XAUUSD BIAS: LIKELY TO SELL SOON @ THE EQUAL HIGHS AREA
Hello there, having mapped out the XAUUSD chart in the H1-H4 timeframe, it's very clear that the price is making equal highs, most especially in the H1 timeframe. The question now is should we sell here? Unh, the answer to this question is that our sell decision is highly questionable, why? It's only because that's a very bullish market, so selling there is like daring the market. As you know, the best trade setup is following the trend. Don't dare the market!
My Thought: if you want to sell it, make sure there is a solid signal like a nice bearish pin bar or a perfect bearish engulfing candle plus a momentum indicator like stochastic(my favorite among others) and others.
My Entry Approach: My entry approach for this market is that I have to wait for the small resistance line I drew to be broken and retested before I could make any trade decision as there will be some sort of manipulations for liquidity in that area. Patience is the key here for the big banks and the smart money is watching your trades, hunting for your money, I mean your stop loss. Stay out of FOMO. The market will always create more and more opportunities day by day. If the market runs away, then let it run away; it will surely come back to you.
My Final Judgment: XAUUSD will sell.
Stop Lose:2011.490
Take Profit: 1940: 801
Entry: Undecided, waiting for the line drawn for the price to break and retest it (it's there we look for a nice trade signal). Or, enter anyhow you know.
My Thought: if you want to sell it, make sure there is a solid signal like a nice bearish pin bar or a perfect bearish engulfing candle plus a momentum indicator like stochastic(my favorite among others) and others.
My Entry Approach: My entry approach for this market is that I have to wait for the small resistance line I drew to be broken and retested before I could make any trade decision as there will be some sort of manipulations for liquidity in that area. Patience is the key here for the big banks and the smart money is watching your trades, hunting for your money, I mean your stop loss. Stay out of FOMO. The market will always create more and more opportunities day by day. If the market runs away, then let it run away; it will surely come back to you.
My Final Judgment: XAUUSD will sell.
Stop Lose:2011.490
Take Profit: 1940: 801
Entry: Undecided, waiting for the line drawn for the price to break and retest it (it's there we look for a nice trade signal). Or, enter anyhow you know.