Price pushed up towards the 3rd touch of the 4HR ascending-channel structure during the GBP bull run we've experienced this week. The 3rd touch of the structure allows for brilliant risk/reward scenario
My broker has amazing spreads for the Bluechip cryptos so I am going to be day-trading those now I can have everything under one account plus my spreads are amazing!
First crypto call, catching a 4HR wicks down to $9120. I love the volatility of this market.
What a rally on Gold we've had this month. We managed to capture 1,400 pips to the upside, although I did end up giving back 350 pips being early on the short position! Is what it is.
Next week we will get a slight push up to around $1820-1825 this will create the 3rd touch of the Daily structure and the last touch of the 4HR Ascending-Channel. So we have a...
GA has been moving corrective inside this channel. Taking advantage of this choppy sideways movement with 2 Profit targets in place to lock in profits on the way up. I will be removing 100% of the risk when the 1st take-profit has been reached.
Traders are about to get caught on the wrong side of the market on this last rally up to $1850-1860 before a short correction. You will notice on the weekly chart 'support' has been broken and we have corrected above this. Stay tuned for a lovely short position that we have been planning for a couple of weeks on Gold.
On the larger Daily structure we have had a clear 4 Hour wick rejection. on the smaller structure we are clearly creating Triangle continuation structure allowing for a 2:1 risk/reward set-up.
Very similar to our GBP/JPY analysis (Ironically on the charts even the candles are identical).. Again on Friday before close of markets we saw that last squeeze to the downside and a recovery early market open. I am expecting price to break the Descending-Wedge structure, a reversal structure within the next 48 hours.