H&S successfully formed. Break of the neckline/resistance and there is a huge void to fill down to 0.67000
Eyeing this up.
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Late with this long however I am currently in this position based on the chart here, Descending resistance cleanly broken on the daily with a strong rejection of the key level highlighted by the light blue 'zone'. I entered based on this rejection and feel we have huge upside potential up to 118s
This is worth a short from this level for me. POC highlighted by the blue line has previously acted as resistance. Price has since broken through this level but has quickly settled back below. I am in short now with my Stop loss above the latest high, the high prior to this one has been taken and this may just be price reaching liquidity before a big move down....
There has been a range within this pair over the past couple of weeks that seemed pretty obvious to ride, price action has been strong for longs at support and shorts at resistance (Big big rejections..)
We can also see this pair has been forming a wedge within this range. I am looking at these levels however I am still unsure on my overall bias.
Pros for shorts...
Do not usually use trendlines however I like this descending channel on Gold 1H which coincides with my fib, entry looks to be good at .168 as this is being respected. My favourite entry point. lets see if the breaker highlighted in light grey can hold slightly above this level. I am in.
3 big confluences for me here to have said long at the arrow. I missed my entry but I am watching closely for an entry here.
1) Breaker respected heavily, price just wicked off it to the pip.
2) .50 fib level aligns with this level, I usually enter at this level and so this line-up is lovely.
3) Thursdays stops raided with nice price action coming off this 10 pip...
Similar to other analysis, 2 grey boxes are 10/20 pip incriments and price has hit the 10 box incriment to take Thursdays stops, price action was lovely around this area and so a short there was optimal entry, still not too late to get in now however but be mindful of your lot size, I think we are going for Thursdays lows now. Let's see.
2 scenarios I see highlighted by the blue arrows. I think the last few hours has confirmed for some bullishness. DXY has broken support too and has a void to fill which aligns nicely with XAUUSD as they both move inversely. I will be TPing around 1350, I'll leave some running though as I feel bullish long term on gold.
Thursdays stops were raided on Friday prior to a move up, this coincided with a bearish order block that has been acting as clear support for a while now (highlighted in grey area), entry isn't the best as I missed this move however I think this has confirmed the short term bottom of UJ and we will be reaching for those Tuesday/Friday highs left untouched next week
A strategy I have been learning recently that I spotted this week, marking out the range prior to Fridays trading, the two boxes above these highs are 10 pip and 20 pip increments where price will go to in order to stop raid those highs prior to the move down back into the range. I missed this entry but I thought I'd share this style of trade and fingers crossed a...
My perspective of the last few days on gold -0.50% ... I've actually caught the top on gold -0.50% twice this week because that grey highlighted area has ben respected so heavily. We've saw a stop raid just before todays close and price looks to have settled above the supply and demand area highlighted in blue., I'm looking to long on Monday if price action...