A very nice rounded topformation with the support as base. Going up on the left and coming down nicely on the right.
On the 4h the RSI has fallen below the MA9 and then bounced on it momentum wise.
On Daily there is a pinbar follow by a Long-legged Doji suggesting a switch in market sentiment after the bullish move.
On the 4h the MAs has lined up in a bearish formation from slowest on top to fastest on bottom.
A break below 1493ish is what we aim for, but with care for fake-outs. First target is 1460 and second target is 1440.
On the 4h the RSI has fallen below the MA9 and then bounced on it momentum wise.
On Daily there is a pinbar follow by a Long-legged Doji suggesting a switch in market sentiment after the bullish move.
On the 4h the MAs has lined up in a bearish formation from slowest on top to fastest on bottom.
A break below 1493ish is what we aim for, but with care for fake-outs. First target is 1460 and second target is 1440.
Trade active:
Possible fakeout - no trade as of yet but the idea is still valid. Tomorrows movements will decide; looking for a pullback up towards 1500 and then down under 1493ish.
Trade active:
Still no trade since it broke below 1493 in the middle of the night and when I watched it today it had reversed. We need to wait if it comes down again - as of now it follows the cyclical wave formation and should head back down.
Order cancelled:
No trade: From a strictly technical perspective I think this trade looked solid. But as always there are fundamentals, macro to take into consideration.
When the US blacklist Chinese tech-firms just a few days before trade talks that is suppose to ease the tension - equities fall and gold rise.
When the US blacklist Chinese tech-firms just a few days before trade talks that is suppose to ease the tension - equities fall and gold rise.