XAUUSD-convergence-divergence on Gold.Example 3

FX:XAUUSD   Gold Spot / U.S. Dollar
1655 11 28
This is a good opportunity to test this trading system real-time on gold             (example 3).
After a clear downtrend price formed the first higher high (convergence). We confirm it on oscillator and mark the level of convergence as our target.
I recommended in this trading system a pullback to the 0.61 fib AT LEAST
Then we switch to the next lower TF (in this case H4)
We see two bullish divergences already in play (regular and extreme divergence).
We add two additional level of S/R, not too far, not too close. Those will be our entries just in case price moves lower.
Stop loss below last level of S/R (the same for all entries)
Lets see how this works.
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000
FullTimeTrader moorekapital
Hello, thanks for sharing. This system works alone. Its true we have a red candle on D1 chart and price could move lower. Thats why on H4 chart we have two additional entries. That red bar could turn green between the levels shown on my H4 chart.
+1 Reply
moorekapital FullTimeTrader
You're right, Sir

bat pattern
Hello, nice bat pattern as confirmation for a bullish bias. In this post im testing the convergence-divergence setup. The difference is that the target is the D1 level of convergence AT LEAST. Trading the bat we have other targets. Anyway, both setups are bullish. Regards.
This bat is not valid
Rayge Don_Corleone
hi, why?
Cuz your AB leg did not touch 38.2% retracement and candle closed above it
Rayge Don_Corleone
fine, thanks

iam beginner
No problem mate!Gl!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out