01-12 22:15:
I'm making some analysis to be ready for next week. Get an idea of the ranges of prices that will happen and the possible moves.
On the great scheme, seems
XAUUSD
is preparing for an attempt to reach a new high. On the daily chart a Bullish Breakout Pattern is forming, testing the resistance at around $2078 USD. The pattern, converging in 48 days (34 bars).
The possible range of levels goes in line with the Bollinger Bands area (not shown in graph) and it's picking support over the 50 bars Moving Average.
Will be keeping an eye on how it progresses during February.
https://www. tradingview.com/x/4CHAqybB/
Looking at a shorter timeframe to analyze the possible movements of next week. Last couple happened a short bull impulse of 243 pips followed by a correction.
Price found support at the 0.382 Fibonacci level and was headed towards the 0.236 level to test the resistance also generated by the 20 bars Moving Average before the market closed for the weekend.
If it succeeds crossing the resistance is expected to reattempt crossing the $2062.28 resistance. This area will present difficulty to cross as seen in the chart of several different timeframes (30m, 4h, 1D, 1W). If capable, it would continue on to test the next resistance at $2078, as seen on the daily chart current pattern.
https://www. tradingview.com/x/jxUoLFeE/
The pink horizontal lines are a simplified Fibonacci that shows the 1, 0.75, 0.5, 0.25 and 0 levels of the trend in 4 different time frames.
Feedback is always welcome!~
I'm making some analysis to be ready for next week. Get an idea of the ranges of prices that will happen and the possible moves.
On the great scheme, seems
XAUUSD
is preparing for an attempt to reach a new high. On the daily chart a Bullish Breakout Pattern is forming, testing the resistance at around $2078 USD. The pattern, converging in 48 days (34 bars). The possible range of levels goes in line with the Bollinger Bands area (not shown in graph) and it's picking support over the 50 bars Moving Average.
Will be keeping an eye on how it progresses during February.
https://www. tradingview.com/x/4CHAqybB/
Looking at a shorter timeframe to analyze the possible movements of next week. Last couple happened a short bull impulse of 243 pips followed by a correction.
Price found support at the 0.382 Fibonacci level and was headed towards the 0.236 level to test the resistance also generated by the 20 bars Moving Average before the market closed for the weekend.
If it succeeds crossing the resistance is expected to reattempt crossing the $2062.28 resistance. This area will present difficulty to cross as seen in the chart of several different timeframes (30m, 4h, 1D, 1W). If capable, it would continue on to test the next resistance at $2078, as seen on the daily chart current pattern.
https://www. tradingview.com/x/jxUoLFeE/
The pink horizontal lines are a simplified Fibonacci that shows the 1, 0.75, 0.5, 0.25 and 0 levels of the trend in 4 different time frames.
Feedback is always welcome!~
Comment:
I'm learning, I made a mistake by not placing the correct order to enter when the market opened.
A good idea would have been to place a Stop Limit order. That way, if the price didn't jump over the weekend, the order would have been successful.
Aside from that seems I had the right idea, was able to cross Resistance 1 at $2050, then that resistance became a support later on. Now I expect the market to test resistance 2 at $2062 now that is moving in a channel between both levels.
This backed by the price finding support over the MA 20 and 50 line on the 30m chart
A good idea would have been to place a Stop Limit order. That way, if the price didn't jump over the weekend, the order would have been successful.
Aside from that seems I had the right idea, was able to cross Resistance 1 at $2050, then that resistance became a support later on. Now I expect the market to test resistance 2 at $2062 now that is moving in a channel between both levels.
This backed by the price finding support over the MA 20 and 50 line on the 30m chart
Hopefully soon enough that I have profits.