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Confluence

Gold Long Idea with Confluence AnalysisGold has been in a downtrend for about two months now. It formed a Rising Wedge Pattern which deceived a lot of Traders to go long. The bears are still in control. The Support of the Wedge has been broken and retested, so we should be expect a downward movement soon. Pivot Analysis shows that Gold is still Strongly Bearish. Gold is also below the 100 SMA and 200 SMA on both 1-Hour Chart and 4-Hour Chart. The next buying area based on Confluence is in the Green Circle in the Chart, where we have Three Types of Supports. So when price gets there, we should prepare to buy. We also have a Void that has also formed with a Quasimodo Fakeout Pattern too, So if price goes up to fill that void, we should prepare to sell at the the Red Circle at the top of the Chart near the Weak Resistance. But for now, we focus on the Green Circle for a Buy as this is more likely to happen. As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
FX:XAUUSDLong
by Benettel
market execution: GBP/NZD analysisA flow of highs/lows has consistently being formed from the 1.97000 psych region towards the downside, we can look at current price action as a retracement (lower high) pattern formed which has bounced and tapped our downside trendline in confluence with wick rejections around the fib regions. A new leg could be formed and the price could be heading towards 1.95000 and lower from there. risk/reward ratio is 1:2.75 for any questions feel free to privately message me and ask, here to inform and educate.
Short
by danresdidualfx
USDJPY channel break with interesting targets...Last week gave a break to the downside of an ascending channel on this pair. we also took out (and pulled back) an ascending Trendline in the process. What i like about this setup is that the fib ext targets sir right on the low of the previous rally. Fridays daily close also presented a bearish engulfing candle. We can see the MACD gave a clear indication that the channel was weakening. I will be looking for shorts on this pair the coming week - The potential pull-back area is not "set in stone", just a reference. As above, i will be looking for confirmation to short this pair.
Short
by TeePeeFX
USD/MXN Confluence AnalysisWe have a Confluence of Four Types of Support in the 20.80 - 20.90 area which indicates that we may have a lot of Buyers in this area. This alsoo means there could be a lot of Unfilled Buy Orders in this area. The next Demand Level of Buyers is at the Horizontal Support. This area has been tested only once, so it is a fresh buying level. The price has been in a Descending Channel for sometime now, so we are looking to buy at the bottom of the Channel. The Green Circle is the Confluence of Support and the best place to buy. A Quasimodo Fakeout Pattern as formed as well on the Chart with two Equal Highs, S1 and S2. As usual, we expect the price to fill the Void and trap a lot of Traders. A Strong 61.8% Fibonacci Level on the Weekly Timeframe also adds more confirmation to our Setup. We have a High Probability Setup for a nice Buy Trade!! As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
Long
by Benettel