GOLD - Daily Inside Bar spotted..are we about to break?!..
- Gold has formed an inside bar on the Daily chart
- An inside bar occurs when a candles total trading range for that day (entire body + upper/lower wick height)
are entirely contained within the preceding candles entire trading range
- Much more accurate on higher time frames Daily/Weekly/Monthly
- To determine the direction of movement following an inside bar setup, the previous trend will give this away
- If a bullish trend before then LONG
- If a bearish trend before then SHORT
** We have seen, prior to this inside bar setup, a bounce off the 1220 support level within the broadening wedge pattern I published.
A strong bull trend on the daily chart was then established up to the point we are at now.
** Therefore I believe this may be the signal for a bullish breakout of mentioned descending broadening wedge pattern I published:
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- An inside bar occurs when a candles total trading range for that day (entire body + upper/lower wick height)
are entirely contained within the preceding candles entire trading range
- Much more accurate on higher time frames Daily/Weekly/Monthly
- To determine the direction of movement following an inside bar setup, the previous trend will give this away
- If a bullish trend before then LONG
- If a bearish trend before then SHORT
** We have seen, prior to this inside bar setup, a bounce off the 1220 support level within the broadening wedge pattern I published.
A strong bull trend on the daily chart was then established up to the point we are at now.
** Therefore I believe this may be the signal for a bullish breakout of mentioned descending broadening wedge pattern I published:
THIS IS NOT TRADE ADVICE NOR A TRADE CALL