Gold has been taking a beating in the past week. The reasons I am looking to go long on this : - Completed a bullish Bat pattern - Bottom of the equidistance channel (counter trend trade) - RSI (H4 & D1) at the oversold region - Bullish divergence on the D1 RSI (see arrow on chart), also a bullish divergence on the H4 Stops should be below the 1200 levels,...
Price already rejected at 1.01224 support. Support Level falling under 0.786 fibonacci as shown. Bearish butterfly pattern already formed. RSI at 70 has been breached and is going down, thus good sell entry. Target levels are based from coinciding fibonaccis from as shown and the retracement CD. Stop Loss: 1.01372 Target 1: 0.98853 Target 2: 0.96515
GOOD TIME TO GO SHORT ON NZD/USD POSSIBLE PATTERN FORMATION .618 RSI GOOD LUCK
With the weekly Stoch RSI in oversold territory, this is my favored SPX wave count. It would be invalidated should the SPX register a new all time high. In a nutshell, 2 to 4 up weeks (or green bars if you prefer), and after that a test of the 8 years trend line. This does not preclude a down opening next week, but we should finish the week with a gain.
Another Good one Today, NZDUSD *Longterm Channel going UP *Midterm Trend showing DOWN *EMA200 Acting as Resistance (Needs to break for more up movement) *RSI Oversold and turned(ing) DOWN Follow the Price and Trade
Price action is crucial to determine a bull move. RSI OVERSOLD Watch carefully, stoploss should below previous support
Making this updated chart to warn you to be careful with what happens on Monday. Doesn't mean we're going up right on Monday. We may still drop down a bit. Looking at the Daily chart, the trendline hasn't been touched yet. So we may drop down to around 10.210 and that's where the line is touched. Also, the RSI is currently sitting at 30, so tomorrow it might drop...
The RSI can be a great trading tool if used properly. Most Traders use it for an overbought/oversold indicator and that is the worst use of the RSI. As you can see from the chart, there are multiple short term trade setup in this one hourly chart. Although I am only showing 3 examples there are many more setups on this chart but did not want to make a mess...
Usdjpy holding at trendline support where price has bounced three times previously. With the RSI oversold giving us a reading of 10 we could look to see a short term pop from this level
Nice counter trend trading opportunity here. Why? 1. We have fibonacci confluence from a previous high @ 618 2. RSI is overbought 3. ABCD completes close by 4. We are at a strong trend line support 5. We also have a diagonal trend line resistance (not currently drawn on) which would support the shorting bias. Depending on your strategy you might require some...
This is looking interesting. Not much to say: RSI divergences developing, with the stock down 45% since March. The selloff seems fairly exhaused. Nice risk reward, if you put a stop at 4.79 and target at 5.27
Just noticed this trade guys. I'm not taking it because it's not yet part of my plan but it looks promising so deemed it worthy of a share. The risk reward profile has the potential to be high. Reasons: Big RSI divergence, Oversold RSI conditions, Doji reversal candle followed by good sized engulfing if current 15m candle remains as it is, Break of channel,we are...
I setup my support area on a hourly chart. As the price reach the support area I noticed thanks to the RSI that the currency was oversold. On top of that I saw a nice bullish butterfly forming. I went long at 0.76332, set my S/L just below my support area and my T/P just above the pivot point. I'll take another look at what the price is doing in a few hours and...
well you can see there has been a very strong downtrend, when every the 101.671 level bullish action happens based on past performance so a buy order would be ideal. TP and SL have been provided. Profit will be collected when price retraces back to its original resistance. Price has officially gone under a 25 EMA in the past
"plan your trade...trade your plan..." #tmt
+++ Don't forget to LIKE & Follow+++I'm currently watching how price bounced from the last structure support level - price did break it, but didn't make a Lower Close. Right at the structure level we can draw a Fibonacci Extension from previous lower move and a Fib Inversion from the last upward correction - and we will get a nice kill zone. I'm waiting market to...
BTC has either completed, or is nearing completion of a correction. (Possibly one more blip down) **Observations to note: - RSI has begun trending upward after touching oversold territory - We see confirmation on the oscillator, as StochRSI has also begun trending upwards on a breakout of oversold territory - Support @ 4H 200 EMA - **Looking to break back...
The EURCAD completing a bullish Gartley pattern at 1.4310. Other reasons lining up with this trade - H4 RSI turning off the OS zone - The PRZ of the pattern also coincides with the support Trendline drawn off the April 2015 lows