Here we have a bearish bat on the daily. Price came up a few dozen pips from the HOP on my pattern and slightly violated the HOP on the automated pattern recognition software. Now, I know I haven't been active lately, but for those who have been following my patterns know I am not a big fan of oscillators; however, we have a double top on the AMP RSI (scott carney's invention) and the HSI is in a divergence, indicated by the yellow arrows. (also another Scott Carney invention. What i would like to see for an entrance is today it finishes as a blue candle to retest the high, then Monday finish as a moderate bearish engulfing candle then Tuesday enter. That's the plan. Take .5 of my position out on the 382 of the pattern and move stops to BE and then let the trade do as it wishes. Half the Profit is better than a full loss. #breakevenorbust
Comment:
Same play as GJ we had our re-test today of the level. So, now we wait and see what happens tomorrow. Tomorrow we want an moderate bearish Engulfing Candle, nothing more than 70-100 pips. anything more is chasing the trade and anything less is being too zealous.