Hope everyone had an enjoyable weekend.
Working on a backtesting strategy recently that has proven to have a favorable expectancy. I named it Hang 6 but its basically a structure trading strategy that employs a minium Combined Technical Score (CTS) of 6. Will be watching this as it progresses but heres what I am ...
Watching this progress. Looking to Short @ 0.6886 if we get RSI Overbought (75+) & Divergance; reasons for entry:
- RSI Divergance?
- RSI Overbought?
Stops & Targets as per the chart
Price action has come into a minor structure area. Looking at a Short @ 38.05. Reasons for entry:
- RSI Divergance
- Fib Convergance
- AB=CD Pattern
- Higher Timeframe Confirmation
Stops & Targets as per the graph.
A little late reporting this but still an opportunity to get involved.
Going short with a bearish cypher pattern on 1H back into a previous structure zone. Sprinkle a little RSI divergance and we might have a nice profit making opportunity.
Looking at a potential Bearish Bat completion @ 161.139.
Price action moving back into structure, AB=CD pattern completion & 1.618 Fib extension of AB w/in AB=CD pattern.
RSI divergance / overbought (RSI +70) probable.
Given the bank holidays, there may be some potential volatility to be concerned about. ...
BULLISH CYPHER setting up with wave count.
I set the TP @ 32 Fib albeit if the wave count is correct, you could potentially pull more out of it to the Fifth Wave; I use the 32 Fib as a "valuation" for my risk to reward.
As an update to my previous post, the previous Shark Pattern that was setting up is still valid albeit a BULLISH CRAB is now forming which extending the lower Expanding Triangle trend channel.
Again, the Shark Pattern is still valid, however, please be aware of another possibility. Trade either or as you please, ...