That was a nice 30% pull back we had. Notice price came down to test the 50 wma and price action rebounded through the .382 BB channel. We had a close on top of the five period RSI mid-line for the signal candle and today's price has exceeded the signal candle's close. Conditions are met for a long entry, though the safe route would be to wait for today's close to make sure it's above the signal candle's price.
Not advice...just how I'm trading it. Weekly RSI has been in positive territory for quite a while now so upside on this move may be limited. Best of luck & please share opinions, comments and ideas below.
Not advice...just how I'm trading it. Weekly RSI has been in positive territory for quite a while now so upside on this move may be limited. Best of luck & please share opinions, comments and ideas below.