EGX30 trade ideas
Way to go!! Hello dears
Today I would like to share my idea with you about EGX30 .. weekly timeframe
What I am searching for right now are three:
1. Strong candlestick with a high volume that will assure me that bulls come again
2. Breaking the descending price channel
3. Breaking the supply area
By achieving the past three conditions we will see 13000 and 16000 as a next targets
Let's see what will happen in the next few weeks .. thanks for reading ❤️
-1EGX30@15.2K OPEN SHORT (15.2K-11.0K) PL: +4.2K(+28%)Short position is still open from March 2019.
EGX symbols are pretty interesting to study, the lack of HFT firms is probably the main reason for the perfect alignment with the symbol's fundamental health.
The mega industrial boom generated massive investors interest during the past 4-5 years, followed by the COVID crises, EGX suffered major damage however, our short position was already open at Mar 2019 on an acute divergence of all differential oscillators, targets were set to 11K-9K, however, recent events made things a little bit more interesting.
Price should hover over the 10K mark for a while, we expect another leg down (9K-7K) before any move upwards, hopefully we don't see a new minimum.
It makes me always wonder weather fundamentals draw the charts, or do charts actually predict fundamentals..
Happy Trading!
Time Precedes VolumesThis idea is based on the article Time Cycle Oscillators, published in IFTA Journal 2018.
As volumes precede prices, the “period of time cycles” precedes volumes.
Hence, the simple harmonic oscillator SHO (blue) is leading to the volume zone oscillator VZO. The latter is created by Walid Khalil.
Negative and positive divergences between the SHO and VZO help in predicting the direction of the VZO. Also, the SHO confirms and shows the significance of the signals which are generated by the VZO. i.e., the encircled sell signals on the chart.
Regards,
Akram El Sherbini
Pressure Wave of SHO and WPZOBased upon
"Time Cycle Oscillators" published in IFTA journal 2018.
"Wave Period Zone Oscillator" published in IFTA Newsletter December, 2017.
Expected volatility after the SHI/SHO/WPO/WPZO forms a pressure wave (PW).
the volatility is higher when the PW is longer.
Akram