Now the re-test on support has happened (with a massive wick) I am buying once more.
I'm going to try a short here, but it's risky as I am selling against the trend. as I said in the attached post I see there is room for more upside. However there is a chance we will remain in the rising channel. I am only using small lots.
This is clearly bearish and we have seen a break, re-test with wick rejections at the re-test which indicates more downside.
Just a little long based on the classic break and re-test. If I get stopped I will buy again as shown. However going on the current wick rejections im going to try a long from here.
We are approaching a Key level of resistance. personally I see the market rejecting from this area and going short for a huge trade. If we break this resistance I see if going back up to create a triple top. If you are already in a long at this point make sure your stops are at entry and you have taken partial profits. It worth noting there is a lot of news this...
Looking on the high TFs we could see a massive swing trade coming. Judging by the double top and the bear flag in which we are currently trading. All are signs of further bearish pressure.
While I am expecting a break to the up side I don't believe this is it. We still haven't broken the last high so we are still bearish. A break of the upper trendline and the shown resistance will shown it turning bullish. If that happens go long on the re-test. Until then we are still trading in the descending channel.
We are still showing good bearish signals. I will be selling again now, and then adding to it if the shown area of resistance holds, which I think it will. SL just above structure. as with all my trades I go for a 3/1 RR.
Classic Break and Re-test, this is an easy 3.5/1 RR
We had a nice bearish push at the end of last week, now the pull back is in play. For me 1748 (0.382 Fib) is the level in which I am looking for the sell. We are in a bull market so Shorts only.
1st Support broken, buy limit set at the next support. That will be gap closed and 0.382 on the Fib Buy: 1.29619 SL: 1.29213 TP: 1.30839
The Price broke the trend line with vengeance, it has now pulled back to the 50% Fib and an area of Support. I Will wait to see how this 4H closes, at the moment it looks very bearish which could indicate a push down to next support. There is a gap which will need filling which fits with the idea of a move down to the next support. Either way we are in a bull...
My attached idea is now invalidated by the break of the trend line. I will wait for a re-test of either support or the broken trend. No point entering now, wait until next week.
In my view this the pullback is showing signs of ending and a continuation to the downside expected. The pull back has gap filled, and hit the .50 fib on this bear push and 0.618 from the top, both of which a know to act as resistance. We are also at the top of the descending channel. as a added bonus there are large top wicks on the last 2 hourly candles I know...
Be careful with this. We could be seeing a pull back to resistance before a further bear run. However I my opinion we will see it break resistance and move to the top of the channel. If you enter here go in small and then add to the position when/if we get confirmation when it creates a high low.
We are seeing a pull back from the downside movement from the top of the bearish channel. I see 1767 (50% Fib) as the area to short. Gold being Gold We might see a spike up before the downwards movement. specially considering we have big news this afternoon.
We are at major support and the bottom of the descending channel. I will wait for the close of the next 1h Candle for confirmation.
I would not trade against the trend, however wait until you see rejection from the Zone shown. I have a sell limit as shown on the attached. It will probably take a week to play out but there's some nice profit to be had.