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Brooks

Short . Bear Strength in ActionWhen you see consecutive bear bars forming, that is a sign of bear trend strength. it happened twice, the velocity of this bear leg today is much stronger in relation to the previous bull channel up. This means the dollar, for whatever reason (I'm no fundamental analyst) is being bought and is become very strong. Therefore, since we are in a strong bear close this friday, I would only be looking to short. Yes, the RSI is very oversold, but it's better to look to sell on next weeks open than to be buying against a very strong trend. If a strong bull signal bar forms, than maybe you could buy for a small 1:1 scalp, but beware of sellers looking to short the pullbacks. GL, I will update in the comments section as things unfold.
Short
by still_waters
Experimenting with Pivot PointsPivot Point Case: I have Daily Pivot Points, Fibonacci Style. Watching 30M, 1H, and 5M Charts. This would be for a scalp. TP would be around Pivot Point ("P" Line) or lower if trend strong enough. I just am observing a bear signal around R1, and as far as i can understand, trading Pivot Points properly requires being able to read how bars react around those levels. No different than hand drawn support and resistance levels. There is more to it than that I'm sure, but to keep things simple, I'm just looking for candlestick behavior and close/continuation around these levels. Price Action Case: 30 M Signal Bear Bar Formed and Closed. What constitutes a bear signal bar according to Brooks Price Action? 1. Close on or near the low of the bar. Upper tail 1/3 to 1/2 the height of the bar. Could be seen as a double top reversal with earlier high. Also a test to the 20 EMA. RSI: 70 Level (Overbought) reached, and a Lower High is forming. Typically, the pattern I have observed when a pullback or reversal begins- is after the RSI reaches or goes above 70, and then retests the overbought level lower (a lower high), you will usually get a leg down. It is a form of an exhaustion signal. Obviously overbought and oversold tests definitely do not guarantee a full trend reversal, but they can signal pullbacks enough for a scalp. You have to read the bars to understand the current context of market (trend, range, channel)
Short
by still_waters