Get started

Rsi_overbought

Short on GBPCADHi, pound has been really strong over the past weeks, it's a bit risky to trade against it but i cannot help but make my usual analysis and trade it. The daily structure is represented by the blue box, plus the RSI in the daily is way overbought. So this is what i'm looking for when i seek for a reversal: as we go down on 4H timeframe, you'll se a nice divergence followed by an engulfing candle that should tell us bears are entering the market. Now price is pulling back and it's giving us a better risk to reward ratio. Stops above highs, target1 at the retest of the low, target2 to be determined. If you want to ask questions or share your view, comment beneath. Otherwise, see you in the next chart!
Short
by Roker1
Reversal area on EURCAD!Hi guys, lately price action didn't go in our favor. I apologize to you if you did take some losses because of my charts, but one of the hard part in trading is to keep using the same methodology (proven to be valid) over and over again, without sabotaging it. So here we are with one of the usual structure plays on the chart. As you all see, euro has rallied a lot this week, and in this particular pair it reached a key resistance area that could stop the rally and start a reversal. Why am i interested in this particular zone? Simply, look left and you'll notice some of the previous touches on that level that always provided with some good shorting opportunities. So the previous behaviour could repeat again. Plus, we also have an AB=CD pattern that's just completed and the RSI is way overbought. It additionally confirm the good spot we're in. So keep a look at the lower timeframes seeking for a shorting signal in price action, such as double tops, engulfings, pinbar and so on. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Reversal Zone on EURCADHi guys, lately price action didn't go in our favor. I apologize to you if you did take some losses because of my charts, but one of the hard part in trading is to keep using the same methodology (proven to be valid) over and over again, without sabotaging it. So here we are with one of the usual structure plays on the chart. As you all see, euro has rallied a lot this week, and in this particular pair it reached a key resistance area that could stop the rally and start a reversal. Why am i interested in this particular zone? Simply, look left and you'll notice some of the previous touches on that level that always provided with some good shorting opportunities. So the previous behaviour could repeat again. Plus, we also have an AB=CD pattern that's just completed and the RSI is way overbought. It additionally confirm the good spot we're in. So keep a look at the lower timeframes seeking for a shorting signal in price action, such as double tops, engulfings, pinbar and so on. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
6
Shorting Pound against NZD!Hey guys, this is the 4hr chart on GBPNZD. The yellow box i've drawn comes from the daily timeframe and it represents the structure zone that i'm paying attention to. Now, as soon as price entered the zone it found immediately some troubles breaking through, and you can say that simply by looking at the wicks. Actually, it has formed a nice double top, with RSI divergence in overbought condition. The pinbar followed by a red candle is a good sign of reversal. Stops above the highs, targets as illustrated above. Let's see how it plays out. If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
4
Short on Pound/NZD!Hey guys, this is the 4hr chart on GBPNZD. The yellow box i've drawn comes from the daily timeframe and it represents the structure zone that i'm paying attention to. Now, as soon as price entered the zone it found immediately some troubles breaking through, and you can say that simply by looking at the wicks. Actually, it has formed a nice double top, with RSI divergence in overbought condition. The pinbar followed by a red candle is a good sign of reversal. Stops above the highs, targets as illustrated above. Let's see how it plays out. If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
EURUSD - 4H – BEARISH BAT formation COMPLETED!I’ve been keeping my eye on an advanced pattern formation that began forming on 4/10/2017 following a 70% retracement of a previous bear trend that lasted about 8 days. It was unclear if this was indeed an advanced pattern until price formed a BC leg, this occurred when price bounced off of previous resistance around 1.065 and then found support at 1.06. The BULLS then rallied and were successful in pushing price through 1.065. At 1.077 the BEARS attempted a correction that again found support at 1.07 and from there a mammoth move completed the CD leg of this BEARISH BAT formation while most of us (people residing in the US) slept. What to look for next… I am predicting a sell off as the textbooks would suggest, a reversal at the completion of the CD leg. Of course only using only a single signal to justify entering in to a position is a big NO NO. You should confirm at least 2-3 additional signals before making a decision to enter. Anyways, IMO the best place to get into this to SHORT would be between 1.085 and 1.088. Any price rallies that penetrate and close over 1.087 could mean my bad news for any hopes of an impending reversal. TL:DR – Signals to confirm a SHORT on the HORIZON> • Bat formation CD leg completion. • RSI overbought, AGAIN. • Exhaustion candles closing, multiple candle wicks north of 1.085. Good LUCK!
Short
by MrTakeProfit
Power of Candlesticks (AUDCAD analysis)Hey guys, today i want to show you the power of candlestick combined with structure. Here is the 4H chart on AUDCAD, and the price is coming back to retest the 618 level of the bigger daily impulse; this level also lines up with a structure (that you can see if you scroll the chart). With this two level i was able to draw a box where i can search for shorting opportunities down on lower timeframes, and that is what happened. As soon as price reached this zone it stopped its upward move and gave us a strong selling pressure signal (pinbar) followed by an engulfing candle. In order to get the real power of candlestick you can sometimes combine 3-4 candles together and see what's coming out. In this case on the right i've drawn the result and it shows us very strong sellers. At this point, knowing the level it's so much important i want to short at the first retracment. Stops above highs, first target at 1,5:1 RR and second target to be determined. If you have questions or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
1
Candlestick Power (AUDCAD analysis)Hey guys, today i want to show you the power of candlestick combined with structure. Here is the 4H chart on AUDCAD, and the price is coming back to retest the 618 level of the bigger daily impulse; this level also lines up with a structure (that you can see if you scroll the chart). With this two level i was able to draw a box where i can search for shorting opportunities down on lower timeframes, and that is what happened. As soon as price reached this zone it stopped its upward move and gave us a strong selling pressure signal (pinbar) followed by an engulfing candle. In order to get the real power of candlestick you can sometimes combine 3-4 candles together and see what's come out. In this case on the right i've drawn the result and it shows us very strong sellers. At this point, knowing the level it's so much important i want to short at the first retracment. Stops above highs, first target at 1,5:1 RR and second target to be determined. If you have questions or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Shorting pound is crazy? Let's check price action!Hey guys, i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them. So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the completion point of the Gartley pattern and the AB=CD pattern. This level also lines up with a psychological number, and most likely after today's close we'll be in overbought condition. All the usual clues are there, the only part missing is a price action signal, that this time should be very strong; be careful when trading against the actual trend. I'm going to pay attention to 4H and 1H chart in order to find a trading opportunity. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Intraday Pattern on AUDJPYHey guys, i don't usually trade in these lower timeframe, but this time i think it could be a nice level to short. The blue line represents a previous level of structure, and price has created new lows breaking through that level. So i'm thinking it could turn into resistance and hold the price's rally. Stops above X, targets as usual for harmonic patterns. If you have any questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Intraday Bat Pattern on AUDJPYHey guys, i don't usually trade in these lower timeframe, but this time i think it could be a nice level to short. The blue line represents a previous level of structure, and price has created new lows breaking through that level. So i'm thinking it could turn into resistance and hold the price's rally. Stops above X, targets as usual for harmonic patterns. If you have any questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Double Top on GBPAUDHi guys, this morning we could have a chance to get involved in this trade. Now i'm going to explain you why: first of all, the big yellow box represents a daily structure level, this level happens to line up pretty well with the 618 retracement of the bigger daily leg. In this cases i seek for trading opportunities down on lower timeframes: on the hourly chart you can see we have a double top forming right now, with RSI divergence. An additional clue could be the psychological level price is testing (1,6700). I'm waiting to see how the next candle will be. Keep you updated. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Reversal Zone on GOLDHi guys, today i want to bring you my view of gold. It's been in a recent uptrend and it's creating new highs but i think this could be a bigger retracement of the downtrend in the big picture (weekly). By using a simple AB=CD harmonic pattern and two Fibonacci levels i've managed to create a small reversal zone where price actually is right now. Here we have two different AB=CD harmonic patterns, a 618 retracement and a 1.618 extension. The RSI is in overbought condition. All these conditions together make me think it could be a nice shorting setup. If you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
FX:XAUUSDShort
by Roker1
4
Double Top on GBPUSDHi guys, this time we're going to take a look at the pound dollar cross; as you can see price has formed a nice double top at a previous structure point in higher timeframe (4H) with RSI divergence (bottom of your screen). I'm not taking this because i'm already involved with GBP pairs so i don't want to be overexposed, but i think this could be a nice short. Stops would go above the highs, conservative target can go at the retest of the recent low, a more aggressive target could be at the retest of the lows at 1,2430 level. If you want to share your view or ask quesitons, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Is AUDUSD coming down?Hi guys, as you can see on the chart above, on this pair we're retesting a key structure level. In doing so, price has created a nice engulfing candle bigger than all the previous ones. This, together with the RSI Divergence (that you can see on the bottom) makes me think this could be the reversal beginning. Stops owuld go above the highs, target1 at the retest of the lows, target2 around 0,76. If you want to share your viewpoint, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Short on AUDUSDHi guys, as you can see on the chart above, on this pair we're retesting a key structure level. In doing so, price has created a nice engulfing candle bigger than all the previous ones. This, together with the RSI Divergence (that you can see on the bottom) makes me think this could be the reversal beginning. Stops owuld go above the highs, target1 at the retest of the lows, target2 around 0,76. If you want to share your viewpoint, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
GBPAUD ShortLovely retrace on the daily to the golden Fibonacci level of 618. Complete rejection, in addition to rejecting a key support/resistance line at the level of ~1.64. 1. Rejection of 0.618 Fib level on the daily retracement 2. Rejection of ~1.64 level 3. Massive RSI divergence across all time frames (4h and below) 4. 4H RSI is extremely high (~80). Only happens a few times/year. Typically leads to a massive drop. No target set yet, but according to Fib extensions, 1.58 looks doable, especially with Brexit talks next week. FX_IDC:GBPAUD FX:GBPAUD OANDA:GBPAUD
Short
by EagleByte
1
AB=CD Patterns unfolding!Hi guys, this evening i want to bring your attention on this scenario on AUDCAD. As you can see on the left hand side of your screen, price is now testing a key resistance zone on the daily timeframe. Also, it has created two different ab=cd patterns (one on the daily, one on the 4hr chart) that are going to complete right at that structure level. RSI is in overbought condition on the 4HR. Pay attention to price action. I'm waiting for a sell signal. I'll keep you updated! If you want to share your viewpoint, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
7
Harmonic Patterns on AUDCADHi guys, this evening i want to bring your attention on this scenario on AUDCAD. As you can see on the left hand side of your screen, price is now testing a key resistance zone on the daily timeframe. Also, it has created two different ab=cd patterns (one on the daily, one on the 4hr chart) that are going to complete right at that structure level. RSI is in overbought condition on the 4HR. Pay attention to price action. I'm waiting for a sell signal. I'll keep you updated! If you want to share your viewpoint, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Bunch of different clues on AUDNZD!Hi guys, i want to explain to you why i'm going to short this pair if price pulls back a little bit more. As you may know audnzd -0.12% has been moving upward without interruption: both in the daily and 4hr chart Rsi is in overbought condition, and this tells us that market is overextended and there's maybe some room to retrace and let the trend breath. Obviously i don't trade based off of only RSI , but it gives me a good indication of what the market could do. In this case we have different clues pointing in the same direction. First, we have structure at the black line level, together with a psychological threshold (1,0900): at this level you can see price has created a shooting star and then a nice engulfing candle. Also, there's a 618 retracement of the bigger daily leg that happens to be right at this level. With all those clues together i think there's no doubt. I'm going to short at the 1,09 level, with stops above the highs, and target1 at a 1,25:1 RR. Target2 to be determined more accurately. Good trading! Feel free to comment below for any kind of questions or if you want to share your view. Otherwise, see you in the next chart!
Short
by Roker1