TerryHarmonicTrading
Long

RSI Bamm on USDCHF - What does it mean?

FX:USDCHF   U.S. Dollar/Swiss Franc
Hey traders, my last post on RSI had alot of subscribers asking me questions.

This post will be about the RSI bamm again.

Take a look at the H4 chart of USDCHF             .

Configure your RSI , 14 days, 30 oversold , 70 overbought.

You can see that there is a M structure that completed at the overbought area of the RSI .

This usually means that the trend has not ended and it will likely continue to go up.

In situations like this, I will personally not trade on any bearish patterns as the trend is very very bullish .

I will go down to the h1 or m15 timeframe to find patterns to go long with the trend.

In this example, I spotted a AB=CD completion around 1.0080.

I also use a simple moving average band of 34 high and low to tell me when is a good area of support.

EP: 1.0080
SL: 1.0050 (30)
TP: 1.0160 (80)

This will likely happen soon, will enter when I see a rejection or doji candlestick at 1.0080.
Trade active: Got in at 1.0080. Good luck guys.
Comment: Download my game plan for week 46 with video attached.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week46report
Trade closed manually: Decided to square off my trade at break-even to potentially get in at a better price.
This week's report is out, I will cover Gold, DXY and USOIL.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week48report
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Trade is now active.. thanks Terry!!
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