Price target of $220-230 because the confluence of :
- Fibonacci retracement (0.618 - $219.06) from ATH to September '15 low
- Fibonacci retracement (0.5 - $223.52) from ATH to December '18 low
- Fibonacci retracement (0.382 - $225.76) from ATH to March '20 low
- Low side of the parallel channel formed since the IPO
- Low side of the broadening wedge formed in...
Longed the val of the current range confluent with a minute pivot, 50% fibo, support trendline.
I'm targeting the vah of the range for tp1, and below hourly pivot 3 for tp2.
Remember this: You only make money when you manage your risk.
Keep it simple, manage your risk, and don't get rekt!
//disclaimer: This is not financial advice.
Looking for a pullback to retest previously broken resistance area (which is now the key support) in confluence to our 0.618 fib retracement and ascending trendline. Expecting trend continuation until 78.000 psychological resistance where we should be able to take profit.
If TL breaks below will look for short opportunities.
Following the recent impulsive breakout of the ascending TL... we will be looking to enter shorts on a pullback to retest it in confluence to the 0.5 fib retracement, previous area of support (which is now key resistance), and the MA50 which has shifted its momentum to the bears.
Simple trade idea.
Have marked the support and resistance on the daily TF. The price bounced of the support and is moving correctively towards the resistance.
On checking the FIB level on the last swing the price is now touching the 61.8% Fib level which is in confluence with the resistance.
Looking to go short on 4H tF based on price...
I typically trade Gold on 1HR & below but this 4HR set up caught my eye
- Rising Wedge
- Clear Downtrend
- At an area of resistance
- Trend Meets Resistance
Ways to Enter:
Conservative: Wait for price to close below that last area of support (1901.251) then enter.
Aggressive: Have a sell limit at resistance area or sell once price reaches...
Not much has changed, keep up with Fibonacci golden retracement zone 50% & 61%. Fundamentals playing a big part here. Anyone that rode (A) Leg on the wave did the right thing, over 500 pips there. We are reaching a strong resistance now with signs of rejection. I’ll be looking forward to another discount on gold near the golden zone again ( or lower if possible...