XAUUSD - POTENTIAL DOUBLE TOP H1
XAUUSD
Speculating that the price could be a potential Double Top Chart Pattern. As long as the price rejects 1968.5 and continued with a bear candle (breaking the mother candle), analysis is valid.
Ordering a short trade with more than 1:3 RRR is promising. Remember to always manage your money management. You can either directly place a sell limit or wait for rejection (confirmation) and place an order directly. If price first reach to the imbalanced price first, meaning double bottom is NOT VALID. Noting that the imbalanced price is also at the Fibonacci 161.8.
Confluences:-
1. Double Top Pattern near the resistance level
2. Purple Zone
SELL LIMIT - 1968
TPM - 1956.5 (neck)
TP - 1948
SL - 1973
Speculating that the price could be a potential Double Top Chart Pattern. As long as the price rejects 1968.5 and continued with a bear candle (breaking the mother candle), analysis is valid.
Ordering a short trade with more than 1:3 RRR is promising. Remember to always manage your money management. You can either directly place a sell limit or wait for rejection (confirmation) and place an order directly. If price first reach to the imbalanced price first, meaning double bottom is NOT VALID. Noting that the imbalanced price is also at the Fibonacci 161.8.
Confluences:-
1. Double Top Pattern near the resistance level
2. Purple Zone
SELL LIMIT - 1968
TPM - 1956.5 (neck)
TP - 1948
SL - 1973
Order cancelled:
XAUUSD is not going for Double Top
*If price first reach to the imbalanced price first, meaning DOUBLE TOP is NOT VALID