I saw double top forming on 5m, 15m and 30 min chart. Anyone with me on this? I think it will go down to 9385.
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Quoting LeugimpDislikedALthough the immediate trend is down, most analysis on varying timeframes will show a move out of oversold territory. There is nice confluence at 1.9400 level which works nicely because we have the added bonus of it being such a psychological level as well. A retracement up to this level without price closing above 1.9426 will also set us up for a negative reversal which should bring us back down under our previous low of 1.9259. Symetrically, this scenario would be ideal with the new low move not coming below 1.8960 level. This would complete our weekly move with perhaps a bit of consolidation or immediate reversal on weeklys to go back and either make a new 52 week high or double top just under it. Everything is already in place on weeklys and dailys and a further move down is not necessary for development of this pattern other than improving symetrical factors.
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We have yet to see a close on 4 hr above that 9426 level. If we see a turn prior to any close above it, we should be heading back down to our previous low level in the least(negative reversal). Nevertheless, position sizing will be key as we are making the turn on the dailys to the upside, and if confirmed we could be stepping in front of a runaway train. Just an opinion, hope all did well yesterday.Ignored
Quoting jest1081DislikedWell let me add my analysis and positioning for 10 mins charts...bullishIgnored
Quoting sam1DislikedI saw double top forming on 5m, 15m and 30 min chart. Anyone with me on this? I think it will go down to 9385.Ignored
Quoting monarchDislikedIf it is possible, can some one post a chart with a divergence setup, any time frame over 1 hour.
Just like to see if there is a divergence coming up with the slow down we have had after todays large increase in price.
Thank you in advance.Ignored
Quoting enzo2325Dislikedheres my 4 hour chart... I don't like posting charts because they look so small when I doIgnored
Quoting monarchDislikedWe have been bumping our head for about 7 hours here, you should see a double top in several time frames, the 4 hour closed the last two bars within 4 pips of each other.Ignored
Quoting LeugimpDislikedHere is the unconfirmed yet extremely dangerous and opportunistic positive reversal forming on the dailys. Usually, a positive reversal eventually leads to a bearish divergence(currently a lower rsi has been unable to drive price lower usually leading to higher price with lower RSI reading), yet that is exactly why divergences must be analyzed very carefully, especially in terms of timing. I usually find that RSI Divergence differs greatly in bearish vs bullish divergence as far as in what range within the 0-100 scale that they materialize. Other than that, I usually look for these positive and negative reversals for trend continuation alot more often than divergence as I feel the signals they generate are better timed and more reliable.Ignored
Quoting dobbie11DislikedNot only is it forming a double top the 1/5 on high and 1/9 high. But it has also formed a Cup and is now in the process of forming a handle to the cup. Also in a very tight upward channel. And is still right under its 38.2 retracement on the hourly chart. But still looks like a corrective wave. Of the current wave.Ignored
Quoting enzo2325Disliked<TABLE class=tborder cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 181844" vAlign=top><TD class=alt1 align=middle width=125>Leugimp</TD><TD class=alt2>What are you using, the ATARI of charting software</TD></TR></TBODY></TABLE>
hahaha thats hilarious dude.... Hey its a so much easier for me to understand the charts then the ones you guys post. if green is above red I buy if red is above green I sell and the yellow lines are my retracementsIgnored