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Trading on divergence signalsEDUCATIONAL PURPOSES: There are several indicators that one can employ during the course of analysis. One common indicator will be the Relative Strength Index. What can you draw from this indicator? Overbought and Oversold signals! However, one can also use this indicator to spot divergences in the price and the relative strength! Above are 3 examples of RSI divergences: AUDCAD, AUDSGD and GBPAUD. The main idea is to look out for differing directions between the price and the RSI within the same period. As we can see from AUDCAD and AUDSGD, price was creating lower lows while RSI was creating higher lows. This is an example of a BULLISH RSI DIVERGENCE, and price will soon start correcting. In the case of GBPAUD, another higher high on the price carves out a lower high on the RSI. This shows that there is a BEARISH RSI DIVERGENCE, and price will soon start correcting. Spotting divergences helps with timing of trade entries (whether it is too late or too early), exiting of positions and/or adding more positions. You can also use this as a trigger for a trade (i.e. a Long trade in AUDCAD, or a Short trade in GBPAUD). The time frame that you use to spot divergences will affect how long you have to wait for price to start correcting (i.e. shorter time for H1 as compared to Daily). **One important point to note when spotting or trading on divergences: Observe for price action in line with your bias (bullish price action for bullish RSI divergence, vice versa). RSI divergences can fail should it carve a higher high or lower low that is in line with price.
Education
by TraderMozo
10
NZDSGD: Long opportunity within a 1M Channel Down.The pair has been trading within a 1M Channel Down (RSI = 35.152, MACD = -0.017, Highs/Lows = -0.0297) since January 2017. Currently it is closer to the Lower Low zone and since through-out this downtrend it has always made contact with the 1W MA50, we are expecting a rise towards at least 0.9000. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
Long
by InvestingScope
Don't miss the great buy opportunity in GBPSGDTrading suggestion: . There is a possibility of temporary retracement to suggested support line (1.6908). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPSGD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 64. Take Profits: TP1= @ 1.7118 TP2= @ 1.7250 TP3= @ 1.7525 SL= Break below S2
Long
by ForecastCity
Don't miss the great buy opportunity in GBPSGDTrading suggestion: . There is a possibility of temporary retracement to suggested support line (1.6908). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPSGD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 64. Take Profits: TP1= @ 1.7118 TP2= @ 1.7250 TP3= @ 1.7525 SL= Break below S2
Long
by ForecastCity
2
SGD/USD watching for the next tradeIf you would like to speculate a little bit, this can be your next trade. SGD/USD is at a weekly 61.8 Fibonacci level. This level is also known as the golden level, meaning that if we have the price above the same level, we are in an uptrend, and vice versa. I will take a closer look at future market development and RSI 40 level. If the price holds above 61.8Fibonacci level and when RSI shows me some strength to hold his value above 40 levels, then I will shoot.
by DejanDjekic
Aussie - Sing Dollar continues to channel lowerThe Australian dollar continues to fall against the Singapore dollar as we have developed a reasonably reliable downtrend channel. This makes a lot of sense, because the Singapore dollar is quite often used as a bit of a safety currency in Asia, while the Australian dollar is so highly levered to the Chinese mainland. At this point, you can see that the 50 day EMA is just above recent trading, and we are testing the 61.8% Fibonacci retracement level. Ultimately, we are at roughly the middle of the down trending channel, so therefore it looks as if the channel will continue to hold going forward. With that in mind it’s very likely that we are probably going to reach towards the 0.9350 level, before bouncing again to find even more sellers. It’s very likely that this pair will continue to drift lower until we get some type of resolution or at least serious progress to the US/China trade relations, or perhaps even signs of global growth. At this point it doesn’t seem like we are getting that anytime soon, at least not anything that you can hang your hat on. Because of this, we can simply extrapolate that every time this market rallies, you should be looking for signs of exhaustion to start selling. The 0.95 level which coincides perfectly with the 50 day EMA will more than likely continue to offer resistance, just as a break down below the lows from last week opens the door to the previously mentioned 0.9350 level. All things being equal though, you should remember that this pair doesn’t necessarily move quickly, but rather steadily. That makes it a great longer-term trade as you can see. It is not until we break above the 0.9550 level that I would be concerned about the downtrend, and even then we would need to see a significant close above that level on the daily chart. As things stand, downward channel trading continues to work.
Short
by Forex4you