The pair has just been rejected for the 3rd time since April 22nd on the 1.12650 4H Resistance. Despite still being bullish (though on some neutral bias such as STOCH = 52.12, ADX = 22.367, Highs/Lows: 0.0000), the price may establish this as a Triple Top rejection pattern. Our TP is 1.11800. If the 4H Resistance breaks, we will add a last short on the 1.13250 1D Resistance. Keep in mind that the pair is on a long term bearish trend within the 1W/ 1M Channel Down and every Lower High should be sold.
We encourage investors to use those wider time frames (1M, 1W Channel Down) in identifying entries/ exits as they have been very consistent for us for the past 3 months:
I concur pretty strongly and am waiting to see the RSI dip below 50.
InvestingScope
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@DocWonmug, That will be your sell entry signal or you are already selling?
DocWonmug
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@InvestingScope, I have been working on refining a system based on RSI cross of 50 plus a 5 and 10 EMA cross. In this case, the EMA cross had occurred and I was waiting for the RSI to cross 50. Which it did, although I did not execute a trade due to some other time constraints. But here is some chart art showing the system and current results. Best regards.