1οΈβ£ Head and shoulder pattern was forming 2οΈβ£ Upper side trendline resistance ahead 3οΈβ£ Positive risk mood and positive vaccine news 4οΈβ£ 1865.00- 50% Fibonacci retracement level 5οΈβ£ 1841.00- 61.8% Fibonacci retracement level 6οΈβ£ 1850.00 Acted as strong support/Price action level 7οΈβ£ Technical support - Bear 8οΈβ£ 1850.00 acted as key reversal-bullish 9οΈβ£November low - Swing target π 02nd big Elliot wave is underway #οΈβ£ Overall bearish trend
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π Technical bias-H4-Bearish
Price below 50,200 Exponential moving average 200 Exponential moving average strong resistance Relative strength index - Reached 60- Some bullish momentum expected towards 70- short term fall back expected MACD -Turned green and well above signal line,oscillators pointing upward Stochastic - Reached 75- overbought condition short term fall back expected Ichimoku cloud -cloud is turned red-Price is within the cloud Bollinger band- Price reached around the middle of the band and short term bounce towards upper band was expected
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Key reversal area's 1900.00 Key psychological level 1800.00 Key psychological level 1966.00 November month high 1774.00 November month low 1848.00 September month low 1932.00 October month high 1764.00 December month low (Current ) 1874.00 December month high (Current ) 1865.00 50% Fibonacci retracement level 1841.00 61.8% Fibonacci retracement level 1807.00 78.6% Fibonacci retracement level 2000.00 Major psychological level 1841.00 Possible entry- Bull
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Bearish entry #xauusd #Gold
Entry price - 1841.00
Take profit 01 - 1818.00 (210 pips) Take profit 02 - 1802.00 (390 pips) Take profit 03 - 1768.00 (730 pips)
π« Stop lose 1852.00 (110 pips)
β¬οΈ 3.97% Drop was expected β€΄οΈ Account growth .59 : 3.97 β Risk reward ratio 1 : 6.7
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