Positives
1) Weekly on a strong up trend
2) Daily is on a declining up trend
Negative:
1) RSI is above 50 (average gain > average loss) ,but this is declining
2) Negative momentum
Action:
Wait for :
1) a positive RSI above 50 ( this means average gain> average loss and increasing)
2) Prices are above the cloud ( this shows a strong Bullish short-term trend)
3) The green line (conversion) above Base line ( the signifies the the start or continuation of a short term uptrend)
4) Bar colored green ( beginning of an uptrend)
The above signifies the beginning of a short term up trend. But we need to check how long this can be sustained, so we check the weekly chart and check for the same set up. If the weekly said the same, then the trend is sustainable on the long term (at lease for the week). I would pay particular attention to:
A) the slope of the weekly RSI ( this shows sign of reduction in momentum)
B) Prices closing at the to 25% of the price range
I would just wait for things to line up before going long
1) Weekly on a strong up trend
2) Daily is on a declining up trend
Negative:
1) RSI is above 50 (average gain > average loss) ,but this is declining
2) Negative momentum
Action:
Wait for :
1) a positive RSI above 50 ( this means average gain> average loss and increasing)
2) Prices are above the cloud ( this shows a strong Bullish short-term trend)
3) The green line (conversion) above Base line ( the signifies the the start or continuation of a short term uptrend)
4) Bar colored green ( beginning of an uptrend)
The above signifies the beginning of a short term up trend. But we need to check how long this can be sustained, so we check the weekly chart and check for the same set up. If the weekly said the same, then the trend is sustainable on the long term (at lease for the week). I would pay particular attention to:
A) the slope of the weekly RSI ( this shows sign of reduction in momentum)
B) Prices closing at the to 25% of the price range
I would just wait for things to line up before going long
Observation: Daily is still loosing momentum
Will still wait for a strong Up-trend