CADCHF - Tripple bearish divergence

FX:CADCHF   Canadian Dollar/Swiss Franc
336 10 11
Stop 0.84350
Take profit 1 - 0.83050 Stop loss on break even
Take profit 2 - 0.82150
Closed position on 25.08.2014
It doesn't seem it is going down anymore
Reached first target on 01.08.2014
Very nice one this,,,,
vlad.adrian HamzaLeith
Yep, I'm pretty confident on this one
+1 Reply
HamzaLeith vlad.adrian
How did you determine the targets?
vlad.adrian HamzaLeith
Support levels. That's how I determine any target on any instrument. I also watch and imagine where the Wave will be cause for me the wave is the most precise indicator I use
HamzaLeith vlad.adrian
Nice!, do you also consider Sloped S/R?
vlad.adrian HamzaLeith
Honestly, I don't know what that is. Is it trendline support?
HamzaLeith vlad.adrian
yes exactly, the Support Resistance levels found on slopes...channels...trend lines....pitchforks etc. I used to consider only flat S/R based on structure and still do..but I've been finding sloped levels just as valid!. Nice idea thank you for sharing! Do you have good experience with divergence on MACD?
vlad.adrian HamzaLeith
Well, I hate channels, trendlines, pitchforks... I just never use them. Sometimes I will draw a trendline, but only if it's perfect, otherwise I completely ignore it. That doesn't mean that it doesn't work, I just don't use it, or any of the sloped S&R lines.
Regarding the MACD, I have as much experience with it as I have with trading, and that is not much, I'm very young. I have been using it from the beginning, and I learned a lot about it from Dr. Elder's books and webinars. I am currently studying Gerald Appel's work, the inventor of MACD. I just love this indicator, for me it does a better job than RSI or any other related oscillator. The trick with it is to know when to count on its signals and when to ignore them, and that is the hardest part. I don't have this skill developed yet I think it will take a few years to really learn its language, and a lot more study.
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