US DOLLAR TECHNICAL ANALYSIS – Prices aredigesting gains near a five-year high but negative RSI divergence casts doubt on immediate follow-through. A daily close above the 38.2% Fibonacci expansionat 11577 exposes the 50% level at 11648. Alternatively, a reversal below the 11489-522 area marked by the December 8 top and the 23.6% Fib opens the door for a challenge of the 14.6% expansion at 11434. ...
Weekly -BIG picture, monthly RSI has broken out of a triangle pattern. Sometimes, a pattern breakout in momentum (or OBV) precedes the breakout in price. The development’s implications are obviously significant. -“After following through on the 11/7 reversal and exceeding the 11/4 high, it appeared that EURUSD was going to make an attempt ...
Webinar: The Success and Failure of Chart Patterns ====== Suri Duddella, 19+ years full-time Futures/Equities/Options Trader. Patterns based Algorithmic Trading. Author -- "Trade Chart Patterns Like The Pros" book. ====== Chart Pattern ModelingEssential pattern structure components and analysisPractical statistics of patterns success and failuresExamples of many patterns ...
Talking Points: A Double Bottom is formed when price tests a previous low and bounces.Buy orders can be placed just above previous low.Limit orders can be set at most recent swing high, stop set 33% of limit distance. With the Forex market showing low levels of volatility, there is a greater likelihood that prior support and resistance levels will hold when price tests those levels again. Because of this, trading a range bound strategy might yield better results, ...
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