GOLD - Double bottom fake rally
I don't think the DCL is printed yet, but we are finding support at 1860-61.
I see a good opportunity here for a fake rally before the final daily bottom is printed at 1829$.
We will see what the daily close will look like, but right now the hourly is showing a double bottom what is a beloved pattern of many traders who are waiting for new highs in gold.
I will trade it for 24-36 hours as a possible tag of the 50 MA (1885-90$) on the hourly, and there is a chance of backtesting the breakdown zone between 1900-1910$.
Any drop below 1860$ invalidates the idea.
Time window: 12-48 hours.
I see a good opportunity here for a fake rally before the final daily bottom is printed at 1829$.
We will see what the daily close will look like, but right now the hourly is showing a double bottom what is a beloved pattern of many traders who are waiting for new highs in gold.
I will trade it for 24-36 hours as a possible tag of the 50 MA (1885-90$) on the hourly, and there is a chance of backtesting the breakdown zone between 1900-1910$.
Any drop below 1860$ invalidates the idea.
Time window: 12-48 hours.
Comment:
Starting to look like a raisiing triangle false rally
Comment:
Breaking out
Comment:
Unfortunately, Price couldn’t break out from the raising triangle
Comment:
We have 2 problems:
1. Time window is max 48 hrs. By tge close tomorrow I want to be out of this trade
2. The pattern is starting to look
Like a flag:
If it pops to the upper trendline 1888 I will close the position.
1. Time window is max 48 hrs. By tge close tomorrow I want to be out of this trade
2. The pattern is starting to look
Like a flag:
If it pops to the upper trendline 1888 I will close the position.
Comment:
Daily also shows a bear flag:
Trade closed manually:
Price: 1887$
Price: 1887$
Comment:
A nice beer flag has formed:
