Thanks for reading my Forex Trading journal. I am writing any post on this blog is based on my own experiences and I don't want to influence you or anyone to follow me or follow my trading strategy.
Here I want to share the trading opportunity using hidden divergence system with Moving Average (MA) bounce confirmation. EURJPY was making an uptrend after the USD fundamental news announcement on Friday 17th May 2013.
Few minutes after the announcement (strong USD), EURJPY pair also respond it to make a new trend (M15). The candle break the upper Bollinger Bands nicely. I wait for the retracement first to follow the up trend. Then as you see, price retraces and hit lower bands and hit MA 60. At this point, both CCI and my MACD indicator shows discrepancy between price and indicator. Price making higher high but indicator making lower lows. On the next bar, I go long and as you can see price continue the up trend nicely.
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