Seems to be hitting these levels now. Lets see.
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Trading the Cable swings via averages
{quote} This is not right. If you see a div on a chart, then the target is also on the same chart. A bull div on the 5 min should reach the EMA on the 5 min also. Also, a period of consolidation will cause the EMA to come to the price as it plays catch up. The market tends to remain relatively flat for longer periods than trends.
I was too excited on the pullback of H1.
It seems on H1 it comes to a consolidation period.
It plays pingpong on both sides of M5 EMA now.
But in H4 I see an RSI bull div and an ABCD pattern.
Thus I am expecting after the consolidation on H1 it will head up northward to D.
Cheers,
DL
- #8,580
- Edited 9:07pm Nov 3, 2022 8:50pm | Edited 9:07pm
There is a Reg Bull Div on H1 thus I looked for a long opportunity on M5
On M5 I saw a weakness sign of the bear. They tried to push price back down but couldn't across EMA.
The fast RSI went down to oversold area but the slow still keep above waterline.
It seems the bear is loosing steam.
I went down to M1 looking for entry.
I saw at point C price was trying to attack point A but failed.
RSI made their LL but price couldn't.
Thus I went long on the next bar
On M5 I saw a weakness sign of the bear. They tried to push price back down but couldn't across EMA.
The fast RSI went down to oversold area but the slow still keep above waterline.
It seems the bear is loosing steam.
I went down to M1 looking for entry.
I saw at point C price was trying to attack point A but failed.
RSI made their LL but price couldn't.
Thus I went long on the next bar