GBPJPY short at 160

I went short here. Price has been trending up so I’m not 100% on this trade but the 4 hour reversal candles are the main reason for it.
Actually, I took the break of 160.45 earlier in the day the 2nd time after the news releases.
In this short, it’s based on the PA crossing under the 50EMA and the 4hr chart showing a dark cloud cover.
cdawg, if you read this, what do you think of that divergence (blue trendlines on the chart) - not a typical divergence the other way but shows that the trend up isn’t as strong as the angle the price has moved at.
It might form a hidden divergence though indicating a buy region.
I’ll give it a while…

I’d like to think I know what I’m doing but clearly not :slight_smile:
I got out of the trade as soon as I saw the hidden divergence (bullish) on the swing low.
Lows circled with lows circled on the RSI, all show the same pattern of bullish hidden divergence.
All the retracements seem the same width apart.
What do you reckon?

Oh well. -16 on the first/
+50 on the 2nd.

I dont see the divergence. good call on the getting out of the trade. that is a picture of a nice trend up, and buying the dips would have been the way to go.

That said we are at the HH for some time, I would hesitate to buy at the top. I would be inclined to try a short from 161ish.

Buying just for 50pips though there is room. I know your strategy relies on closing out half to let the other run though.

It wasn’t a divergence so much as the fact that the angle of the trendline on the PA is steeper than the angle on the RSI.

The retraces are almost equidistant apart aren’t they?

WHat do you do when it’s ranging?

I use the same trade management when ranging, though i try to get the top and or bottom off the range or off the middle(using the 15min trend technique). Still close 1/2 at 50 and let the other half go, though tend to manually close them ideally +150-200pip, but i might do it at 90 or 75, you know depending what the PA is doing.

I only placed 1 trade today and that was a limit order set at 161.10 short and closed it at 160.00. I have another set for 161.85, SL 40. I do think we are due for some kinda retracement back to the 4hr 50 EMA (157area) and potentially back down to the 4hr Lower trend line (149ish) though 165 may come first.

Well My short at 161.85 (SL 162.25) was triggered while i was sleeping, though looks like price is consolidating at the moment. Had i been awake, i would have been stopped out at BE, but I didnt get a chance to move my stop yet. seems like some real upward pressure, so I think i will try to get out as soon as I get postive…

You don’t think it will come back down off the yearly high 162.05 on the 4hr?
Also, the bearish divergence (slight) on the 15min?

I think i will get a chance to get out with positive pips, but shes not showing any real signs of comming back atm and i think by the afternoon NY session I will get stopped out if I dont get out now. Since we broke 162 already this morning, I really think now we are going up to 165+. The current up move has been on decent volume.

I will be looking to buy the next “dip”…

Well this is interesting… nice drop, SL set to BE+1, maybe a few pips will be had after all

At least I can relax, knowing I can’t lose anything now:) I’d liketo see a retrace to 160/159… that would be beautiful… So i’ve locked in ~56$ profit already…

well closed at 161.52… 33 pips

I think that should have been a “buy” the dip… at 161.4.

Wait for the next one

The PA bounces off the 50EMA so quickly sometimes.
I’m wondering whether it’s better to put an order in with the value of the 50EMA but then I don’t get to see what the price is doing when it’s around that level.
I might take a scalp breakout at the top 162.05