We appear to be printing a perfect Head and Shoulders pattern at the top of an extended uptrend. We are forming the right shoulder now which also confluences with the 50% Fib Retracement Level from our most recent Higher High. Already saw 4-5 rejections of this level on the 15m timeframe so primed for execution.
Targets are going to be duplication of the Head and...
-Daily trendline 3rd touch (highest probability execution). We faked a breakout but quickly ducked back under the trendline
-Fib on the H4 was fulfilled with a retracement to 78.6% level
Gold has been in a bearish trend for the past couple of days and looks ready to reverse. We just printed a picture perfect inverse head and shoulders and are showing signs on the H1 of reversing from the shoulder area. Looking to ride this up to the 1288 region.
Looking for a 3rd touch of a daily trendline combined with a 61.8% fib retracement. If we see that along with some sort of bearish candle formation on the H4 then looking to take a short
Looking very bearish on this pair on the daily timeframe. In addition to that we have 4+ wick rejections of the 1.1800 level which is signaling to me that consolidation period may now be over and we may be continuing down to the Weekly Support.
Overall bullish on GA on a higher time frame. We re-traced to the 61.8% level now which corresponds to a key level as well. On 4H we saw a 3 pin pattern already and expecting further signs of a reversal to continue our bullish momentum here.
Very clear 4H level was created and we finally managed to close below on the 4H so expecting a meltdown to 1260s region now. First stop however is 1279 where I will take some profits.
Short bias on GBPUSD as experienced a second tap of 1.3000 which is also a Fib extension on the daily. In addition to that we experienced a 3 pin pattern on the 4H which provided the final confirmation to go short and ride this one down once again.
