Investors sit back, Swingers Consider your play, day traders get ready.
* This is a risky trade with our current market conditions*
1HR
Note: The green lines are speculative at this point in time.
We have tested the purple line as support, It might hold and It might not. Considering how much we have dropped down and how our RSI's are starting to align with being oversold. With a contrarian type approach I will be leveling in positions here in hopes of catching a channel. This channel may uptrend and only make it to the blue line, where I will be taking some profits, or it could extend up to test the yellow descending wedge resistance once again. In either case falling below the purple support would be a good area to exit if we come to that. We are at levels of extreme uncertainty, which psychologically should produce channels for day traders to take advantage of.
Currently the 1hr, 2hour and 3hr Stoch RSI are in the oversold area. Our smaller time frames are overbought 5, 10, and 15. I would suggest letting the 15 drop below to oversold before leveling in.
Overall, I am still very bearish for this market and these types of trades are very risky considering that we are in a crazy bear trend underneath a death cross. Bite sized pieces with no hesitation to sell if price goes below your support.
Not financial advise.
* This is a risky trade with our current market conditions*
1HR
Note: The green lines are speculative at this point in time.
We have tested the purple line as support, It might hold and It might not. Considering how much we have dropped down and how our RSI's are starting to align with being oversold. With a contrarian type approach I will be leveling in positions here in hopes of catching a channel. This channel may uptrend and only make it to the blue line, where I will be taking some profits, or it could extend up to test the yellow descending wedge resistance once again. In either case falling below the purple support would be a good area to exit if we come to that. We are at levels of extreme uncertainty, which psychologically should produce channels for day traders to take advantage of.
Currently the 1hr, 2hour and 3hr Stoch RSI are in the oversold area. Our smaller time frames are overbought 5, 10, and 15. I would suggest letting the 15 drop below to oversold before leveling in.
Overall, I am still very bearish for this market and these types of trades are very risky considering that we are in a crazy bear trend underneath a death cross. Bite sized pieces with no hesitation to sell if price goes below your support.
Not financial advise.
Comment:
Our one hour Stoch RSI has been going up nicely since our low. It has crossed the 20 at about 6:00 am this morning. This will provide some bullish support until we reach the oversold areas at 80.
Comment:
6830 possible Elliot 4 wave pullback and confluence w previous trend line. Or we could blow through that and be in a channel holding pattern. Which is also fine by me. Minute Timeframe Stoch RSI are overbought (5-15). Hourly Oversold (2-3)
