Due to basic price action respecting the strong downtrend movement, i believe it will follow this set up.
1) trend touch
2) Fibonacci level 50-38.2%
3)previous respected zones
4) candlestick formation at trendline touch
TP - 144.800 region
Please leave a comment with what you think and if i have missed anything.
we are all students,...
Trend analysis: Downtrend 1H TF
Due to basic price action respecting the key Fibonacci levels of 50 & 382% within the current 1H chart downtrend, i believe the next move will follow this set up...
2)previous zone touch
3) 50-382 % fib level respect
4) possible candlestick patterns forming at the trendline touch to indicate sellers...
couple confirmations of mine:
mini head and shoulders formation on 1 hour TF
daily trend line touch
fibnacci levels 618 matched
higher lows forming on 4&1h time frames.
1H up-trend line breakage
should be a good swing
purely advice... dont take action without analysing XAUUSD yourself.
simple market geometry and price action trading
personally i dont use indicators.
-weekly closer as a pinbar/hammer or whatever you want to call it, indicating for a reversal.
-Daily closure today showed a huge bullish engufing candlestick, breaking out of a 3/4 day consolidation zone....
Hey guys my first time posting, please comment your thoughts and opinions and feedback, I'm always keen to learn your ideas.
Top down approach:
Daily: Hitting major resistance area, price reversal zone and RSI at 70% ready for a move down.
4 hour: previous trend broken, new lower lows formed, retested 1.00300 zone between a 50-61.8% retracement and almost 4th...