(XAU/USD short move to the upside, possible trend continuation)
The XAU/USD pair has been in a clear uptrend since the advent of 2020, therefore I'd want to keep in line with the overall market direction
The trade idea I have presented is derived from the usage of trend lines to define the channel of the markets progression it also gives us an indication of how strong the trend or volume is by simply analysing the angle in which the volume proceeds the steeper the angle(acute) the more strength lies in the move(in theory) , the Elliot wave was used to determine which level or which stage or phase the trend is In, ultimately giving us an indication of where it can possibly go, order blocks or simple supply and demand was used for more confirmation of where we can look to enter in for a long up to the profit designated Area as well as a bit of fibonacci where the actual position is taken in line with ratio of 0.618 the "golden area /mean"
The trade idea I have presented is derived from the usage of trend lines to define the channel of the markets progression it also gives us an indication of how strong the trend or volume is by simply analysing the angle in which the volume proceeds the steeper the angle(acute) the more strength lies in the move(in theory) , the Elliot wave was used to determine which level or which stage or phase the trend is In, ultimately giving us an indication of where it can possibly go, order blocks or simple supply and demand was used for more confirmation of where we can look to enter in for a long up to the profit designated Area as well as a bit of fibonacci where the actual position is taken in line with ratio of 0.618 the "golden area /mean"