GOLD has been playing out PERFECTLY
After the bullish flag / ABC Correction we received, we got a rejection off the longer term TL which has provided plenty of liquidity driving price up to the Resistance at 1345.
I expect price to pullback to the blue 50-61.8 sweetspot highlighted in blue, before another rally towards 1,400
As you can see, we have a series of bearish flags.
I am looking for price to double top off 2k18's previous high at the 1.36500 level before declining.
I'd wait for nice daily priceaction off the highlighted level for a risky entry
for a safer entry id wait for a break of structure
it would also create MACD divergence
Signifying sellers coming into the market.
Ill keep this short and simple, if you belong on etc this is a chance for some small returns. etc ill hit the red before going anywhere else.
it was thrice failed to break the resistance, once breaking through before the bears smashed it back below. it has broken a trend line and has formed a bear flag and has only just followed through.
there will be more...
Want to see a scholar BEAR FLAG? EURCHF has a beautiful one on the daily chart. And it broke last week, so I would look for the pullback to initiate a short because the target is quite far as it coincides with the start of the said flag. I delimited the flag with the 2 blue trendline. This is also the first serious support below spot level....Is a new trend...
EURUSD Trading the Bull Flag Formation
A small bull flag looks to be in the early stages of formation.
With DXY still under pressure and expected to fall away a
further 2.5% to 88 over the coming weeks EUR has further
upside in store. Can buy the dip back to the lower parallel of
the flag - if EUR is to remain very positive there will only be 2
strikes on the...
Possible flag pattern on EUR/USD 4 hour chart. Growing volumes should confirm the long scenario. Entry point just above the breakout of the descending trendline. First resistance level at 1.187 area; in case of brakeout towards 1.2
There is a bullish flag formation, supported by the price above a bullish 200 MA and a break of the rising trend channel. This is all supportive of an upward price move. The risk reward ratio is at 9:1 with stop loss just under the lower channel of the flag. I don't see GBP strength against the USD, rather USD weakness against the GBP (see DXY). Trend is up, the...