Some foreign exchange traders regard oscillator divergences as the holy grail of technical analysis. Others consider these elusive chart patterns to be virtually useless. The truth probably lies somewhere in between.
The purpose of classic divergence is to recognize a technical imbalance between price and oscillator, with the assumption that this imbalance will signal an impending directional change in price.
In the paragraphs below, we will explain two trades that were made because of several MACD histogram divergences that appeared on the USD/JPY daily charts. The first trade turned out like a dream. The second left much to be desired.
source...Trading Divergences in Forex
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