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Unless there is a break to the upside out of descending wedge, this is still a longer term sell as bearish bias continues with price trading range-bound. However, do expect a bounce up from descending support trend-line first after completing a touch of descending trend-line then a small bounce to 1.51670's or if it gains momentum slightly higher around 1.52900's,...

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Descending wedge has actually been in formation since June 2013 as can be seen clearly on weekly. It's a strong pattern which also has another descending wedge within it, in formation since the start of this year. Trade rangebound within smaller wedge for now and go long from the bottom of descending support 1065/70. As you can see it fell out of small ascending...

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Co-coinciding with last weeks candles all failing to break descending resistance at top of wedge as expected and after the bearish open and close below 12 day EMA came a close below the 34 day set on close. This is the bottom average on this m.a tunnel set up and is another bearish indicator suggesting more downside. I'd suggest a temporary reprieve at 61.8% fib...

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The second this broke 12 day moving average with cross down through 34 day on high of m.a. tunnel set-up and simultaneously through coloured m.a. tunnel set up (EMA 169, hl2), was the short signal. Using Fib expansion from swing high @ 1.17140 to swing low @ 1.10874 to swing high @ 1.14952 gives first downside target to 1.08686 @ 100% fib expansion, If this...

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Up for another back test of old broken ascending channel - support turned resistance - around 11040/11050. Then down she goes for test of descending channel support around 10863/10847. Long then Short. youtu.be

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I've seen a few charts with XAU/USD trading within a channel. However, if I was to presume a temporary top was in and switch to a weekly chart a descending wedge seems a better fit. It also seems a better fit when flicking to the daily too. The only consideration is taking the two January candles which popped out as fakeouts, which I have no problem with as when I...

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"Can It Be That It Was All So Simple Then?" The Euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993............ ......"1993 exoticness. Know What...

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After the channel break, we have now completed 2 backtests with Monday and Tuesday's candles. Both candles failed to even pierce old support, now resistance, suggesting more downside. Fib downside targets on Friday's chart.

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Firm resistance of 12 day EMA on this moving average tunnel set up gave confirmation of short signal after previous candle's piercing wick, the candle opened below support and failed to recover meeting resistance at 12 day EMA. View my daily chart to see better the symmetrical triangle within a descending wedge giving an overall BEARISH picture - trade rangebound...

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Symmetrical Triangle within descending wedge = BEARISH. A piercing wick through ascending support (seen on 4hr) this morning gave the game away. After a lift back up back-testing old support, now resistance (again - seen clearly on 4hr time-frame) was the signal/opportunity to go short.