We had a good entry at the start of the week. Now we are seeing price is finding support at the trendline but overall things are looking down on the technical side of things.
Here is what I think will happen :
Price is going to find resistance at the upper trendline and come down but most likely only going to start really moving down where we see the 2 trendlines...
So after my analysis on AUDGBP earlier, we can see that the price action has return to retest the new support.
We now switch to the 15 minute chart for our entry. So on the 15 minute chart, the price action will rise to breakout at point B and will form a higher high (Point C).
Then it will retrace to make a high lower and retest the support (At point B Breakout)...
Looking at past swings in the market to get an idea of where the market is heading. ( prices usually relates to prior swings - the coloured orange and pink lines are SWINGS)
measure the length of a pull back ( orange ) chances are that will be the length of other pullbacks which you can use to mark out your level of entry.
the orange lines are patterns as well...
Here we see two options;
1) a Long opportunity using the Ascending Triangle Pattern.
Here we will wait for an upward break back into the support line.
We then anticipate a rally up towards .72800 and prepare our entry and exit strategy.
2) a Short opportunity using the Double Top strategy.
Price retests resistance line twice but is rejected back to...
This is a short screencast showing an excellent entry position. (this is not advice to enter a trade).
The gold market is holding it's breath I think. Keep in mind that generally Gold has an inverse correlation with Stock Markets in troubled times. I suspect that people are watching for a Halloween Effect, or something with the Stock Markets - so they're...
Good chance to get in at the next pull back before a big push up to $1.10.
Looking to see a pullback, then push to $1.10. Then, a side step before pushing through to the higher resistance.
Money to be made on this one.