Momentum is running out and this pair is set to turn soon. It is a good test of the MACD and the AO as they both say different things. My experience so far does not really give an edge to either one, but I find the AO more responsive.
We had a pull back with consolidation on the LTF as per my rules ( see linked chart). That move was stopped due to strong support level.
Currently price is in a daily and 4 hr resistance level either which I am anticipating have the strength to turn price back to below the green daily trend line.
There is no real strong trade yet but on a LTF there is the possibility to sell the break out of the blue 4 hr TL. Carefully monitoring it as it may bounce of the daily TL.
The trade I will be looking for will be the breakout of the Green Daily TL. This should drop to the orange weekly TL and possibly breakout below that.
Educate yourself, create your own trade plan, validate your trade with others traders ideas. Own you trades good or bad.
We had a pull back with consolidation on the LTF as per my rules ( see linked chart). That move was stopped due to strong support level.
Currently price is in a daily and 4 hr resistance level either which I am anticipating have the strength to turn price back to below the green daily trend line.
There is no real strong trade yet but on a LTF there is the possibility to sell the break out of the blue 4 hr TL. Carefully monitoring it as it may bounce of the daily TL.
The trade I will be looking for will be the breakout of the Green Daily TL. This should drop to the orange weekly TL and possibly breakout below that.
Educate yourself, create your own trade plan, validate your trade with others traders ideas. Own you trades good or bad.
Comment:
I made an error. in the text in both the MACD panel and AO panel, the differences in the MACD and AO should read Green trend line not blue line. Sorry for any confusion.
Comment:
We have broken and closed below the 4 hr TL. We have a nice little bear flag forming so it may be a good breakout trade opportunity. A safer trade would be the break of the green daily trend line with a correction.
Trade active:
Entry .7269
SL .7328
Target 1 72161
Target 2 6974
SL .7328
Target 1 72161
Target 2 6974
Comment:
Target 1 hit moved stop to break even and took off 1/3 position. Playing with the casinos money now.
Comment:
I am looking to possibly add to my position as we are breaking out of a bear flag. I will wait 3 x 15 min candles as per my plan.
Also it is clear here that the AO was correct while the MACD suggested another move up before breaking the green daily trend line.
Also it is clear here that the AO was correct while the MACD suggested another move up before breaking the green daily trend line.
Trade closed: target reached:
We are in an area of support so I will be looking for longing opportunities.
