Most often, traders to what can be called *catching the falling knife* they tend to have false hope in what they think or believe for one reason or the other will happen in the market rather than what the market is actually asking them to do. It is true that there are many factors influencing the markets. But we all know the firts indicator of market movement is the Japanese candle sticks. These candle sticks as we know show us where price opens, how price moved withing the given period and where price closed.
There are a set of traders, called flour traders, who trade only using candle sticks. They only have certain markets conditions which they can avoid trading in, like during news, or high volatility.
The gold setup on the 4H chart as we see, There was a bearish engulfing pattern, followed by a strong bearish candle. Again we see price at an area of resistance at 1789.71 indicated with the horizontal trend line.There is also a wick rejection after de formation of the 2nd bearish candle, rejecting the downside. The two vertical trend lines also indicate price forming lower Lows and lower highs, forming a falling wedge.it is Likely that price will reach 1766.196, indicated with the lower horizontal line, before pushing to the upside again .
This could be a chance to get up to 120pips.
Trade what you see, trade with several confluences like seen above, but also include fundamental analysis which I didn't do above
Be patient, and don't give up.
Experience is the most valuable asset traders have.
JJ kante
Thanks 🙏
There are a set of traders, called flour traders, who trade only using candle sticks. They only have certain markets conditions which they can avoid trading in, like during news, or high volatility.
The gold setup on the 4H chart as we see, There was a bearish engulfing pattern, followed by a strong bearish candle. Again we see price at an area of resistance at 1789.71 indicated with the horizontal trend line.There is also a wick rejection after de formation of the 2nd bearish candle, rejecting the downside. The two vertical trend lines also indicate price forming lower Lows and lower highs, forming a falling wedge.it is Likely that price will reach 1766.196, indicated with the lower horizontal line, before pushing to the upside again .
This could be a chance to get up to 120pips.
Trade what you see, trade with several confluences like seen above, but also include fundamental analysis which I didn't do above
Be patient, and don't give up.
Experience is the most valuable asset traders have.
JJ kante
Thanks 🙏
