nelsyboy

nelsyboy

On the daily time frame, are we at the top of the double top? Does Friday's candle with it's long wick constitute a rejection already which means we should sell now? OR should we wait for a full on red candle before jumping in on a SELL trade? I really would appreciate all constructive comments.

nelsyboy

Redk only just moving above zero but Thursdays buying was high. Can the momentum continue? The macd shows solid movement up and with the Higher Low (HL) indicated, all the signs are that we are on a retrace of the two month plus long movement down.

nelsyboy

With the redk indicator below zero and showing the selling outweighing Wednesdays buying and the macd lines in the right order and showing divergence, I feel a continuation of todays selling is likely. I have indicated higher highs (HH) etc and it would appear a downward move has started. I should say though that this pair in particular should be traded with extra...

nelsyboy

There is some decent divergence showing on the short term RedK and long term MACD indicators with a slight cross of the MACD signal line. I do think my count of five non-overlapping elliott waves is correct and Tuesdays candlestick would appear to show selling pressure. All these factors show a positive chance of a move down to start the ABC retrace and my target...

nelsyboy

With some good divergence on the REDK and RSI indicators, the final close on todays daily candle shows a decent engulfing candle at the top of a consolidation phase. I have a live sell trade on now and hope tomorrow brings some more selling.

nelsyboy

Considerable divergence on both the REDK and RSI indicators. There is also a break of trendline on the RSI indicator and a recent engulfing candle at the top during consolidation period. I currently have a live sell trade on so fingers crossed todays small rejection of the top is a good sign.

nelsyboy Updated 

With a break of trend line, a cross of the 15SMA and 5EMA and momentum indicator below the 14MA, there is a fair chance of a move down from here. The MACD has crossed but the lines are very close together due to recent positive and negative price movements. I have started a SELL trade so hope to see some downward movement in the coming days.

nelsyboy Updated 

Recent cross of 15SMA and 5EMA and now a pullback. Momentum indicator negative and MACD lines correct side for sell. I have set a SELL ORDER at 6117.

nelsyboy

I had originally published a BUY trade idea which I am still in but currently running at a loss. However, I did fail to notice the current wave patterns at that point which now offers some sense as to why the trade has gone against the hopeful BUY direction. I do believe the current leg down is a mini ABC correction phase and I am hopeful for a move up next week....

nelsyboy Updated 

I have mapped out a mini-Elliott Wave which, in combination with a positive momentum indicator, looks like a decent chance of playing out. The longer time MACD has the lines in the right place. The 15SMA and 5EMA are quite wide apart so there is every chance of a rebound in the coming days.

nelsyboy Updated 

I had already published a possible path for this pair only to find price move against my prediction. However, it has not moved far and in fact, has closed under the trendlines I have drawn off of the peaks. An expected open tonight under the top trendline will hopefully kickstart a move down. In the short-term, the momentum indicator has dropped to negative and is...

nelsyboy Updated 

With a cross of the 15SMA and 5EMA and high momentum and MACD bullish, I think this recent pullback is an opportunity to BUY. I normally prefer to BUY at a lower price, say around the 15SMA but having drawn the trendlines, it would appear that that price may be out of reach. Anyway, I have entered a BUY trade so will see how this one works out.

nelsyboy Updated 

The momentum indicator is below it's 14MA and the MACD has already crossed. With a cross of the 15SMA and 5EMA and a pullback to the MA's, I do believe the next move is down. I am not trading this deal as the MACD lines are just above/on the ultra bullish horizontal line which puts it outside my strategy parameters. Still, I wanted to share this idea as I thought...

nelsyboy Updated 

A cross of the 15SMA and 5EMA and then a pullback to what I think is a wave 4 of mini Elliott Wave pattern. Momentum indicator still negative and MACD lines in right place also. I have set a sell order close to the trend line and 15SMA which I hope will be the top of wave 4. Price might not even get that high but I will see tomorrow.

nelsyboy Updated 

Elliott Waves once again and with some interesting trend lines, could this be the start of a move back down. 5EMA and 15SMA already crossed. Momentum indicator negative and under the 14MA. MACD also crossed and a decent gap between the lines. With such bullish action today, you would expect price to take off further early next week, but why has it stopped on the...

nelsyboy Updated 

Mini Elliott Wave pattern and looks like the top of wave A has been reached. Trading with the trend and SELL wave B down. There is no way of knowing how low wave B will get so will keep an eye on each day and hopefully will have the opportunity to move a manual trailing stop. MACD indicator extremely bearish. Momentum indicator bearish and just touching the 14MA....

nelsyboy Updated 

Recent bullish cross of the 15SMA and 5EMA and have waited for pullback to the 15SMA price. Some decent trend lines, positive momentum indicator and MACD lines on the right side of each other. I have entered a BUY trade.

nelsyboy

After ABC correction pattern ending and usual buying in direction of original trend on Friday, todays lack of decision and price hesitating under the trend line, it looks possible that a move down is on the cards. The 15SMA and 5EMA have crossed and price has returned to the 15SMA but not closed over it. The momentum and MACD indicators are all showing correct...