Friends,
Any trader worth his salt realizes that any one indicator on it's own ain't worth shit. A man could lose a fortune simply trading every ABCD pattern he sees, doji candle, or everytime the signal line crosses the MACD. However, when he see all these things start to line up together, great opportunities present themselves. One such opportunity exists right now on AUD/NZD.
Using the camarilla equation, we see a weekly reversal area S3 around 1.06 (hint hint, even handled psychological round number) . We also see an R4 monthly break out signal in this same area. This area also lines up with a 1.618 extension, and a .382 retracement of the last huge leg. 2 different ABCD patterns complete in this same area as well!
It could be a strong buy area, with a natural two to one R/R. If we do see price break lower beyond the S4 weekly and R3 monthly, and my manually drawn daily resistance/support line (small blue dashed line) I would be bearish on this pair for the foreseeable future.
If some kind of territory is breached, we look to an overbought/oversold condition on the RSI, and a wide dispersion between the MACD and signal line.
Stay thirsty, my friends.
-Benny Manieri
Any trader worth his salt realizes that any one indicator on it's own ain't worth shit. A man could lose a fortune simply trading every ABCD pattern he sees, doji candle, or everytime the signal line crosses the MACD. However, when he see all these things start to line up together, great opportunities present themselves. One such opportunity exists right now on AUD/NZD.
Using the camarilla equation, we see a weekly reversal area S3 around 1.06 (hint hint, even handled psychological round number) . We also see an R4 monthly break out signal in this same area. This area also lines up with a 1.618 extension, and a .382 retracement of the last huge leg. 2 different ABCD patterns complete in this same area as well!
It could be a strong buy area, with a natural two to one R/R. If we do see price break lower beyond the S4 weekly and R3 monthly, and my manually drawn daily resistance/support line (small blue dashed line) I would be bearish on this pair for the foreseeable future.
If some kind of territory is breached, we look to an overbought/oversold condition on the RSI, and a wide dispersion between the MACD and signal line.
Stay thirsty, my friends.
-Benny Manieri