A simple trade using a harmonic three drive and RSI. Entry for the trade has already gone. But it could be useful to point to the setups and conditions around it, because it provide a great example of combining high probability technicals to initiate a trade.
The price provided a great shorting opportunity after completing a three drives pattern around 1.0770 level. A long upper wick was formed at that level confirming a high chance reversal. Meantime, RSI Divergence supported the short scenario.
Also, If you take a look at the daily chart, you will see a clear rejection and long upper wicks candles for the past two days.
All my ideas are just my personal view. Trade Your own view.
I have no incentive to post if i don't get enough support from you. Likes and comment. You can SKYPE me at : Technician - The Forex Channel My Regards, Technican
This post inspired me that trading should be simple. A simple and robust setup. Thank you!
Technician
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True. :)
Trueman23
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great simple trade ;-)
Daily is a clear bearish rejection...well done
Technician
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Thanks
Ansari
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thanks Technician,your analysis very useful and educational .
Technician
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You are welcome friend.
laoboss
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Thanks for the post Technician.
Technician
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Thanks
simlkc
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hi Technician,
this is what i see in H4 charts.....numerous candles with wicks rejected from 2013 high @ 1.0728 lvl and infact it formed a double top and i see next support @ 1.0610-20 lvl which is May 16 low.
Thanks for sharing and this is only my thoughts
Prome
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HI tech! Good setup as usual! Just one thing: would have been better to place the SL little above the last high at 1.10775 ?