XAUUSD
The price is currently forming a Bearish Pennant Chart Pattern. Expecting an impulsive move from XAUUSD which I can conclude to speculating a SELL at 1930 as price rejects the trend line where fibonacci cluster is also a factor. The stochastic oscillator has also formed a lower peak leading the price chart. You might as well order a SELL STOP at 1915 with 100 pips SL.
CONFLUENCES:-
1. Bear Trend (H4)
2. Bearish Pennant (H4) (Chart Pattern)
3. Fibonacci Cluster
4. Bearish Harami (Candle Pattern)
5. Price rejects Trend Line
SELL - 1930
TP 1 - 1918
TP 2 - 1907
SL - 1940
The price is currently forming a Bearish Pennant Chart Pattern. Expecting an impulsive move from XAUUSD which I can conclude to speculating a SELL at 1930 as price rejects the trend line where fibonacci cluster is also a factor. The stochastic oscillator has also formed a lower peak leading the price chart. You might as well order a SELL STOP at 1915 with 100 pips SL.
CONFLUENCES:-
1. Bear Trend (H4)
2. Bearish Pennant (H4) (Chart Pattern)
3. Fibonacci Cluster
4. Bearish Harami (Candle Pattern)
5. Price rejects Trend Line
SELL - 1930
TP 1 - 1918
TP 2 - 1907
SL - 1940
Comment:
SL - Set at BEP
Trade closed: stop reached:
Previous entry got stopped out.
Re-enter - 1928
TP 1 - HIT
Re-enter - 1928
TP 1 - HIT