With Fake breakout and breakding down neckline, and top has low volume, confirming the weakness and bull trap. Price is capped at 60 Daily MA, Pink line. If 1270 breaks, TP1: 1230, TP2: 1180
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Still in triangle, volume not confirming, no change from previous analysis
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Crazy daily actions, but still in triangle trending down, UJ turns bullish, more down coming.
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more down, 1270-1274 looking for a bounce or breakdown
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Maybe bounce around the bottom of triangle, if break it will free fall
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Breakdown, 1230 on deck
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Not breakdown yet, still holding
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another try of breaking down, we will see if this triggers
@Mustapha87, ha, the only useful ones are volume and pattern, its not breaking yet, but will
Mustapha87
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@KeyTrade, Hmm.. I'm long on it tbh. How much do you use price action to determine your analysis?
KeyTrade
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@Mustapha87, Look at 4H volume, price went up with decreasing volume. Switch to 1H, all high volumes happened at top meaning people wait to sell at the top.
Mustapha87
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@KeyTrade, I don't have much faith in volume analysis. For me price action is much more important. I am not using the 4hr or 1hr to determine bullish or bearish bias. I am using the daily. I only used the 4 hr to enter. If you look at the daily you'll see inside bars. This is a bullish signal.
KeyTrade
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@Mustapha87, no body is trading on Thanksgiving Friday, of course you will get a low action inside bar, super low volume
Mustapha87
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@KeyTrade, well then based on your volume price analysis, gold went down on low daily volume.. and higher on high volume. That makes it bullish on your own analysis lol
KeyTrade
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@Mustapha87, price lower lower vol means no people catch it they want to buy low, high volume at high price means people want to get out at high.
Mustapha87
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@KeyTrade, Thats not necessarily true. You have to correlate the price action with the volume to read the vpa. In this case the price action actually does correlate with it. High volume on higher prices could definitely mean bullishness depending on key levels and price action.