HOWEVER OPPORTUNITY TO BUY HAS NOT PRESENTED ITSELF YET.
PRICE HAS BEEN ON THE DECLINE FOR 8 DAYS STRAIGHT WITHOUT TAKING ANY BREAK.
PRICE HAS RECENTLY CLOSED BELOW 127.00 ON THE D1.
I AM LOOKING FOR A D1 FAKEY OR EVEN A H4 FAKEY CUTTING 126.00 - 126.5 REGION. PRICE MUST NEVER CLOSE BELOW 126.00 FOR 2 H4 BARS CONSECUTIVELY FOR THIS TRADE TO BE VALID.
IF D1 CLOSES BELOW 126.00. IT MUST CLOSE ABOVE IT THE VERY NEXT DAY.
ELSE, THIS TRADE IS CANCELLED
IN FACT IM NOT EVEN SURE I WILL BE ABLE TO ENTER THIS TRADE. BUT I AM LOOKING AT 126.00 - 126.50.
REASON I WOULD TAKE THIS TRADE IS AS FOLLOW
RSI DIVERGENCE ON THE H4 AND D1
FOREX NEVER GOES IN "ONE DIRECTION" FOR TOO MANY DAYS, 8 CONSECUTIVE DAYS IS TOO MANY.
126.00 IS A LONG TERM SUPPORT, IN FACT ITS SO LONG YOU HAVE TO CHANGE TO THE TIMEFRAME TO SEE WHAT IM TALKING ABOUT.
THE HIGHER TIME FRAME THE MORE IMPORTANCE IT HOLDS
LASTLY, I BELIEVE H4 IS REACHING THE END OF SOME GARTLEY/BAT PATTERN (NEED HELP FROM CHARTIST AS I AM NOT FAMILIAR WITH THESE PATTERNS)
SO. KEEP A LOOKOUT AT THIS HUGE POTENTIAL TRADE.
SUBSCRIBE LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
No retrace in sight... another 24 - 48 hours before my GBPJPY idea becomes non-tradable...
This EURJPY with RSI divergence could be a good one.
I like RSI divergences. prove to be quite tide turning short to medium term H4 D1. My personal opinion.
I only enter a AUDUSD short if i am already sure that EURGBPNZD/USD are already/or going to tumble.
It is a basis for entering trade and i have explained this in some of my ideas. Where i enter a trade because of "correlation" reason.
Like for example this trade, i have reason to believe that EURUSD EURGBP are on a short term upward momentum and i find EURJPY to provide the best signal thus i published EURJPY idea.