Beschreibung
⋅ Hey traders, my last post on RSI had alot of subscribers asking me questions.
This post will be about the RSI bamm again.
Take a look at the H4 chart of USDCHF.
Configure your RSI, 14 days, 30 oversold , 70 overbought.
You can see that there is a M structure that completed at the overbought area of the RSI.
This usually means that the trend has not ended and it will likely continue to go up.
In situations like this, I will personally not trade on any bearish patterns as the trend is very very bullish.
I will go down to the h1 or m15 timeframe to find patterns to go long with the trend.
In this example, I spotted a AB=CD completion around 1.0080.
I also use a simple moving average band of 34 high and low to tell me when is a good area of support.
EP: 1.0080
SL: 1.0050 (30)
TP: 1.0160 (80)
This will likely happen soon, will enter when I see a rejection or doji candlestick at 1.0080.
harmonicforex.com/terrys-weekly-forex-market-report/week48report