Expecting bounce off MAJOR support level + RSI diverging!
Here is why:
1. We can clearly see that price just dumped really fast, and then stopped when it reached this key level of support.
2. We can now see that The strength of the market is going back up indicated by the RSI.
AKA: There is RSI divergence from the last 2 previous lows created on the 1H timeframe.
3. Good enough Risk to reward (2.5) putting my stop below where price could get manipulated...
Just a short timeframe scalp to the next level where the price is likely to encounter resistance (where there was the last consolidation).
1. We can clearly see that price just dumped really fast, and then stopped when it reached this key level of support.
2. We can now see that The strength of the market is going back up indicated by the RSI.
AKA: There is RSI divergence from the last 2 previous lows created on the 1H timeframe.
3. Good enough Risk to reward (2.5) putting my stop below where price could get manipulated...
Just a short timeframe scalp to the next level where the price is likely to encounter resistance (where there was the last consolidation).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.