JohnLaw

JohnLaw

KEEPING THINGS SIMPLE ON THE EURUSD (1 day, log scale) -price was meeting resistance (horizontal & downward sloping trendline), has turned -the April/May negative divergence worked out -at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an uptrend). -we have a slightly lower high, that by itself...

JohnLaw

Oh yeah - I was dead wrong on the short term price action. Bash me! :-) Well, one cannot be right too often :) . The upward price pressure was certainly more fierce than I anticipated. That did hurt my account too. "Yes, I feel you pain." As a result, the diagional triangle is gone. The 1.140/1.144 level presents a horizontal barrier. Nontheless, not much has...

JohnLaw

{sorry - repost here, since the last published idea was cut-off to the right of the chart} Not much has changed on the EUR USD : -------------------------------------------------------- - the overbought and/or almost overbought levels the RSI have NOT given any clue to a continued bull trend - ON THE CONTRARY, the oversold levels in RSI were not followed by an...

JohnLaw

Things have changed on the hourly chart. - now overbought level in RSI again turns the hourly chart into neutral mode - I would not say bullish mode (yet) - the last & very swift up move calls for a correction, especially since it is meeting resistance - the daily chart is more diffuse (see yesterday's daily) Since this 1 hour chart is now also going neutral,...

JohnLaw

KEEPING THINGS SIMPLE ON THE EURUSD (1 day, log scale) The picture is more mixed here than on the 1 hour chart : -price was meeting resistance (horizontal & downward sloping trendline), has turned -the April/May negative divergence worked out -at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an...

JohnLaw

Let's forget about all the fancy stuff. Let's Keep it Simple and Stupid, let's KISS the EUR goodbye for now? :) -price is meeting resistance (horizontal & downward sloping trendline) -the former negative divergence worked out -RSI has now turned oversold (= a negative) -but the current upswing is not getting the RSI into overbought level again. At least so far....

JohnLaw

We have a clearly overbought situation in EURUSD at the moment. But divergence is not yet in place. This can be traded in a nice way. Therefore : a quick trade on the move down, then re-entering the previous long position again (since Greece won't be allowed to fail). See the levels as described. Given the fierce forces working today, I don't expect it will need...