This is dubble top setup for gold my target is 200MA, seems it start going down lets what happens{image}
I think you have earned 10 pips here.
- #105
- May 19, 2014 7:06am May 19, 2014 7:06am
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts
... hope it works{image}
MT4/MT5 EAs/Indicators/Alerts coder
- #108
- May 19, 2014 7:44am May 19, 2014 7:44am
- | Membership Revoked | Joined May 2012 | 1,218 Posts
Hi, I learn this divergences and convergences for long time, my dear friend jeetvirk, you take higher risk with 'classic divergence' , maybe you already know that native behavior of 'classic divergence' is always 'counter trend' and in my personal opinion, you better use this 'classic divergence' as 'emergency valve' for your main position that follow current trend.
for example of this current gold situation, we can see clearly that current trend is going north (long), so maybe better if your main position is 'long' and when 'classic divergence' show up, you can go 'short' to hedge your 'already in profit' long position and later you can 'close' your 'emergency valve' short position, when the result of 'classic divergence is over' or there is another 'divergence' that confluence with current trend.
Please forgive my bad english and lack of knowledge.
Hope it help and best regard
MTH
for example of this current gold situation, we can see clearly that current trend is going north (long), so maybe better if your main position is 'long' and when 'classic divergence' show up, you can go 'short' to hedge your 'already in profit' long position and later you can 'close' your 'emergency valve' short position, when the result of 'classic divergence is over' or there is another 'divergence' that confluence with current trend.
Please forgive my bad english and lack of knowledge.
Hope it help and best regard
MTH
- #114
- May 19, 2014 8:42am May 19, 2014 8:42am
{quote} I agree with you. When there is setup and rules are ok then enter . If someone enters on hope then 100% he will become a looser in forex
- #117
- May 19, 2014 8:48am May 19, 2014 8:48am
made 10 pips profit on this.. thanks again Rozeweb
Filtering like this I get less trades but then there are a lot of pairs I can watch if the probability of the entering in the direction of the trend increases.
Cheers!!!
- #120
- May 19, 2014 9:56am May 19, 2014 9:56am
- | Membership Revoked | Joined May 2012 | 1,218 Posts
{quote} thanks a lot, I am going to use it in my renko gold chart does this setting work with it?
For Georenko gold chart, just for example, you can set your starting price as 1177.50 (don't ask me where this price came from.. lol, just see for yourself). then set your brick size as 100 with shift 12.5% (geo renko), don't use flip mode, and activate the wick.
After that, you can use my std divergence indicator with Main Period =64, Price Type = 4, Calc Type = 2 (RSI), Divergence Range = 16.
you should better use RSI or MACD for my georenko, because my CCI formula not fit perfectly with renko environment.
Also you can use this 'simple' just like round number indicator that already 'set' for Gold, that only give you 'static' horizontal lines but again with 1177.5 starting price, and hopefully this 'simple indicator' will help you little bit with gold..
Hope it help and best regard.
MTH
My dear friend Rozeweb, please forgive me if my posts seem little off topic, but this is the last time, and let we discuss back to topic about 5 minutes gold trading using MACD divergence.
btw, my attached gold round number indicator here also can use with 5 minutes gold chart, and sometime will give you clue, where gold price will 'hold' and turning back..
