dericksim

dericksim

Based on weekly chart, it is about time for the market to choose a direction. MACD has 1 leg in Heaven and the other in Hell. With the shorter Leg in Hell, it would require less momentum to pull it back. Who will win, we shall see.

dericksim

daily chart almost hit RSI30. Currently stands at 30.6 so we should not be too far off. However, we should be mindful that it could plunge through 30 intraday and close back. It is quite meaningless to look at anything beyond 15min chart now as no indicator is good from hourly onward. Any possibility of rebound is resting on the smaller time frame to hold onto...

dericksim

Why is oil so BEARISH? The trend is so strong because it is beyond the monthly charts. The reverse applies to SPX. I do think that we have printed a low at 26, there could still be a chance for this current adjustment to break 35 briefly to scare everyone and everything off the table. So hang on to your boots and enjoy the ride.

dericksim

The Bulls has only won half the battle. MACD is neither an angel nor the devil. Same thing as usual, adjust your aperture and monitor the movement from there. If this cross is successful it should be worth 300-400pips on a 4h chart. You can set your profit target there. Once it hits, it will begin to go sideways as per what we are seeing on the hourly chart which...

dericksim

It has been 10bars since the MACD cross happened. Another 16 more days to go. Enjoy while it lasts. As usual, the challenge will be to break RSI 50 level. We can forget about the gap if this cannot pass through.

dericksim

Seems that the past few days GBP always gets sold down during Asian hours whilst the British are sleeping. With the market weighing extremely on one side, a reversal could trigger an avalanche. Covering the GAP to me is a given and bears who short there will get slaughtered. 1.4 is a key level to watch, which happens to be weekly RSI 50 level. this is only a...

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1st weekly target already hit, not very safe to enter now. Now is the time to wait patiently for RSI to retrace to 50 level before deciding on the next step. It is 21bars since the last MACD cross, if the retrace is deep, it might go down to meet the MACD (green circle); which I doubt so. Any thing beyond 23k is already pushing the envelope. For this chart, the...

dericksim Updated 

1h chart has already produced 3 MACD dead cross, 1 wave usually have 3 to 5. Current support is highlighted by the red dash line. 1st target will be RSI(14) 50 level. As this is a downtrend, even if it manages to break above RSI 50, my target to take profit will be RSI 70. RSI does not have much room left for maneuver and there is a high chance the MACD gold cross...

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WTI is 34 bars since the last MACD cross and it is the last line of defense using MIDAS. It is about time for a rebound, rebound target would be RSI(14) 50 level which is about 46. At this level, it should produce a MACD gold cross as well. We have to be wary of this cross as a dead cross below is deadly and should bring us to the final target of RSI 30 level. I...

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Based on what I am taught, every time RSI hits 80 and above there should be a new high after retrace. There are 3 possible peaks in this picture, the lowest has already been breached. leaving the other 2. Same case as usual if there is a MACD gold cross in the future for this chart, I will be very careful. This is a monthly chart for study purpose; not...

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Trade with care and plan ahead.

dericksim

some reference points that are way more useful than FIBO. After an initial jolt, market will always try to balance itself and the guiding line of balance will be EMA27. The trajectory of daily EMA27 is still pointing downwards and daily chart has yet to overcome the influence from the huge brexit candle. In theory, as long as your current timeframe is below the...

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Fierce battle around EMA 9 on daily chart. By calculation, The next opening candle for tomorrow, EMA 9 should be conquered. As I mentioned to monitor 4h chart using 15min. Currently 15min MACD is below zero which is not good but 1h(dead cross) is above and 4h(gold cross) is near to zero. Whether there is any further upside you can hinge it on 15min MACD. if it...

dericksim

using midas channel as protection or simply price needs to stay above the MIDAS channel. From here, you can manage your trade on the 15min chart. Any positive turn of indicators can be used for entry on the 15min chart. The dot indicates the overhead resistance. Every time 15min MACD goes above zero, it should yield at least 80-100pips, anything less could mean a...

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Daily still failed to stand above EMA 9, however EMA 27 is getting lower by the day. Still following the trade via 4h chart. MIDAS line should provide significant support and should not break. There should not be a single candle to close totally below this line. There is another 2 more days before we put the long red candle in the rear view mirror. Till then any...

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MACD has produced a gold cross on daily chart. However, price has yet to produce a candle standing above EMA9. If price cannot stand above this line, one cannot expect any follow through on 4h. Until price stands above EMA9, it would be better to use 1h to follow this trend. From my rule book, MACD cross should come into effect within 4-6candles. If there is any...

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we are getting very close to MACD gold cross. From 1800 to 2200; how much more gold is left in this gold cross is worth a 2nd look. A cross on weekly chart should produce ~300 points and a cross on monthly chart should produce ~500 points. If we are looking at weekly chart we are already there, monthly chart about another 200 points to go. DJIA has already made...

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a typical bull trend consist of 3-5 MACD crosses. The final one is in full view and MACD has already made a double top. The end zone has been clearly defined. We have already passed 16 candles since MACD crossed down; there is another 10 more bars for it to cross up again. Long story short, the next time you see MACD cross on the monthly chart, it most probably...