LewisGlasgow
Short

XAU/USD - Confluence

FX:XAUUSD   Gold Spot / U.S. Dollar
Today we are looking at XAU/USD             on a 4h chart with a major confluence, I'm loving the look of this shorting opportunity already!

There is so much going on in this chart, I will start by going into the longer time frames then finish off with our entry. If you look at the chart shown below we have recently broken out of our range on the weekly, this has given us our major support level on the 4h chart.

snapshot


Now going into the 4h chart we have a bearish gartley with our D point just below the trendline making it the perfect reversal zone, this adds extra confirmation to this trade.

snapshot


The measurements for a valid gartley are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.272 - 1.618
Final X to D: 0.786

Coming back into our original 4h chart we have our weekly trendline acting as a major support level , solid PRZ zone with everything indicating a short position and RSI becoming overbought... We're in for a huge trading opportunity.

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Thank you to https://www.tradingview.com/u/tntsunrise/ for the insight on this opportunity.
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It looks like one more leg up remaining to 1270 area or may be limited to 1264 (weekly R2). The support is 1245 area.Breaks below 1240 invalidates this view.
+2 Reply
I'm thinking the same although we have hit the resistance at 1260, we shall see if it pushes further.
+1 Reply
blake200 LewisGlasgow
i like this. very nice
+1 Reply
Thanks Blake, absolutely loved this trade... Held it all the way down to 1230
Reply
when is a good time to short it ?
+2 Reply
We have a perfect hanging man candlestick on the 4h chart which indicates a reversal, I would enter after this closes.
+1 Reply
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