1. To start with, we found a bearish trend on XAU-USD (H4)
2. Two lines are drawn from higher high (HH) to the latest and complete retest (LH). These two red line (Solid and Dotted) indicated a bearish line.
3. However, at the same time, a bullish trend has appeared within the last 2 weeks. The price is seen to trade within the bullish trend channel.
4. We drew price areas from HH to LL and pull a Fibonacci retracement to see whether there is a possibility for retest at the golden area.
5. As of now, the price is entering the golden area.
6. We also draw a smaller trend (blue line) and analyze the trend at a smaller timeframe (M15). There is also no breakout at the bullish trend (channel).
7. However, the price has broken the red line (bearish trend).
8. With the price break at the red line and the assumption of the price are trading within the bullish channel, it is assumed that there will be a price retest near to the upper green line.
9. Our plan is to first place “sell” or short at the second top and take profit at the lower green line.
10. Later, we plan to place a "buy" or long at the lower green line and swing it to the top :)
2. Two lines are drawn from higher high (HH) to the latest and complete retest (LH). These two red line (Solid and Dotted) indicated a bearish line.
3. However, at the same time, a bullish trend has appeared within the last 2 weeks. The price is seen to trade within the bullish trend channel.
4. We drew price areas from HH to LL and pull a Fibonacci retracement to see whether there is a possibility for retest at the golden area.
5. As of now, the price is entering the golden area.
6. We also draw a smaller trend (blue line) and analyze the trend at a smaller timeframe (M15). There is also no breakout at the bullish trend (channel).
7. However, the price has broken the red line (bearish trend).
8. With the price break at the red line and the assumption of the price are trading within the bullish channel, it is assumed that there will be a price retest near to the upper green line.
9. Our plan is to first place “sell” or short at the second top and take profit at the lower green line.
10. Later, we plan to place a "buy" or long at the lower green line and swing it to the top :)