What I think this pair will do is drop down to test the EMA below - using the solid horizontal lines as support/resistance areas.
If this breaks the current yellow EMA - I want to see a retest on it - giving us a double bottom in that area to see if this bullish run will continue.
Blue(Over Level)/Red(Under Level) Background = Over Bought and Over Sold Areas * View Script
Anything else for the short indication horizontal lines are profit levels.
If this breaks the current yellow EMA - I want to see a retest on it - giving us a double bottom in that area to see if this bullish run will continue.
Blue(Over Level)/Red(Under Level) Background = Over Bought and Over Sold Areas * View Script
Anything else for the short indication horizontal lines are profit levels.
Comment:
I missed the first 'entry' into the indicator and I apologize for that although here we have a second entry into our profit area.
It missed our first level slightly, but from here we can see further what price is doing, since it was rejecting our ceiling. This might take a while to trickle down our indicator but patience is the game.
It missed our first level slightly, but from here we can see further what price is doing, since it was rejecting our ceiling. This might take a while to trickle down our indicator but patience is the game.
Comment:
Pullbacks - Still below our top level so the short is still active.
Comment:
We have on rejection candlestick - I want to see one more before thinking about closing this trade - it could be a potential breakout fake-out.
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//@version=3
study("My Script", overlay=true)
// ---------------------- RSI Settings
lagRsi=input(18, title='Lag RSI Period', minval=1)
nowRsi=input(9, title='Fast RSI Period', minval=1)
lagO=input(80, title='RSI Above Level')
nowU=input(25, title='RSI Below Level')
// ---------------------- RSI Indicator
// ---------------------- 80 and 25
rsiLag=rsi(close, lagRsi)
rsiNow=rsi(close, nowRsi)
ShortC=rsiLag > lagO and rsiNow > nowU
LongC=rsiLag < lagO and rsiNow < nowU
bgcolor( LongC ? aqua : na, transp=75)
bgcolor( ShortC ? red : na, transp=75)
// ---------------------- SMA with Indicator Breakdown
plot( sma(close, 110), color=lime, linewidth=3)
plot( sma(close, 8 ), color=yellow, linewidth=3)
Long2C=crossover(sma(close, 8),sma(close, 110))
Short2C=crossunder(sma(close, 8),sma(close, 110))
SShortC=Short2C and close < sma(close,110) and close < sma(close, 8)
SLongC=Long2C and close > sma(close,110) and close > sma(close, 8)
// ---------------------- SMA Indicator Signal
barcolor(Long2C ? blue : na)
barcolor(Short2C ? red : na)
plotchar(SLongC, char='B', color=blue, location=location.belowbar)
plotchar(SShortC, char='S', color=red, location=location.abovebar)