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Rsi Breakout

bizWiz
Oct 14 2009 at 08:52
397 posts
looks like the short side is off for now.

looking at the 1 hour chart:

<a href= target='_blank'><img src= /></a>

although there's divergence, the price is making higher highes, and higher lows, which implies it's going to break up from it's current triangle (see rsi).

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Sleep is for the weak.
bizWiz
Oct 14 2009 at 08:57
397 posts
if someone is planning to play the long side, breakout of the divergence as seen in the 30 minutes charts will be an excellent entry point.

<a href= target='_blank'><img src= /></a>

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Sleep is for the weak.
bizWiz
Oct 16 2009 at 12:21
397 posts
no trade opportunities were encountered yet.

looking on the 4 hour time frame, it's seen that price broke the rsi channel:

<a href= target='_blank'><img src= /></a>

so i'm looking to go short on a retrace, going to 1 hour time frame, i'll wait for the price to retrace to the rsi's channel resistance:

<a href= target='_blank'><img src= /></a>




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Sleep is for the weak.
bizWiz
Oct 19 2009 at 11:29
397 posts
here's a new setup - this is a high risk trade since we go against the trend but the risk:reward is what makes it worthwhile.

<a href= target='_blank'><img src= /></a>

enter is at the top resistance channel, stop should be just above the previous channel peak, target is the channel's support.

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Sleep is for the weak.
bizWiz
Oct 19 2009 at 18:21
397 posts
price already tried twice to break the channel with no success:

<a href= target='_blank'><img src= /></a>

looks like bulls are fighting the bears. nevertheless, anyway it goes - you can be sure it will be a strong move of at-least 100 pips.

if my stop loss hits, i will be looking for a retrace to enter a long trade (i'm currently short as seen from previous post).

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Sleep is for the weak.
Rana (Rana)
Oct 19 2009 at 22:45
4 posts
Hey biz, Thanx for sharing... Nice work... !!

Plan your trade and Trade your plan
bizWiz
Oct 20 2009 at 09:08
397 posts
thanks Rana..

the price broke upside, so i'm looking for an entry to the long side:

<a href= target='_blank'><img src= /></a>

there are 2 possible entries as seen in the image, and the sl area is the last low of the channel in the 1d timeframe.

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Sleep is for the weak.
bizWiz
Oct 20 2009 at 15:18
397 posts
first buy zone hit, opened a long trade.

Sleep is for the weak.
bizWiz
Oct 20 2009 at 15:40
397 posts
second zone hit, opened another trade.

Sleep is for the weak.
bizWiz
Oct 21 2009 at 10:15
397 posts
price is looping around the channel trend line, break of the previous low would suggest a trend reversal.

<a href= target='_blank'><img src= /></a>

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Sleep is for the weak.
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