I've published charts on Apple in the past using channel cloning with excellent results, however due to the stock split those published charts can no longer be reviewed. Price is currently just above the all time high and just below the reference channel (confluence area). The RSI shows no divergence so it’s likely that AAPL breaks the channel to the upside, if it does the next target is the middle of clone channel with the top of channel as the second target, after that we have to add second clone.
Comments
QuantitativeExhaustion
⋅
Channels always seem to hit.
nmike
⋅
...channel broken last week
jmtbernardo
⋅
Yes indeed, lets see if it bounces from the resistance that became support.
nmike
⋅
...the 34 ma on weekly chart has worked well in the past for Apple so it may act the Key support going forward
littleriver
⋅
Hi nmike, real nice work! I like how your weekly RSI is giving a clear entry to base and clear top signal. Here is an indicator from Chris Moody that may make a nice compliment to what you have shown here. The indicator allows for two RSIs of different time frames to be displayed at the same time. Here I have a weekly (orange) and a daily (blue) RSIs on a daily chart. The orange box is the base. Using entry and exit points of base, I have drawn what I am calling the weekly RSI hidden support line(white line). When price is in a clear trend like now, any drop below this line by the blue daily RSI is an entry point. This chart makes trending entries (up or down)easier to identify. I am calling it "Dragon Slayer". As the beast rises, soft spots along the belly are revealed for easy entry of ammo. Anywho , I thought you might enjoy . Many thanks !!!
nmike
⋅
Hello liitleriver,thanks for your comments. Extreme overbought / oversold conditions are better seen with a higher RSI look back period .I use 34 often to go along with Fisher 34. Here is a good example and notice the huge divergence on the third overbought condition.Thanks for sharing the Dragon Slayer script, I'll have to check that out.
A-shot
⋅
Is there a huge difference between 21 and 34 in that case? shouldnt be one
nmike
⋅
Hello!... there's not much difference between 21 & 34, the 34 is slightly smoother therefore easier to spot RSI lows & highs for drawing trend lines
...oh just noticed I misspelled " littleriver" on my last comment
A-shot
⋅
I think it was littleriver i was talking about this as well:) i now check charts with rsi on 7, cci 21 - or maybe check rsi 21 if the time frame is a longer one. but i dont think 34 makes a huge difference and i always check various numbers to see if it is really a divergence. i actually already had 2 cases when my predictions worked in the recent month. i guess your preferred setting also was backtracked by you :) it is a matter of preference after all.
johnmad
⋅
Hello Littleriver , do you have an EA that plots RSI 4 hr and Daily on the same chart , i would like to look into this , Kindest John Maguire