Today's breakdown triggers the CD leg of daily Bullish Gartley @ 44. Due to RSI, this will flush hard and fast. Sell it down to here then trigger off extreme oversold level > 30. Contrary to popular opinion, Oil IS TO BE ACCUMULATED ON PULLBACKS LIKE TIS!
@ScottCarney, well the price break below PRZ for almost 130pips it was very scary.
I learn from Terry is that to wait for RSI divergence, reversal candlestick, retest of the PRZ, RSI move out from Oversold or Overbought zone.
I can see the condition is met but the huge drop convince me to stay away.
Swerver
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@naiveme, The DAILY candle closed above the PRZ with a strong rejection which was also a monthly pivot level and channel trendline support for confluence with full pattern hidden divergence, only a pending order would it have been scary as you put it the same candle also closed above the 30 RSI returning to the normal RSI zone.
I generally use the RSI div for entry as you mention, however sometimes confluence and price action paves the way also.
Open up the chart and see whats happening :)
UnknownUnicorn669425
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@Swerver, glad to hear from you. Will definitely serve as reference for me on coming days:)
I learn from Terry is that to wait for RSI divergence, reversal candlestick, retest of the PRZ, RSI move out from Oversold or Overbought zone.
I can see the condition is met but the huge drop convince me to stay away.