Hi friends! Welcome to waves update analysis, among the few coins with huge announcements and had been among the top 5 in volume since it moved first week of December.
Waves recently caught my attention printing a very interesting widening mouth pattern that could drive waves higher. Its currently sitting on its 12 EMA with a very nice doji candle close with...
The RSI can be a great trading tool if used properly. Most Traders use it for an overbought/oversold indicator and that is the worst use of the RSI.
As you can see from the chart, there are multiple short term trade setup in this one hourly chart. Although I am only showing 3 examples there are many more setups on this chart but did not want to make a mess...
Potential Reversal Zone confluences:
- Key Weekly resistance
- AB 127% extension
- XA 78.6% - 88.6% zone
- Double RSI Divergence
- Bullish trendline already broken to the downside
- Price passed 50SMA for the first time in 2 months
We don't talk about this too much in outside of the 12WT because many traders have a hard enough time wrapping their heads around regular divergence, but here's a crystal clear example of the "Hidden Divergence" that some of you have heard me mention before.
Akil Stokes
Chief Currency Analyst & Trading Coach
www.TradeEmpowered.com
BUY GBPUSD at channel bottom
(Analysis Based on 4H and 1H charts)
Criteria
1. Up trend on the 4H chart
2. At channel bottom
3. At daily support level
4. RSI was oversold at channel bottom
5. Slight hidden divergence
NOTE: Wait for price action to confirm the importance of this level.
Following oscillator divergence between the August and September highs price has had a deeper pull back into a suitable buy zone where bullish momentum is likely to kick off of. The buy zone is a region on the chart where price could find support in the 1.2780 area, at the bottom of a rising trend line and on 50% retracement line. Bullish signs in this buy zone...
Hello Traders,
In the previous post on FX:GBPUSD , I shared the Time Cycle approach with you guys. Thus, here on FX:USOIL I have applied the same approach, using the Time Cycles to determine the most probable direction for the next coming 2 to 4 years and also when the reversal in direction is most likely to occur. I explained the concepts behind both Sine...
0.7225 stands out clearly as a level on the EUR/GBP daily chart where price, it seems, is reacting in a bullish manner today. By day's end, should price close above this level, continuing bullish momentum could ensue. Evidently, this horizontal level, 50 ema and 50% retracement are acting as coalescent support. On the contrary, a close below 0.7225 may have price...
Hello Trader,
Similar to the FX:GBPAUD trade setup, here we also have a BULLISH CYPHER PATTERN on FX:GBPNZD that is very close to the completion point. Note that we also have HIDDEN BULLISH DIVERGENCE on the RSI. Keep in mind that only take regular or hidden divergences seriously, once the market starts to BREAK STRUCTURE in the direction of the...
Reading the chart
After the pair broke out to the upside, it came back to test the broken channel.
Now, this breakout represented itself as a completed harmonic pattern: the alternative bat.
Also, the RSI (7) is heavily oversold and comparing this strength with the previous low (close) it tells me that the bears were sold out too soon. Therefore, this could mean...
UPDATE #2: Stopped out with small loss.
UPDATE #1: Trade is active now.
Hello Traders,
Here we have a hidden BEARISH divergence that is giving us a nice shorting opportunity with very little stop loss and potential of high reward. The analysis is pretty simple, market is making LHs and LLs, signifying the continuation of the downward trend. Market has...
Sorry for being quiet this week trading view but I've been running things on the road. Also the markets have been pretty quiet this week so there just hasn't been a lot to share. Today seems to be a little bit better and I wanted to bring a potential buying opportunity on AUDUSD to your attention.
I'm already long this pair from earlier in the week. My position...
What fun would trading be if we didn't stem up a bit a controversy every once in a while. Now when looking at the higher timeframes everyone is calling for a long on the GBPAUD based on the previous level of structure that we're coming into. Me...well I took a short position this morning at the 86 even handle. Seeing how more than 80% of traders fail I have no...
Similar to AUD/CAD, AUD/CHF is setting up for a short opportunity with the following in view:
- inside bar following high test bar in pull back to 50ema
- price rejection at resistance at ~0.8210
- price retraced to 0.618 Fibonacci level which coordinates well within proximity of resistance at ~0.8210
- Stochastic and RSI in overbought territory
- Stochastic and...
Confluence of factors for short set up:
- resistance at ~0.9590 (also weekly resistance)
- inside bar formation in pull back below resistance
- 0.786 Fibonacci retracement/rejection
- hidden divergence (bearish trend continuation)
entry - below low of inside bar
stop loss - above mother bar
target - previous swing low or 1.272 Fibonacci extension
The bull bat (green) hit T1 and T2. Possible bearish butterfly completing @133, so a rally into 133 is possible. Watch the RSI hidden divergence on PA.
