The 4hr RSI will double bounce. That's as close to a definite as I care to go.
1Day RSI should be oversold soon, and will stay there for a day or so.
1DStochRSI not quite reached the bottom and may sit there for a while
Conclusion: still further to go.
Also, and I've been rabbiting on about this for ages.....
I still believe we will see a sizeable $ support bounce at $5400. However much has gone on since my original prediction and some of the power in that bounce could have been taken out.
For those that have not seen my previous posts on the subject, the basis of my theory is as follows:
On 12th Nov 2017 a strong support was created at $5400. Since that time exchange rate changes make the support line higher in €uros than $dollars. As a result the bounce on 6th Feb 2018 occurred on the € 0.17% support, whilst the $ support remained untested. I believe a number of US and Asian based bots will have been set to initiate trades at $5400 if RSI day trade was oversold. These bots were not activated. € 0.17% bots were activated. Hence, a bounce occurred but without the full strength of the globe.
This time when $5400 is hit, all bots will activate and a bounce will occur.
The question is, how many bot programmers thought they missed the boat last time, and jumped in on the bounce a tad late, and thus have reset there next big entry point?
1Day RSI should be oversold soon, and will stay there for a day or so.
1DStochRSI not quite reached the bottom and may sit there for a while
Conclusion: still further to go.
Also, and I've been rabbiting on about this for ages.....
I still believe we will see a sizeable $ support bounce at $5400. However much has gone on since my original prediction and some of the power in that bounce could have been taken out.
For those that have not seen my previous posts on the subject, the basis of my theory is as follows:
On 12th Nov 2017 a strong support was created at $5400. Since that time exchange rate changes make the support line higher in €uros than $dollars. As a result the bounce on 6th Feb 2018 occurred on the € 0.17% support, whilst the $ support remained untested. I believe a number of US and Asian based bots will have been set to initiate trades at $5400 if RSI day trade was oversold. These bots were not activated. € 0.17% bots were activated. Hence, a bounce occurred but without the full strength of the globe.
This time when $5400 is hit, all bots will activate and a bounce will occur.
The question is, how many bot programmers thought they missed the boat last time, and jumped in on the bounce a tad late, and thus have reset there next big entry point?
Comment:
moving along nicely, added a few more details to include the RSI and StochRSI on the 4hr TI
Comment:
the price is trying real hard to stay above the support, so when it breaks that support there may be more desperation to bring the price back in line, which could end up with a fake breakout down to 5400 (the grey box), then a bull upward to the upper triangle resistance.
Keep an eye on downward trends. I'll be looking to enter after a bounce from 6000 or 5400, depending on sentiments at the time.
Keep an eye on downward trends. I'll be looking to enter after a bounce from 6000 or 5400, depending on sentiments at the time.
Comment:
Trade closed: target reached:
that was a long wait. Overshot the 5400, but not a surprise due to the long wait. This should be a pretty decent support level.
I'll wait for 5 to pass on probably look at entering in the boxed area, on the 5400 bounce.