XAUUSD looking for a deeper retracement? 🦐
GOLD on the daily chart is providing us a deeper retracement outlook
The price after the recent top is testing the 0.618. Fibonacci level and the long wicks of the last weekly candle make me consider a test of the 0.786 Fibonacci level over the support area can happen.
How can i approach this scenario?
I will wait for the European market open and check for a possible break of the weekly structure.
In that case, i will move on the 4h chart and check for a possible short order according to the Plancton's strategy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The price after the recent top is testing the 0.618. Fibonacci level and the long wicks of the last weekly candle make me consider a test of the 0.786 Fibonacci level over the support area can happen.
How can i approach this scenario?
I will wait for the European market open and check for a possible break of the weekly structure.
In that case, i will move on the 4h chart and check for a possible short order according to the Plancton's strategy rules.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Comment:
lower low and break below the 0.618 as expected
Comment:
price reached a first support area, possible retracement to the upside from here
