Hi guys, today i want to share on my favorite kind of analysis: it is called CTS and it stands for Combined Technical Score. It basically consists on putting different clues together in order to rise the likelihood of each trade. You can think of it like being in the side of different entry techniques so that you're with the majority of traders. On the chart above you can see my clues list: first, we have daily structure at this point (that's the start of the process), second, there is an AB=CD pattern already completed with a shooting star candle that's giving us some buying pressure. In addition to that, price is also testing a psychological number (1,2400) and it shows some divergence on the RSI. IF the current candle will close engulfing THEN i'm going to enter long the market, with stops and targets as above.
Let me know what do you think about it. If you have questions, feel free to ask beneath. Otherwise, see you in the next chart!
@ojgrand, if you aren't familiar with this strategy you can look through my past ideas, i've explained it sometimes. It basically consists on buying the 618 retracement of the leg that breaks the double bottom's neckline. You can see the illustration above.
ojgrand
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retest to the .618 ?
Roker1
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@ojgrand, what are you referring to? do you mean on the hourly or on the 4hr chart?