RSI giving a signal that it's about to go down. Coupled with prices hitting the upper edge of the bollinger band, I expect prices to fall in the short term.
Trade closed: target reached
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Comment
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It's been a wonderful week so far 6/7 trades activated went perfectly
Wow! Good job Alex. And thank you for posting your ideas, i am trying to study it because I like using RSI and bollinger bands. More power and good luck.
piptamil
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Great insights
AlexxChan
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Thank you!
piptamil
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Thanks Alex...
den_
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Oh. By the way, you are using MACD-RSI indicator instead....how do you use it in your analysis? thanks Alex!
AlexxChan
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When I'm looking to enter my trade, I use RSI and MACD to see if it corresponds to the position that I'm about to take. For example, if I'm shorting it, I'll see if prices are over bought or not. If I'm shorting it and RSI and MACD indicates its highly oversold, I'll hold back my position. Then there's also divergence in RSI, which I find the most useful. It's great especially in the higher timeframes. Divergence coupled with prices hitting the top/bottom of a bollinger band is a great signal to play off of.