Gold has rejected 1300 evens quickly however I do not see the bulls giving up so easily. Still looking for shorts.
Weekly - Price came up to 1350 level of resistance and quickly sold off. Pin bar followed by a very large bearish candle.
1 Day - Formed 3 indecision candles which was a range/box and had broken out with a bullish engulfing candle. It engulfed the entire range and quickly sold off from 1300 evens as stated above. This has given me the opinion that price could push higher towards 1315.00 which is also the 0.5 Fib.
4 hr- price sold off hard but was not convincing and price is starting to slow once again.
1 hr - Price seems more to be forming a bullish flag which adds confluence to my bias of 1315.
However once again I am sitting on my hands.
General comments - If I enter this trade it would have to be a break and retest on the downside of the clear box which is highlighted. (If it breaks back into the range)
Weekly - Price came up to 1350 level of resistance and quickly sold off. Pin bar followed by a very large bearish candle.
1 Day - Formed 3 indecision candles which was a range/box and had broken out with a bullish engulfing candle. It engulfed the entire range and quickly sold off from 1300 evens as stated above. This has given me the opinion that price could push higher towards 1315.00 which is also the 0.5 Fib.
4 hr- price sold off hard but was not convincing and price is starting to slow once again.
1 hr - Price seems more to be forming a bullish flag which adds confluence to my bias of 1315.
However once again I am sitting on my hands.
General comments - If I enter this trade it would have to be a break and retest on the downside of the clear box which is highlighted. (If it breaks back into the range)
Comment:
See the 1 hour break down. Would be waiting for a break of the flag to reject the 1300 level then to get bullish candle sticks off the previously resisting trend line of the flag.
Comment:
Well my laptop went down and I have only taken one trade this week.
Closed on 150 pips on Gold and it is playing out as expected. Good start to the week. Hope someone has benefited.
Closed on 150 pips on Gold and it is playing out as expected. Good start to the week. Hope someone has benefited.
Trade closed manually