ThePip_Machine

ThePip_Machine

LAST TIME I PREDICTED TO SHORT EUR/NZD AT THE THE TOP AND WAS A PROFITABLE SUCCESSFUL TRADE. NOW I THINK THAT THE MARKET HAS FOUND ITS BOTTOM AND WILL REVERSE TO THE UPSIDE AND RSI SHOWS OVERBOUGHT AND BULLISH DIVERGENCE

ThePip_Machine

PRICE BROKE THE WEDGE PATTERN AND RSI SHOWS BEARISH DIVERGENCE SHORT AFTER RETEST AND USE STOCHASTIC OSCILLATOR TO SELL

ThePip_Machine

AS YOU CAN SEE THAT OUR CHART IS FORMING AN ASCENDING TRIANGLE. FROM THE RESISTANCE LINE THE CANDLE STICKS HAVE REJECTED THE RESISTANCE LINE THIRD TIME. SO I THINK THAT THE CANDLE WILL GO DOWN AND RETEST THE ASCENDING TREND LINE BEFORE COMING UP AGAIN. THE TREND IS OVER ALL IN AN UPTREND. 60.30.15 AND 5 MOVING AVERAGES CONFIRM THE TREND. SO FOR NOW WE WILL GO FOR...

ThePip_Machine

AS YOU CAN SEE THE MARKET WAS IN A LONG DOWN TREND AND FORMED A POWERFULL CHART PATTERN KNOWN AS THE FALLING WEDGE WHICH IS GENERALLY CONSIDERED A REVERSAL CHART PATTERN. MOREOVER I DRAW A BULLISH TREND LINE AND THE CANDLE STICK HAS BOUNCED THE THIRD TIME ON THIS TREND LINE WHICH IS ALSO A BULLISH SIGN. MOREOVER, THE CANDLE HAS BOUNCED OVER THE 50 MA. JUST WAIT...

ThePip_Machine

PRICE IS BELOW THE 50 MA AND HAS BROKEN THE BULLISH TREND LINE. CURRENTLY IT IS JUST ABOVE THE RESISTANCE LINE. IF CANDLE STICK BREAKS THIS RESISTANCE LINE AND CONTINUES DOWNWARD DIRECTION AFTER CONSOLIDATION, SHORT IT WITH CONFIDENCE WITH 1.57 TO 2 RISK REWARD RATIO.