BCH/USD H&S and a short? Hello traders!!
I have taken a look in to BHC/USD again after we did a short from 1500$ to 1200$ and reached the first target!
Now as we saw in the previus post the actual target was 800$ but for that we must bounce back down here at 1275$ area and if don't we could break out of the channel!
I did comment on a previus post that if u are in a short position you need to take some profit at 1200$ and now if u are still in a trade the stop target is at 1340$. if we cross that on the upside u should close the trade!
Take notice that right now would be a perfect entry for the next short but we need to get some indication of a bear first! so wait couple hours or a day and this could be ready to drop to 800$ and we could make dubble bottom or even go further who knows?
Note: BCH is really similar to BTC at this point!
Note 2: The % from a neck line to the head is the same as from this point to 800$ area.
Slo_crypto
RS
EURGBP ShortStrong RS that hasn't been broken in a year. Will see if it holds or starts moving down again
Long GBPJPY: Bat + Crab Complete at Weekly Trendline SupportGBPJPY has entered the PRZ of two bullish patterns on the daily chart. The PRZ aligns with both horizontal and trendline support which may add to the potential for reversal at this level. Multiple unhit monthly and weekly pivots sit above price and may help pull price toward target. To add to bullish bias, MACD has produced bullish divergence and RSI is oversold. Entry is placed at crab completion with SL below horizontal support and targets at the unhit January, 2015 pivot and the 50% retracement of the bullish bat CD leg.
Bullish Confluence:
Bullish Bat
Bullish Crab
Weekly horizontal support
Weekly TL support
Multiple missed pivots above price
Bullish MACD divergence
RSI Oversold
XAUUSD; GOLD, US Dollar , hourly chartHere I present to the TV community a great tool brought to us by Ricardo Santos, a fantastic coder whose work I greatly appreciate. He has recently shared with TV the Murrey Math Lines/Channel indicator. This is a manner in which i have implemented using the tool in a MTF fashion in conjunction with Fib Time extensions. Plenty of chart notations to see. I like to overlap a short period MMLC and a long period MML. Two of my favorite to put on an hourly chart would be 24 and 144 periods. The MMLC allows us to highlight the extreme overbought and oversold zones which in MML relate to possible turning points in trend. When in MTF mode we can easily see areas that overlap increasing our chances of high probability trades when both period show the same signal. Use the Median crossing of MMLC to indicate overall trend and take advantage of price discovery via divergence.
