gjfx

Top down analysis doesn't mean get your T1TS out.

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Here is a 4H view of my Gold analysis i posted the other day! As you should know by now you should always do top down analysis, i told my wife this and she pulled the top down she was wearing before she went on the charts... the neighbor got a rite eyeful but funny enough old Bill next door just stood there behind the bush shaking it... he must have lost something in that bush as he was there for a good few minute shaking it frantically.

Anyway top down analysis means start with the higher time frames and work your way down to the lower ones... self explanatory really, We do this to get a wider view of the situation and you can spot trends better this way.

So we can see that price has been respecting 2 trend lines which have formed a triangle, price has been squeezed into the point of this triangle and like a bottle of pop it is going to explode, we think it will be a bearish explosion so price will push down but you must always be careful at market open as price can and quiet often does open with a gap after news events over the weekend.

If you need any help trading then message me.

Anyway i best go and help Bill find whatever it was he was looking for in that bush.