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Convergence

Sample RSI setups on #USDCADThe RSI can be a great trading tool if used properly. Most Traders use it for an overbought/oversold indicator and that is the worst use of the RSI. As you can see from the chart, there are multiple short term trade setup in this one hourly chart. Although I am only showing 3 examples there are many more setups on this chart but did not want to make a mess of the chart. I will continue to post RSI trade setups and RSI educational information in the future as time allows.
by CurrencyWaves
2
We're Whalers from the Moon with an XMR Harpoon!My last idea was definitely a bit early, the price has had some interesting times in the last couple days. Unfortunately got trapped in a short at 170, definitely was not expecting such a rapid market shift. The 100+ BTC buy that sent the price rising over 10% was definitely not anticipated. So now we must play this new field, which is actually not looking bad. As we can see there is a flat bottom flag, which in my experience is always indicative of a down trend/slide in price. I am going to continue holding my short position unless there is a CLEAR breakout from the down trending channel denoted in blue. Hopefully all goes to plan and we can sing our whaling tune: We're whalers on the moon, We carry a harpoon. But there ain't no whales So we tell tall tales And sing our whaling tune!
Short
by Jorgenberries
GBPNZD Buy IdeaWe are looking for higher highs on the chart and higher highs in the MACD histogram. Once we get the bullish convergence, follow the plan as in the image below – correction and go long. During the correction we can go long based on H1 hidden divergence for example, false breaks, trend line..Whatever comes first and provides a good risk reward ratio for our setup. Stop Loss – below last low created. Targets – as first target we can use 1.9000 level, final target 2.0000. Of course watch for opposite divergence to form which will be an early exit plan for us.
Long
by VladimirRibakov
BTCUSD: Contracting Triangle 4th Wave Ending on July 15-18thWe are currently in a corrective 4th wave of a bullish five wave pattern up that should result in price reaching above the top of the 3rd wave (789.78) The fourth wave appears to be a five wave contracting triangle which will conclude on July 15-18th at which point the fifth wave up should commence. Charting the 4 hour contracting triangle (thin green line) would expect the the triangle to converge on July 15th; however, several other factors are pointing more towards a July 18th convergence: Timing of the ABCDE corrective waves would put the end closer to the 18th. The fibonacci time ratio of 1.0 of the 3rd wave is on the 18th. July 18th would make a perfect opportunity for the (E) wave to bump off the Ichimoku cloud. Note: Keep in mind that it is common for an ABCDE pattern's E-wave to false breakout therefore it would not be a surprise if the E wave broke below the triangle before starting the wave (5) higher.
BITFINEX:BTCUSDLong
by Volatile_Victory
2
Gold Sell SetupThere is a great potential sell setup forming in Gold on the H4 chart. Commodity has been trading higher for the past few weeks and it is not approaching good reversal levels, even if only for the short term. The bearish divergence is another confirmation for the bearish outlook Once the false breaks are there, next step is to look for a correction. Ideally we will get a double wave on the intraday charts M15/H1 and we can sell. The sell could be triggered either from a false break at the end of the double wave correction or when the short term up trend line (connecting the lows of the double wave) is broken down. First method is a bit more aggressive but the risk:reward is usually better compared to the second method which is more conservative. Protection in both cases should be above the last high and the target is near the H4 up trend line (image above)..
FX:XAUUSDShort
by VladimirRibakov