I feel like this is a high probability setup. We got two fibs that align together, an upper trend line that is being respected. We also have a strong area of support and resistance. Finally to put it all togther we have a nice evening star formation.
i am trading to catch the pull back on this trade, overall trend is down. Will be looking to catch a quick 50 pips of this pair. We have a strong S/R level, price respecting the -27.2 extension level and also the bottom trendline. All this together builds a high probability trade.
- Downtrend is getting weaker as price is struggling to make a lower low
- Price is currently at a weekly resistance so therefore; it's a bit of a premature entry for a buy
- As price is on a downtrend we would feel comfortable selling but need further confirmation on the H1
- The support level has been held since 2016 and price has touched it more than 3 times...
On the higher timeframes price has respected this key area highlighted on numerous occasions. Last week we see a big impulsive move to the upside where we then had some doji candles indicating indecision and bulls may be losing steam. I like the fact out fib reversal sits nicely in this area also.
Price has rejected the upside multiple time on the Daily timeframe indicating there isn't much buying pressure. On the 4H we have no closed below the 50ema which is another added confluence to a short trade. Along with all that, price fits perfectly into my Fibonacci "golden pocket" rejecting this area also is another added confluence.
$BTC forming a tentative diamond reversal on 3D chart right at 1.272 fib extension level, with a potential break up on or before 16th Oct, target for me would be the 0.618 fib extension and beyond.
This pattern is invalidated if there is no break post date.
These patterns do have relative probabilities of continuing their prior trend
We've got a really nice confluence to enter "one in a lifetime" longs in Silver for the next 3-5 years where the bubble might pop around 50$ in 2023/4 and then fall hard to get their 8YCL on 2025
- Intermediate Trendline from May19 will make Support
- 200 DMA + 200 WMA
- Bullish Falling Wedge pattern
- 61.8% Fib Retracement
But.. hey!! Let’s...
As it can be seen gold is still bouncing between the key levels of 1508.7-1503.8. The way i see this going is another downwards movement to hopefully around 1450. This would be a perfect area to place the trade as its currently at the 61.8 fib area and has rejected 1508 area frequently. Another key factor is the EMA 200 on the 4h chart is nearly touching this...