Divergence Pip Range Trading

Ready for a new week, probably going to avoid the Euro unless a sitter presents itself.

Mostly focusing on GBPUSD and GBPAUD.

Luckily I did not go short

Yes, that was a nice start of the weekend.

Another winner.

I planned to take this trade, but I missed it for some reason.

Hi FlipFlop, say this would be a valid set up for shorting GBPJPY. Would you either consider the break of the trendline or the resistance line for entry?

I'd probably be drawing a trendline like this;



I don't actively trade Yen pairs but from memory they can trend very well and I'd be waiting for confirmation.

Price had been bouncing around the 1.7000 handle and it played out again, this time from the upside. Price broke clear of the Senkou Span (cloud) but met the formidable level which has formed at 1.6997 and as soon as price put in a bullish candle from the level I entered and took my exit at the edge of the Senkou Span for +13.5 pips.



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A nice way to start the day with a trade on EURAUD. Price had drifted higher throughout the Asian session through a weak Aussie dollar which in turned led to price rising to levels not seen since the first trading day of the year.

Here is a clean daily chart where I've highlighted the level I was trading to.



As it happens day after day, the UK open provided the entry neccessary as price initially pumped higher and once the bearish pinbar formed I took my entry on the close of that candle.

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First trade of the night on GBPUSD and I took it 45 minutes before UK data with the idea of exiting pre news (win or lose). It was pushing daily highs and price had briefly consolidated around the 1.2940 level whilst the AO dropped off significantly creating a solid setup. Aimed for the edge of the cloud and took +10.5.

Last trade of the week and month on EURAUD. After the Euro went on a surge post positive inflation data (reversing Draghi's comments about poor inflation), EURAUD reached a critical level which was the isolated high from yesterday.

I took a couple of entries and had to cut the trade short by 1.5 pips as 1.4615 is proving very bouncy! After watching it bounce 3 times I wasn't going to let it do it again and exited on the 4th attempt to clear it. Price has since bounced higher again.

A trade on EURAUD to kick the week off with. The aussie dollar providing plenty of movement on the crosses (GBPAUD etc) and right on the UK open price jumped higher to 1.4514 and then put in a bearish pin bar. Price had also reached the 85 EMA on the hourly chart plus it was also approaching the cam level. Hopefully a few readers are spotting I will often trade an area of confluence?



Pip range chart:



Aimed for the edge of the Senkou Span which is so far holding for support.

A quick trade pre UK data where price formed a nice double bottom whilst the AO formed a higher low. The target was just past the recent high of the small range that has formed prior to the news, out for +10.5 pips.



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My 2nd trade of the night was again on EURAUD as both EURUSD and GBPUSD are plodding along creating ugly charts. EURAUD rallied to new daily highs and was again flirting with key resistance levels. I waited for a pinbar to form and entered at 1.46068 originally targeting 1.4590 which was on the edge of the senkou span. Price just missed the target and I decided to close it out for +10 to avoid it popping higher.

Finally got a result on my EURAUD trade. As mentioned I'd have liked to have taken the GBPAUD trade but I was in this trade beforehand. A slow grind sideways before price eventually wound its way higher and the exit was just below the cam level on the time based charts.

First trade of the night has concluded. GBPAUD jumped higher on the European open and extended close to ADR extremes. This is an interesting trade for the reason at the point of my entry I wasn't entering directly on divergence at the time. However it is important to remember, at the time of the original setup, you cannot see the right of the chart and the trade was valid; I simply gained a better entry by waiting 10 pips. I chose the exit on the last previous low before the European open for +22.

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Last trade of the night and will enjoy a relatively early night for a change. As mentioned in the live trading room (don't forget to visit!) I didn't think GBPAUD would bounce off the same point again. However, EURAUD looked a good bet as a nice setup formed with price going lower whilst the AO went higher. I took a couple of entries and took a relatively conservative exit for +6 and +14 respectively.

Looks like you're doing real nice with the system Flipflop! I am currently looking for a platform which provides range bars but found not many. Does your platform (MT4?) have this build in by default? Renko is clean but price can be bouncing a lot outside the current brick without creating a new brick.