Thought I would start my forex journal with this divergence trade on GBPCAD.
I do find it tricky to time the entry on these divergence trades. Initially I use put on a 15 pip sl and a 10 pip tp, but sometimes I feel like they need a bit more room to breath. This one was alright though for +10 back up to the cloud. I was considering a continuation if it came back down off the cloud but that never eventuated.
Well done and good luck with the journal.
A couple of pointers if I may...
GBPCAD can move extremely quickly. If you want to keep tight stops, I'd say 20-25 pips at minimum.
GBPCAD has been in a steady downtrend on an intraday basis, I'd rather follow the trend than fight it.
Horne (06-02-2019)
Thanks.
Pointers are always welcome and appreciated.
Got in and out of this EURAUD continuation before London opened. +10
Admin (06-02-2019)
Had another crack at a continuation on GBPAUD, but this time it hit the -15 sl.
looking back at the 23rd and 30 of last month, I should have expected that 1.82 level to act as a bit of resistance. Be more cautious around big round numbers in future..
Decided to try use that 1.82 level to my advantage today and sold on the close of a range bar that found resistance there. +15
Admin (07-02-2019)
Saw this bullish divergence forming GBPCAD and took 2 trades - I'm glad to be out before BoE. Used an initial 20 pip stop so I was looking at trying to get at least 13.3 to keep the ratio the same. Average of the 2 was +14.7
Admin (07-02-2019)
Another thing I'm not great at is trying to time when to fade a volatile move, but managed to get +20 post BoE on GBPUSD.
Are you working towards a target or doing as many trades as they come?
I don't have a target, just taking them as they come.Originally Posted by Admin
Do you have a target as part of your trading routine? Trading for a living I assume you would have monthly/annual targets.
Continuation on EURUSD. Set up occurred before London open, but it came back up to the level where I would like to have gotten in, granting me a second chance. +10
Admin (11-02-2019)
I've thought about looking at the Awesome Oscillator just focusing on the highs and lows and disregarding if they are positive or negative in value.
I saw a good example of looking at the AO in this way and spotting a hidden divergence, took the trade and came out +15.
I've changed the appearance of the AO to better illustrate just looking at the highs and lows as they correlate with price action.
And managed a conventional hidden divergence on EURAUD for +15 as well.
Admin (12-02-2019)
liking the hidden divergence, GBPUSD took +10.5 which I'm happy to be out of before GBP data coming out.
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