GOLD after the recent highs retraced over an ascending trendline.
The price couldn't break below the ascending trendline and close the candle above the support area with a false breakout during the last trading day of the week.
I can notice how the resistance structure at the 0.382 Fibonacci level rejected the price making me spot a potential h&s pattern with the current asian open that seems to confirm this outlook.
How can we approach this scenario?
I will check for a potential break of the confluence zone that means both of the trendline and the neckline and in that case I wll consider a nice short order according to the Plancton's strategy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The price couldn't break below the ascending trendline and close the candle above the support area with a false breakout during the last trading day of the week.
I can notice how the resistance structure at the 0.382 Fibonacci level rejected the price making me spot a potential h&s pattern with the current asian open that seems to confirm this outlook.
How can we approach this scenario?
I will check for a potential break of the confluence zone that means both of the trendline and the neckline and in that case I wll consider a nice short order according to the Plancton's strategy rules.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Comment:
the price moved as i expect
Comment:
Perfect analysis