Hello, what do you think about this setup?
Based on bearish structure: Lower High -> Lower Low
Gold looks rejecting 20 EMA (Green MA) around 4330 level which is also a confluence level
Confluence level: many fibo + green MA + prior support + MACD 3/10 (4h + 1h) Divergence + Shooting Star (Not closed yet)
I'm waiting for the price to breaks bellow 4280 level to confirm the move especially if we get BB squeeze.
TP: 3885 Just bellow the next liquidity pool, or closing it if price bounce around last low, or closing the half of the position and keeping the half for lower move or whatever your trade management ...
SL: up to you but make attention about the daily gap.
Note: the chart is at PAXGUSDT so the MA includes weekends
Based on bearish structure: Lower High -> Lower Low
Gold looks rejecting 20 EMA (Green MA) around 4330 level which is also a confluence level
Confluence level: many fibo + green MA + prior support + MACD 3/10 (4h + 1h) Divergence + Shooting Star (Not closed yet)
I'm waiting for the price to breaks bellow 4280 level to confirm the move especially if we get BB squeeze.
TP: 3885 Just bellow the next liquidity pool, or closing it if price bounce around last low, or closing the half of the position and keeping the half for lower move or whatever your trade management ...
SL: up to you but make attention about the daily gap.
Note: the chart is at PAXGUSDT so the MA includes weekends
Note
I didn't open a position yet, as I'm waiting for the breakdown if it happens
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.