looks like a great start to the week for gold.
building off my last idea i found a nice bullish flag pattern on the 1hr charts i was keeping a close eye on, price alert was triggered around midnight and i decided to take a risk and made a successful long trade with 2:1 risk reward ratio, my second sign of confluence was the divergence of price and volume illustrated by the orange trend lines.
ideally i like 3 levels of confluence hence why this trade was a little riskier but occasionally calculated risk pays off.
very much looking forward to seeing what gold does for the rest of this week, now that price has smashed through the 2000 level im hoping to see this level turn into support and push price gradually towards the 2080 level which would confirm either a completed abc pattern or a third elliot wave perhaps?
building off my last idea i found a nice bullish flag pattern on the 1hr charts i was keeping a close eye on, price alert was triggered around midnight and i decided to take a risk and made a successful long trade with 2:1 risk reward ratio, my second sign of confluence was the divergence of price and volume illustrated by the orange trend lines.
ideally i like 3 levels of confluence hence why this trade was a little riskier but occasionally calculated risk pays off.
very much looking forward to seeing what gold does for the rest of this week, now that price has smashed through the 2000 level im hoping to see this level turn into support and push price gradually towards the 2080 level which would confirm either a completed abc pattern or a third elliot wave perhaps?