Technically very bullish, with higher highs and higher lows. But as you see it kissed the daily 200 MA and closed both the old and the new gap. Now a close above the 200 daily MA and a retest would be your go long bias. Or it may bounce back up a little from the TL give you a double top and reverse down and there you want to see a break of the neckline that happens to be at the same level as the TL a break down and retest would be your bearish trigger for short. Questions? :D
price broke down, waiting for the retest to enter short
Foremost
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Hi Pierre, what a great idea ~ as always. But as you pointed out from the viewpoint of the RSI which was making higher lows, the reverse seems to be the case this morning (11:42 am Malaysian time) as the RSI is now making lower lows on the 4H time frame as opposed to its previous lower highs behavior. Is there anything you could tell us about this please?
trungle83
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Thanks for sharing Pierre.
Im seeing bullish but possible rejection @1.096. Will watch for now
PA-FX
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@trungle83, Good mark up there! that AB=CD would be great to try and short :)
trungle83
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@abozahra, Thanks! That's the plan. I'm sitting patiently with this one hehe
johnjlw
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Hi Pierre, why don't my 4h chart not looking same like your's ?
PA-FX
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@johnjlw, How do you mean? i just crunched it a bit to see the whole pic, but the levels should be the same.
Nurhun
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@abozahra, same here !! is there any customized configuration for your 200 MA indicator ?!
PA-FX
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@nour-a, It's a simple moving average period of 1200 used on the 4H gives you the 200 daily. The idea behind the calculation is: 24H / 4H = 6. 6 * 200 = 1200.