Blood Diamond on the USD daily
The definition of the Blood Diamond on the Market Cipher A indicator :
The Blood Diamond is a Bearish indicator. This indicator is used together with the EMA Ribbons and the Yellow and Red Diamond indications. The most effective usage of the Blood Diamond is when it follows the printing of a Yellow Diamond and the current candle is printing a Red X and Blood Diamond stacked. Additional confirmation can be obtained from the EMA ribbons if they are constricting trending down. The accuracy of this indicator is greater on the 1 hour and above time period.
Attempting Daily Trend Change : The USD daily chart has seen it's first lower high in months, potentially searching a lower low
A bearish breakout of the ascending wedge pattern would see resistance at $110, $108 and $105 at which point it would be challenging the daily 200 EMA.
A retracement to $106 would still hold the 0.382 Fibonacci level and still be just another Bull flag on the way up.
Loss of $103, the 0.5 Fibonacci and 200 EMA would confirm the daily downtrend.
The Blood Diamond is a Bearish indicator. This indicator is used together with the EMA Ribbons and the Yellow and Red Diamond indications. The most effective usage of the Blood Diamond is when it follows the printing of a Yellow Diamond and the current candle is printing a Red X and Blood Diamond stacked. Additional confirmation can be obtained from the EMA ribbons if they are constricting trending down. The accuracy of this indicator is greater on the 1 hour and above time period.
Attempting Daily Trend Change : The USD daily chart has seen it's first lower high in months, potentially searching a lower low
A bearish breakout of the ascending wedge pattern would see resistance at $110, $108 and $105 at which point it would be challenging the daily 200 EMA.
A retracement to $106 would still hold the 0.382 Fibonacci level and still be just another Bull flag on the way up.
Loss of $103, the 0.5 Fibonacci and 200 EMA would confirm the daily downtrend.
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