Weell... As you can see our divergence pattern occurred also in the US Dollar Index.
The think is that also appeared in Silver and don't forget those two instruments have a negative correlation.
So if both diverge the same time... I don't know :P But i think its more highly likely that we are going to see a reversal
Now lets head back to the set up...! As we can see the RSI didn't give us the signal in the first leg after the initial Impulsive one because it went above the 80 level
So we had a HHL but not inside the RSI 80 level
That's why had to wait for a second chance
The think is that also appeared in Silver and don't forget those two instruments have a negative correlation.
So if both diverge the same time... I don't know :P But i think its more highly likely that we are going to see a reversal
Now lets head back to the set up...! As we can see the RSI didn't give us the signal in the first leg after the initial Impulsive one because it went above the 80 level
So we had a HHL but not inside the RSI 80 level
That's why had to wait for a second chance
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Also same situation in the 2H time frame.This is my confirmation time frame
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Now as resistance area firstly we have the round number 12600
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And if that's not enough... Because we are at all time highs... i tried to implement a fib extension analysis and i found a confluence between those two waves... I dont know if you would agree on that but... the most important thing its our set up that occurred in this area not just the area it self
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So if you consider going long in the US Dollar... Well... i dont know... i wasnt... :P
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Aaand for those who may wonder how it is possible to go short at the higher level...
Just look for an RSI divergence in the 5min...!
Just look for an RSI divergence in the 5min...!
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Seriously guys... dont short the EURUSD...
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But i could be wrong.. soo you know never take somebodies opinion for real and always try to have your own. Create your own plan and just use others people tactics to improve yours! :)
