Good morning! This is what we are looking for. We have a double top pattern.It is a false break. Price was rejected twice.
I look at the EUR / USD pair,USD/JPY pair, they are also at the end of the pattern. I also do not expect too much Fed will increase interest rates next time. Let's take a look back at the last time the Fed raised interest rates, how the market is reacted ? The dollar has weakened. Therefore, price action may reflect to reverse fundamental analysis. We are just speculators,our job is to follow the trend.That's what help us to make money, not the Fed You do not need to trade too much.You just have a nice set up, then enter an order and enjoy the trend. And I have a set up for you, if i'm right.
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Update H4 chart :
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On daily chart :
Although price is at a down channel However, we have a buy signal from RSI and Stoch So a selling order at this time should be very careful Price can rebound
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Now it was broken the down channel
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Price can not be recovered The downtrend is likely to continue
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Price can recover A sell order is unreasonable at the moment - Shark pattern on daily chart - Buy signal of Stoch and RSI
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Now, H4 has confirmed the recovery wave However, this is only countertrend trading You need to consider proper volume when placing orders to minimize risk
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Although the wedge was broken but the momentum was still very weak Price is still in the down channel Now, I do not recommend anything We need a more clarity of price
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I haven't seen any sign of reversing yet We see the bullish double candles It is above the support level So I do not place a sell order at the moment That is unreasonable It looks like it's about to break the two-peak pattern
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Price is struggling at the resistance The shooting star candle appears at the resistance 4 consecutive sessions later price went sideways This says that bullish momentum is still very strong Closed week is a hammer The candle cluster creates a bullish pattern: Fakey The uptrend is still stronger than the downtrend And price has not broken the up channel yet
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wang1xun2
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great chart, what do you think of gold now? is there possible pullback from current price
trung.nguyenduc1708
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@wang1xun2, now i have not seen signs of reversal on gold and it was throwback
HakanGulum
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You are better than several so called "expert". The beat part is you keep it simple. I wish you shared more but it is still good. Thanks!