DislikedWill move the stop to b/e right above the current 21ma. Retail sales had no affect on the $. Oil might be perking up the $ instead. Interesting how the 23.6 Fib# and the downtrend channel intersect at the same area. This might be a hard support area if we get there...Floating about +240 here.Ignored
I am calling outloud for SHORT entry now. Here are my points:-
1)Point X: 3 OUTSIDE DOWN (Highly reliable bearish reversal pattern);
2)Point Y: On its way to form the same pattern as point X; &
3)Point Z: Look at the Fast EMA (green line) as it make sharp reversal downside.
NOTE: Please IGNORE the RED line and the BLUE histogram in my MACD window. They appear because my MACD setting a little bit different from our standard which is 5.0;13.0;1.0 but mine is 5.0;13.0;50.0. I just want to see how the Slow EMA (the Red line) give the signal here.
TO ALL OF YOU WHO FOLLOW THIS THREAD PROGRESS, DO NOT FOLLOW MY SET UP. THIS IS FOR MY OWN USE ONLY...!!! THE STANDARD SET UP FOR MACD IN THIS THREAD IS "5.0;13.0;1.0"
Anyway, I will confirm my SHORT entry once the last candle in point Y is closed plus when the 3 OUTSIDE DOWN pattern is confirmed. It is that simple.
Have a look and make your own thought.
p/s-look like the price is testing the trend line very hard now.