FullTimeTrader
Long

XAUUSD-convergence-divergence on Gold.Example 3

FX:XAUUSD   Gold / U.S. Dollar
1647 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)
snapshot
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.
Regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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Lovely one,Fulltime!
XAUUSD: MY GOLDEN MAP
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xauusd


bat pattern
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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.
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This bat is not valid
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Rayge Don_Corleone
hi, why?
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Cuz your AB leg did not touch 38.2% retracement and candle closed above it
snapshot
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Rayge Don_Corleone
fine, thanks

iam beginner
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No problem mate!Gl!
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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
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