FX:USDCHF   U.S. Dollar / Swiss Franc
24 4
Ok so yes I'm commenting on this now with hindsight but to be honest if you look at the RSI reading from 11:00 you'll see this was no higher than the previous high from 09:00 on 3/8/18 (or even very much higher than the 07:00 candle for that matter) indicating divergence and the potential for the market to turn back over at least in the short term. Also, your S/L suggestion is much too short as it's not even below the most previous area of what was resistance but is now support around 0.99554. The best place for the S/L would be around 0.99470 as it would then be a few pips below the most recent low at 10:00 but of course your risk reward would be very tight to get a 1:1 before it hits what I'm assuming is a resistance level at 1.00175.

Basically, I suggest checking your RSI more closely for signs of divergence on these sorts of setups. At the very least, throw a Fibonacci at it and you'll see that even if this does continue upwards (which it looks like it might) then it has the potential to retrace as far back as 0.99576 for the 76% level before it turns higher so you can set your S/L at an appropriate level. Of course, the other strategy would be to wait for the Fib retracement to happen and then jump in at a better price :)
chrisking1010 TradingHarmony
@TradingHarmony, hi mate yes this was wrong i couldnt delete it from my account. but rsi dont mean f all my friend except it follows the markets movement. oversold and over bought mean nothing in this game u should know this
chrisking1010 chrisking1010
@chrisking1010, why u not comment on most of the others i posted mate?? i think its about 75% of the analysis ive put up for my self no one else has hit targets or on the way
TradingHarmony chrisking1010
@chrisking1010, Chris, I never said anything about RSI showing the pair being oversold or overbought, simply that the readings were giving a good indication of divergence. I don't mean to be rude but if you don't understand how divergence works, please google it and you'll see straight away that the fact you had pretty similar readings for the two separate highs is a warning that something isn't quite right. As for OB and OS, i don't use RSI to measure these because yes, markets can sit in the OB/OS areas for long periods of time. As for your comment below about me not commenting on your other stuff... a) this was the only one of yours that I saw, b) I would only comment on a pair I personally trade on and know and understand and lastly c) the idea of commenting is to help other people improve which is what I was hoping to do by giving some explanation to you and other people that might see this as to why this trade idea failed. Please don't take this as a personal attack, I'm just trying to help.
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