18th December,2019
ON THE 3 MIN CHART
The price has crossed both lower EMA indicators and is looking like approaching the 200 EMA resistance level.
RSI is oversold and MACD Histogram is showing peaking green.
As I have been writing this there has been 2 bear candles falling quickly to half the height of the previous bull slope although two more waves lengthen the bullish height.
RSI is no longer oversold and MACD is pale green falling hill side.
ON THE 15 MIN CHART
The RSI red troughs are noticeably larger than the green hills.
On this chart the 2 lower EMA lines are clearly resistances that the price has spiked through.
This might be a 3 candle play- no, the wick has already reached the footprint of the lowest previous price resistance.
RSI is rising and MACD is showing a hill so the candle could possibly reverse but no and the two lower EMAs are keeping tight control of the price movement in a determined downward trend.
If I had acted in time (I started writing at 9:15 and it's currently 9:45) I may have been able to nab a short. But at this stage it is more important that I take the time to reason through and understand the analytic process so I that I can develop as a trader; if I do it right I'll be able to make what feel instinctive choices out of experience and skill. Trading prematurely has turned out to be gambling by another name and I am glad to say I have moved past my initial attempts at what seemed at first glance just a matter of choosing the direction and setting TPs and SLs that were at best "guess-timates".
It's 10:00 and I'm still on the 15min chart. Going by the indicators and price movement the shape looks like it will continue it's steady descent.
With this chart I am thinking that I can sell and descent is guaranteed.
THE 30 MIN CHART agrees, confirming how very horizontal the price movement is with the gentlest of slopes.
On the 45 MIN and 1 HR CHART however, there is a more definite bearish paw at the end but the rising RSI and MACD indicators makes it look like the price will meander on horizontally again, continuing it's most recent pattern.
However the 4H CHART shows an even steeper downtrend with both RSI and MACD indicators in the troughs which means it must be oversold and buyers' pressure should kick in.
22nd December 2019
Well I was right, buyers did kick in!
ON THE 3 MIN CHART
The price has crossed both lower EMA indicators and is looking like approaching the 200 EMA resistance level.
RSI is oversold and MACD Histogram is showing peaking green.
As I have been writing this there has been 2 bear candles falling quickly to half the height of the previous bull slope although two more waves lengthen the bullish height.
RSI is no longer oversold and MACD is pale green falling hill side.
ON THE 15 MIN CHART
The RSI red troughs are noticeably larger than the green hills.
On this chart the 2 lower EMA lines are clearly resistances that the price has spiked through.
This might be a 3 candle play- no, the wick has already reached the footprint of the lowest previous price resistance.
RSI is rising and MACD is showing a hill so the candle could possibly reverse but no and the two lower EMAs are keeping tight control of the price movement in a determined downward trend.
If I had acted in time (I started writing at 9:15 and it's currently 9:45) I may have been able to nab a short. But at this stage it is more important that I take the time to reason through and understand the analytic process so I that I can develop as a trader; if I do it right I'll be able to make what feel instinctive choices out of experience and skill. Trading prematurely has turned out to be gambling by another name and I am glad to say I have moved past my initial attempts at what seemed at first glance just a matter of choosing the direction and setting TPs and SLs that were at best "guess-timates".
It's 10:00 and I'm still on the 15min chart. Going by the indicators and price movement the shape looks like it will continue it's steady descent.
With this chart I am thinking that I can sell and descent is guaranteed.
THE 30 MIN CHART agrees, confirming how very horizontal the price movement is with the gentlest of slopes.
On the 45 MIN and 1 HR CHART however, there is a more definite bearish paw at the end but the rising RSI and MACD indicators makes it look like the price will meander on horizontally again, continuing it's most recent pattern.
However the 4H CHART shows an even steeper downtrend with both RSI and MACD indicators in the troughs which means it must be oversold and buyers' pressure should kick in.
22nd December 2019
Well I was right, buyers did kick in!