Now if a trader ever tells you that they have never blown an account punch them in the face! When I 1st started out I blew around £10,000 because I thought I knew best and didn't listen to anyone's advice... I learnt the hard way! Do you want to learn a 10k lesson? thought not haha.
On my journey I had to cut ties with lots of friends and family because they...
I think that as the market opens, we will see a slight increase in price followed by a slow downward trend. This will lead to Fridays short term support of 1338.53 being tested and if we see this support broken, price will most likely retreat to the 1330-1334 range (light blue box).
Following this the market could either reverse and gain momentum, heading...
Price has currently retraced to the 50% fib retracement level and Bearish divergence is evident. Price is currently looking good for a potential push lower to the price level i have marked with the green horizontal line.
Entry - Grey line
Stop loss - Red line
Green line - Take profit
Risk exposure - 1%
Circled you can see where price tried to break support but failed and bounced back up, And as you can see price is currently at this support level again so we are going to sit back and watch what price does before jumping in this trade.
A break of such a strong level could see price make even more bearish movement whereas a bounce could see the bulls take over...
I will be looking for shorts @ the 1306.000 zone, my TP will be 38.20% or 61.80% of the Daily retracement level (check previous post); from here I am expecting a continuation of the daily rally following the break of structure. There is also an inverse head and shoulder formation on the 4H TF which is added confluence for this trade idea.
All feedback welcome x
We can see that XAUUSD is overall in a bearish trend at the moment after a few days of downwards movement but we are expecting to have a slight pullback before price carries on making moves to the downside, this pullback is currently happening at the moment and we are expecting a further bullish move of around 40-50 pips before price carries on going down.
1310.79 is an area of strong support turned new resistance ( old support orange arrows )
We also have a strong trendline ( TL ) which has been touched more times than... well something that has been touched a lot ( I wont put anything rude as I will get banned, so just use your imagination.... if you have 1 ) ;p
So we are looking for price to close below our...