Neutral bias on Gold at the moment, after respecting the break of a descending trend line & rejecting higher prices for 2 weeks we finally saw strong bullish momentum on Friday that broke back above the trend line.
Now we are anticipating one of the two scenarios marked on the chart to play out.
Scenario 1: Price will break above the nearby resistance zone &...
Price has been creating a descending Nature - I will be going long on completion of Bull Flag, first target being the previous high.
If we reject off the High especially with any ascending Nature I can see price potentialy coming to the downside creating a Double Bottom / Descending formation and going back up.
These are my set ups I am waiting for.
In the screencast I show how I assess the probability and enter short.
As usual, this is not a prediction - as I don't do predictions, targets, signals, or confirmations.
I expect price to take me out at my stop-loss and I shall sleep very well tonight! :)) But if price moves in my favoured direction, I shall follow on a more suitable trend time frame to...
I'm showing mainly for the benefit of new traders why I've done what I've done. This trade is on both paper and live accounts.
Note that I'm not saying I'm gonna win. I aim to lose! I'm simply controlling my loss, and allowing the market to lead me wherever it will, in my favoured probabilistic direction.
Trend-following is not for everybody. In fact,...
Awaiting to see what happens here:
- We could either have a break of the current market structure to the upside roughly around the -1.272 fib retracement of the previous leg to the downside (maybe slightly less due to market structure).
- A break below the CTL and a continuation of the bearish momentum to the downside. We should be looking for a fib extension...
The date of the predictions is not relevant as I don't do time analysis
Only if the correction were in holds and a impulse wave failure doesn't occur
And assuming we dont have another mental christmas period
CHFJPY is showing a very very nice opportunity to go short. On a Daily Timeframe price broke the Weekly region and now is testing the same region to continue to the downside. In 4 hr timeframe price is forming a Double Top and we are waiting the final confirmation to enter a trade short. What is the final confirmation??? THE CANDLESTICK...
Looking like a falling wedge pattern leading to support between $1.6 & $1.7, and that's where the buy zone is going to be in this trade.
RSI is showing bullish divergence on the 4h chart, I think it is likely we see another low here before we breakout from the pattern.
Favourable Risk to Reward here
Entry: @ $1.68 - $1.61
Stop-Loss: @ -8%
TP1: @ $1.96,
Price has respected the blue trend line perfectly 3 times and on the 3rd it has made a bullish engulfing candle stick. If you look at the 1hr time frame the price has made a flag and this could be the entry i wanted.
Good start trading week Good start of trading week at all, I propose the analysis version on this couple, because it is present in my weekly watchlist!
Good reading to everyone.
W1 = Starting from the weekly chart we can see that prices are supported by a long-term trendline, despite the double maximum on resistance (red)...
In my opinion when price reaches the 95.000 or 89.000 the price should show signs of reversal indicating a possible bullish run. As you can see at the date 07/12/2017 prices made its bullish run from that point 95.000. Will history repeat itself?