XAUUSD is approaching its support at 1283.90 (61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1296.27 (50% Fibonacci retracement). Stochastic (89, 5, 3) is approaching its support at 2.3% where a corresponding bounce could occur.
Now there could be a take-profyt bounce up... but my target 1200-1220$ is very well in play
baqishirzadi
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The price has broken all your supports level, shall we short it now ? Heheh
lucamodena
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@baqishirzadi, The second support level is still holding on... I suggest to wait a bit for a retracement and short it once it hits the neckline of my H&S scenario
Mohamedali89
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I have just 1 question ? Why not considered level 1280 not 1283 , all are confused every time to draw the line on the wick or body 1 pip can make big difference.
FXSTREETSPROFIT
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@Mohamedali89, Even 1280 is ok. we refer this as Zone... probability zone.