FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Price has hit resistance and has failed to break above the resistance level . price has also made a double top and is in a falling wedge . Due to all of this I believe that price is going to go down a little more before going up again. The RR for this trade is 2.5.

Let me know what you guys think. Please do your own analysis before placing a trade.

Good Luck

Comments

This is a buy setup
+1 Reply
UnknownUnicorn8281097 Africanrich_kid
@Africanrich_kid, Price has formed a double top signifying that it is going to go down. It is in a resistance area now and price is failing to stay above. The USD is becoming more bullish in recent times which will further push price down. Buyers need price to go down so they can take over the market when gold is cheaper but for the short term price is heading down. Price broke out of the channel heading upwards and is now heading down. I believe that price is heading down to the 1822 area and potentially further before price goes up again. Also looking at the 1hr chart we can see wick rejections around this area
+1 Reply
StewySongs Africanrich_kid
@Africanrich_kid It's a nothing setup, because big institutions who cause the big moves aren't trading on the 15 minute chart. They're merely using it as a filter to time their entries. ✌🏻
Reply
@StewySongs, this is purely what i think is going to happen. I post my ideas on here to get feedback from others and to hopefully help some people. I use the 4hr time frame to find out the direction of the market and then the 15 minute for my entry. I am a day trader so I don't plan on being in this trade for that long and i'm just trying to catch the downwards trend before price goes upwards.
Reply