TradingView
MrRenev
Jun 17, 2019 2:26 PM

AUDUSD bottoming Long

FX:AUDUSD1D
Australian Dollar/U.S. DollarFXCM

Description

⋅
Price action and momentum analysis tells us buyers are interested in this price, for whatever reason.

Big support area year after year:


On the 4 hour chart, the RSI has bounced off 15 many times (and not gone lower) in years:







Buyers absorbing downtrend selling:


Odds of a bounce are high. The 0.686 area provides the best risk to reward in my opinion.

Trying to get filled at 0.686, slighlty overcutting it.
Might miss out.
With a tight stop.

Maybe it is overkill?

Trade active

⋅
Good, now I should soon get stopped and take yet another loss :)
Make it quick and painless please.

Trade closed: stop reached

⋅
Nice, quick and painless, just how I like it.

Comment

⋅
People that are bearing on Bitcoin are not allowed to answer comments, so do not expect me to answer...

MrRenev RSI is the same as normal RSI I just changed the theme so something I like more :p

Yes I know the standard RSI can be customized.
Support and ResistanceOscillatorsSupply and DemandAUDUSDaustraliandollar
Comments
Domsax48
⋅
Hi there, after the crypto-trolling, some 'real' analysis at last ;)
One question: is this 'MrRenev RSI' an own custom indicator?
MrRenev
⋅
@Domsax48, Oh didn't see this. It's just the RSI with some visual settings.
trevor4312
⋅
Finally seeing some real indications. The right way to read RSI and the bearish engulfing candle was completely eaten up. Good thesis. I'll look after predictions with care.
More