RSI AND PRICE ACTION- WAITING FOR CONFIRMATION!
Guys, I can't stress enough the importance of the basics.
Simple technical analysis i.e. levels, support and resistance, and RSI which i consider the only viable indicator outside the chart itself!
Lets observe the price action of the pair on this levels, and see if the scenario identified by the arrows plays out!
Should the pair follow the scenario-there is a possible cautious long out there!
NOTE: folks, do not rush to flood your charts with innumerable indicators in a hope that they will tell you something the chart itself cant give.
Because they wont!
If you cant make any conclusion from the chart analysis- do not trade this asset. SIMPLE as that.
do not try to trade EVERYTHING. Instead- trade what you understand only!
The chart above is a mere analysis, with the hope to hear other peoples thoughts on it. I am not enticing anyone to act on it!
Simple technical analysis i.e. levels, support and resistance, and RSI which i consider the only viable indicator outside the chart itself!
Lets observe the price action of the pair on this levels, and see if the scenario identified by the arrows plays out!
Should the pair follow the scenario-there is a possible cautious long out there!
NOTE: folks, do not rush to flood your charts with innumerable indicators in a hope that they will tell you something the chart itself cant give.
Because they wont!
If you cant make any conclusion from the chart analysis- do not trade this asset. SIMPLE as that.
do not try to trade EVERYTHING. Instead- trade what you understand only!
The chart above is a mere analysis, with the hope to hear other peoples thoughts on it. I am not enticing anyone to act on it!