If we base on the readings, obtained from my ratio analysis, pairing gold vs each currency, we'd be biased towards a trade setup here. Although rgmov doesn't signal a new 44 bar high in any timeframe, the monthly does have a recent uptrend, which turned into a lengthy sideways move, and price is emerging right from support, so this opportunity should be considered.
Check out my previous Nikkei chart, and the gbp/xau, an jpy/xau ones, as well as Tim West's own analysis on the Nikkei for more information.
The 3 targets on chart are potential reversal zones as well, the low enviroment we're in makes me think we have a very big move coming!
I take this trade as a hedge against my longer term shorts in usdjpy and my eurusd and usdchf longs. It's good to keep a balanced portfolio when opening and managing multiple positions, without being incoherent with our own analysis and methodology.
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Time at Mode FX
Also adding if we expand range, risking the day to turn down. Aggressive play.
It has a 55% probability of hitting the largest box target. Definitely worth a shot.
I have 1 entry and adding today after close, and adding if range expands. That makes it 3 entries, can aim for the 3 targets on chart easily.
There's also opportunity to buy pullbacks if today's range expands (range expansion as signaled by my R.E.Signal indicators on chart)