TheSoupTrading

head and shoulder reversal?

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
the current consolidation has stayed within my support and resistance lines. Seems there is a formation happening... possible downtrend to my major support line at 1850?
Comment: the market is consolidating and still within my support and resistance lines. I believe a small downtrend to 1851.80 before rising again

Comments

what do you think about the inverted H&S in D1
+1 Reply
@afiqz, wow! my usual mistake is not looking at the day chart. I'm not seen the inverted H&S.
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afiqz TheSoupTrading
@TheSoupTrading, i am still waiting for a confirmation. let me know what you find in the daily chart
+1 Reply
@afiqz, I found the daily chart and noticed the left shoulder and the head. Are you waiting for the right shoulder to form? is that what you're indicating?.
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and thank you for your feedback. I appreciate your time
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afiqz TheSoupTrading
@TheSoupTrading, i see the right shoulder formed @ 1820. waiting for a break at the trendline
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afiqz TheSoupTrading
@TheSoupTrading, No problem, hoping for break from the FOMC in 45 mins
+1 Reply
@afiqz, I see that now. I'm still new but always appreciate feed back. How did you determine the trendline? based off the d1 or 4h?
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afiqz TheSoupTrading
@TheSoupTrading, always refer the bigger timeframe. The trendline I based it off D1. be careful with your entry there's a big news coming in 30 mins.
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@afiqz, thank you for that. Ill keep posted and focus on my technical fundamentals.
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afiqz TheSoupTrading
@TheSoupTrading, welcome, TAYOR!
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