Hello traders, we're looking at 2618 trade here at
XAUUSD
H4 chart..After this pair double top and failed to make a new structure high, the price has 'broke below and closed below' the previous low..This indicate us that the price have intention to go lower as RSI shows bearish divergence..To trade the 2618 we can sell at least at 0.618 retracement as shown above..There's also a potential bearish cypher pattern formation that will complete at 1361.06..So I think the area in the orange box is the best place to sell..Good luck and good trading :)
XAUUSD
H4 chart..After this pair double top and failed to make a new structure high, the price has 'broke below and closed below' the previous low..This indicate us that the price have intention to go lower as RSI shows bearish divergence..To trade the 2618 we can sell at least at 0.618 retracement as shown above..There's also a potential bearish cypher pattern formation that will complete at 1361.06..So I think the area in the orange box is the best place to sell..Good luck and good trading :)
Trade active:
sold at 1361.06
Trade closed: target reached:
first target was hit and now stop loss rolled to break even :)
