XAUUSD TO PUSH LOWER TO 2017.10 HANDLE then LONGS TO 2070.00
Hi All
Has been a long time since I actually posted my last trade, the reasons for this trade is based on several confirmation factors.
We have firstly technicals, entry price is exactly pinpoint accuracy on 61.8% fibonacci level, RSI and Stochastics which are both reverse engineered algorithms that I personally use to help me identify points of entry (These are my own code, so they are not laggy. Been using them for 9 years) as well as an area of importance and a whole psychological price point being 2017.10.
Areas of importance that line up with the fibonacci are areas in the market where banks and financial institutions use to enter as well as capitalise on maximum profit.
Not only does the 61.8% fib line up on an area of importance, as well as the RSI + Stoch both will show an abundance of oversold data but this also aligns with the 50 moving average on the daily timeframe, which acts as a support to the blind eye. (Generally areas that the market rejects).
^ 3 - 4 solid technicals confirmations..
Now we have the fundamental data...
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The USA has recently had a tough back and forth with Iran who are situated amongst the triangle. This being China and Russia are also involved which they came to announce that they will do anything to help their neighbouring country. They've already announced this as well as Iran fighting back in an announcement "Iran's UN envoy warns any attacks will be met with response" - Source: ForexLive.
Everyone knows that whenever there is uncertainty in the world, investors flood the XAUUSD market and USDJPY drops heavily.
Based on the uncertainty in the market, I believe that the market is yet to drop with todays NEWYORK session we will see an absolute rocket of a climb from XAUUSD given that price enters as I believe financial banks and institutions will drive price down... Slowly... for then when announcements hit XAUUSD will sky rocket...
Now this is only my opinion and this is in no way shape or form financial advise.
Please take trades at your own risk and do not come to me afterwards. LOL.
My entries: 2017.10
Stop loss: 2014.00 (31 pips)
Take profit: 2070.00 (529 pips)
Thanks all.
Saif
Has been a long time since I actually posted my last trade, the reasons for this trade is based on several confirmation factors.
We have firstly technicals, entry price is exactly pinpoint accuracy on 61.8% fibonacci level, RSI and Stochastics which are both reverse engineered algorithms that I personally use to help me identify points of entry (These are my own code, so they are not laggy. Been using them for 9 years) as well as an area of importance and a whole psychological price point being 2017.10.
Areas of importance that line up with the fibonacci are areas in the market where banks and financial institutions use to enter as well as capitalise on maximum profit.
Not only does the 61.8% fib line up on an area of importance, as well as the RSI + Stoch both will show an abundance of oversold data but this also aligns with the 50 moving average on the daily timeframe, which acts as a support to the blind eye. (Generally areas that the market rejects).
^ 3 - 4 solid technicals confirmations..
Now we have the fundamental data...
------
The USA has recently had a tough back and forth with Iran who are situated amongst the triangle. This being China and Russia are also involved which they came to announce that they will do anything to help their neighbouring country. They've already announced this as well as Iran fighting back in an announcement "Iran's UN envoy warns any attacks will be met with response" - Source: ForexLive.
Everyone knows that whenever there is uncertainty in the world, investors flood the XAUUSD market and USDJPY drops heavily.
Based on the uncertainty in the market, I believe that the market is yet to drop with todays NEWYORK session we will see an absolute rocket of a climb from XAUUSD given that price enters as I believe financial banks and institutions will drive price down... Slowly... for then when announcements hit XAUUSD will sky rocket...
Now this is only my opinion and this is in no way shape or form financial advise.
Please take trades at your own risk and do not come to me afterwards. LOL.
My entries: 2017.10
Stop loss: 2014.00 (31 pips)
Take profit: 2070.00 (529 pips)
Thanks all.
Saif
Trade active
PRECISION.