pm
Took a trade on AUD/USD. Lets see what happens.

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  • #1,429
  • Edited 1:35pm Nov 18, 2015 12:52pm | Edited 1:35pm
Quoting piptime
Took a trade on AUD/USD. Lets see what happens. {image}
Whew. Got out with a small win. FOMC Minutes approaching, probably should have stayed on the side lines for this one. But hey a small win is still a win, next time we will stay out of the markets with impending news!
  • #1,430
  • Nov 19, 2015 3:07am Nov 19, 2015 3:07am
Hey guys took another trade this evening that I could have ridden for more, but got out with just shy of 100 points. I wasn't looking for too much when I grabbed it during London open today.
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  • #1,431
  • Nov 19, 2015 11:14am Nov 19, 2015 11:14am
Quoting Pipdreamin
Hey guys took another trade this evening that I could have ridden for more, but got out with just shy of 100 points. I wasn't looking for too much when I grabbed it during London open today. {image}
That is a beautiful setup! Thats the kind that you know is gonna be a winner. Good job man!
  • #1,432
  • Nov 19, 2015 11:18am Nov 19, 2015 11:18am
Another possible set up on USD/CHF.
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  • #1,433
  • Nov 19, 2015 11:30am Nov 19, 2015 11:30am
Wow so today was a divergence traders dream day. Check out all these setups today!

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  • #1,434
  • Nov 30, 2015 7:18am Nov 30, 2015 7:18am
Quoting piptime
Another trade in the works. Lets see how she plays out! {image}
How to you determine TP and SL levels? Do you use a fixed TP? And in this trade the candle at the SR level is more of an indecision candle than a pin bar.
  • #1,435
  • Nov 30, 2015 9:28am Nov 30, 2015 9:28am
Quoting samanfx
{quote} How to you determine TP and SL levels? Do you use a fixed TP? And in this trade the candle at the SR level is more of an indecision candle than a pin bar.
Yes i want to know too?
  • #1,436
  • Dec 1, 2015 11:57pm Dec 1, 2015 11:57pm
Quoting samanfx
{quote} How to you determine TP and SL levels? Do you use a fixed TP? And in this trade the candle at the SR level is more of an indecision candle than a pin bar.
Hi Samanfx,

Typically I use price action for tp and sl. I understand and know when I am wrong so I mentally have a SL in place. Also same goes for TP, I have a mental Tp in place but I will sometimes change it if price action tells me to. For newer traders I know this does not help since they probably dont have the amount of hours invested in learning price action as I do. So I recommend studying price action, yes read some books, blogs, forums whatever but also have actual time invested in live price action trading. Once you start seeing the same patterns over and over again it becomes like second nature and somewhat easy.

Also yes this isnt a perfect pinbar. But price is at a hard resistance and has been very bullish for the last few hours. I knew price was going to get to that level eventually and that there would be a sell off. Now how big of a sell off that I do not know for fact but a sell off is almost guaranteed since its a hard resistance. So therefore I knew my trade was high probability in multiple ways, hard resistance, rejection candlestick, and divergence. I made some good pips off that trade.
  • #1,437
  • Dec 2, 2015 5:01am Dec 2, 2015 5:01am
Quoting piptime
{quote} Hi Samanfx, Typically I use price action for tp and sl. I understand and know when I am wrong so I mentally have a SL in place. Also same goes for TP, I have a mental Tp in place but I will sometimes change it if price action tells me to. For newer traders I know this does not help since they probably dont have the amount of hours invested in learning price action as I do. So I recommend studying price action, yes read some books, blogs, forums whatever but also have actual time invested in live price action trading. Once you start seeing...
Thanks for explanation.

Do you use SS_SupportResistance_v04c indicator that you posted in a previous post to determine SR levels? Is it enough so that you don't need to draw SR levels manually?
  • #1,438
  • Dec 2, 2015 4:38pm Dec 2, 2015 4:38pm
Quoting samanfx
{quote} Thanks for explanation. Do you use SS_SupportResistance_v04c indicator that you posted in a previous post to determine SR levels? Is it enough so that you don't need to draw SR levels manually?
I do use that indicator. However I will make sure the lines it draws are correct and there will be times when it doesnt draw lines where possible support/resist may be. Overall it helps out a lot but always make sure what it draws is correct.
  • #1,439
  • Dec 7, 2015 8:57pm Dec 7, 2015 8:57pm
Hi, anybody still trading this method? I thought I spotted a DIVG this morning in AJ but the trade seems to be working against me. Did I do something wrong? Please advise.. TQ
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  • #1,440
  • Edited 3:47am Dec 8, 2015 3:29am | Edited 3:47am
Quoting valerie2
Hi, anybody still trading this method? I thought I spotted a DIVG this morning in AJ but the trade seems to be working against me. Did I do something wrong? Please advise.. TQ {image}
hi valerie2,

Nice divergence but i think you missed some confluence point

i mean does the divergence occurred at any verified support/resistance line? go to post number 1388 in this thread you will find an indicator shows resistance/support lines, uploaded by PIPTIME

entry of the trade depends on price action the pin bar in the above chart is not that much accurate it looks like fake pin bar

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