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Tuesday, July 27, 2021

BAD trading strategy for Forex

BAD trading strategy for Forex

BAD trading

Bell = new +-9 levels
Arrow = rejections from +-9 levels
Divergence = lower price but not lower RSI ,
or higher price but not higher RSI

At 27 July 2021 12.00 hours UTC+7 in a EURGBP 15m chart, ProfitBee59 counted negative bars to -9 and created a new -9 blue level (Bell). At 12.30 hours, the price came down to touch this level but it was rejected upward (green arrow). Comparing prices and RSI values between these points of time, the price got lower but RSI got higher. This was a state of divergence suggesting a new uptrend. With this BAD conditions a buy order could be sent out aiming for a TP near SMA233 line. Since the price slowly climbed up along SMA8, a reasonable profits should have been taken when it hit a strong resistance such as SMA233.

from TradingView Ideas
via gqrds

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