This is my very ambitious gold trade idea.
This may not happen for a while or may not happen at all something could happen that makes this trade invalid before it even starts to develop
So with this trade im still waiting for gold to stop consolidating
There are 6 main points of this trade.
1st point as seen on the chart Gold respects the "flag pattern" i.e...
So... how do you trade? why do 85% of traders lose money?
How do you trade? drop me amessage, comment on my idea. tell me how you trade the markets and why? are you self taught or did you BUY a ''forex guru's'' course?!
We ALL know that 85% of traders lose money trading on the foreign exchange market, but why? well... think that almost all of these traders are...
This trade looks very promising. The market is currently moving in a descending triangle as shown. This means lower lows and lower highs. We are currently approaching the low of the edge of the triangle. Secondly, the 50 Period EMA has been dis-respected therefore we expect it to bounce back from it. Thirdly, the market is moving above the 200 EMA supporting the...
1. Previously created a Double Top,
2. Rejecting nicely from the Fibonacci 50% resistance -> was also previous HL.
4. 4H chart creating a shooting star
We have 4 confluences.
Please if you have experience in trading and have a different opinion leave comments and say why as I'm looking to improve my trading analysis. <3
-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down...
(This is an idea) after playing around.
-The current market sentiment is in a downtrend.
-Price has already made a Left shoulder & a Head for this structure.
-4H chart; Price holds at green zone resistance, so a potential ADAM/ADAM DOUBLE TOP:
-Price is below the 200 EMA.
-15minute chart: Harmonic pattern formation:...
Price tests 50% zone on Fibonacci numerous times on the 1D.
EVE-EVE double top on the 4H chart:
To understand what I mean by "Eve/Eve", highly recommend to check out the book: 'Encyclopedia of Chart Patterns; Second Edition by Thomas N. Bulkowski- it has around 850 pages.
Bitcoin has finally broken through a $9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not...