Gold is converging while following the fib retracement. The main trend is between 0.618 level and 0.236 level. It has already broken the main trend once, now it is breaking the trend for the second time. A short-term long position may prove to be profitable.
A converging USDJPY trend is present. RSI is headed upwards implying a short-term long gains. If the trend continues USDJPY will hit 100.447 level at the end of the convergence.
Please see annotated chart for details.
Please see annotated chart for details.
We are looking for higher highs on the chart and higher highs in the MACD histogram. Once we get the bullish convergence, follow the plan as in the image below – correction and go long. During the correction we can go long based on H1 hidden divergence for example, false breaks, trend line..Whatever comes first and provides a good risk reward ratio for our...
The 20 EMA is being touched and lowest lows of 74.387 have been reached. bullish momentum has picked up and is confirmed from candles, stochastic and RSI. Price is consolidating itself back to normal.
USD JPY CONVERGENCE TRADITIONAL LONG POSITION RISK:REWARD 1:1
We are currently in a corrective 4th wave of a bullish five wave pattern up that should result in price reaching above the top of the 3rd wave (789.78) The fourth wave appears to be a five wave contracting triangle which will conclude on July 15-18th at which point the fifth wave up should commence. Charting the 4 hour contracting triangle (thin green line)...
There is a great potential sell setup forming in Gold on the H4 chart. Commodity has been trading higher for the past few weeks and it is not approaching good reversal levels, even if only for the short term. The bearish divergence is another confirmation for the bearish outlook Once the false breaks are there, next step is to look for a correction. Ideally we...
Please see annotated chart for details.
Please see annotated chart for details.
Please see annotated chart for details.
GJ is currently forming a nearly identical structure. It's currently trading inside of a wedge and just made a new high before crashing down again. We could see it re-test the previous low and even break towards a lower one. Trade with care as it can break towards the upside again. Entry = 157.90 SL = 158.35 T1 = 156.00 T2 = 155.50
Please see annotated chart for details.