Thread: MONI

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  1. #1

    Default

    Watching it closely and on further inspection would you say there is a bearish engulfing pattern?

    1. There is clear a down day which totally covers the previous candlestick
    2. Engulfing pattern at the top of trend
    3. No sure how to confirm a turn in trend?
    4. Would you say there is a divergence on the RSI?
  2. #2

    Default Moni

    .Theres a few ways people try and judge this.You could look for divergence as a clue to a change in direction ,If you look at the previous chart i posted you can see a divergence in the rsi. but you should never second guess as its always harder with shares in blue sky territory.
    another way to work out a possible turning point is via fib projections as that can give you an idea where the sellers may look to take profits. You could also look at conventional targets as a place for turning as well.These can be from trading range or triangle targets. There are a few things you can look for. Theres more obviously.
    Bottom line is ...Follow the trend and you should be ok. SO trying to catch a turning point is basically suicide. You should never try and guess a top as your going against the trend and that is a big no no in trading. Only gamblers try and catch a top Unless your day trading and look to close out the trade quickly.

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