Gold appears to have formed an ACBD pattern. Where A-B, B-C and C-D all take 7 4h candles each, furthermore B-C and C-D are .68 and 1.272 retracements respectively.
2nd confluence is break and retest of 1719 resistance now acting as a support as price finally retested, buy limit @ 1719 therefore triggered. Targets of 1736, 1746 and 1780.
From last trade idea we sold 9800 and took some profit around 9300.
Adjust final TP to 9150.
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I can't find a spot of good news over this weekend - or one that would make a sound difference to economies (on a longer term basis). I'm expecting (not predicting) panic on Monday/Tuesday. The markets are NOT economies. They represent confidence in economies - similar to bond markets.
Seriously - it's almost all bad news out there - and the algos will be...
GBPJPY Could be dropping back to daily support levels. Just as shown on the charts, GBPJPY has failed to make fresh heights for the second time, leaving us with a beautiful AB=CD pattern with bearish momentum after being rejected from the 50% Fib retracement. We could take this as an opportunity to sell.
As you can see we are currently topped-out below a major resistance level, I've labelled some areas in which I wouldn't be surprised if there were to be a reversal.
D is where I'd expect the price to go, following my AB=CD pattern. So I wouldn't expect a breakout to the top, but it still has time to occur and still hit the D point.
it's important to note that...
To add to the major ABCD pattern noted in my previous posts, I've added support and resistant zones. I won't be concerned so long as the price stays within these support and resistance zones.
I've also added a minor resistance zone, the price can be influenced by so many different factors that minor breaks in support and resistance is nothing new. Which is also...
Personally, I believe Bitcoin is following the ABCD pattern shown below. At the second bull run, the price peaked perfectly at the 61.8% fib level and almost immediately bounced off,
Both this and the fact that the price has followed the C-->D line has led me to believe that the price is following a hybrid ABCD pattern and the D point will bounce off the 71.8%...
Natural gas has reached 4 year lows for the second time this year. Dovish reports on the NatGas has it's prices obliterated by heavy pessimism compared to previous years. Even though the sentiment is bearish, the technical analysis indicates that there'll be a strong pull back anytime soon.
Recorded from my laptop in a lunch break - so turn your speakers right up.
I'm stalking the DJI carefully for any sign action. This is a market built on hope and false confidence. It can't go on forever.
Disclaimer: This is speculative opinion - not advice. If you trade this market and lose your money, kindly sue yourself.
Pattern has started to form an AB=CD.
The C point is at a strong area of structural support.
There is divergence on the smaller time frame.
There is a break out of the trend line from 1hr chart.
Two take profits have been identified.
Remember, we can trade C to D and then D as a sell....