After looking at XAUUSD, I see a potential for it to retrace back down to 1794 levels, this is supported by the following points:
5min Resistance that has formed
The candles have hit the resistance of the upwards channel and failing to break above it.
The Relative strength index of 30min Upwards is overbought, we have to go down now
If planning to take this...
IM GOING TO GO LONG ON THIS MARKET DUE :
-STRONG UPTREND PIN BAR REJECTION AT THE 1H
-REJECTION AT SUPPORT AREA
-ASCENDING TRIANGLE PATERNN AT 15 MIN
FOR GREAT RESULTS WAIT UNTIL THE PRICE BREAK ABOVE TRIANGLE RESSISTANCE THEN ENTER !
dear fellow traders,
Gold seems to have a hard time touching 1790 but we think Gold will go there
see D1 chart, it performs a nice double bottom pattern and fibo number 1817 were nicely sit there waiting for Gold
DR area today could be 1778 - 1788, this good opportunity for scalping since Gold sideways on this area
always watch out strong support area to...
dear fellow traders,
gold slowly but sure forming a bullish pennant
after touching 1756 area ready to go down, for a bit while
ATR(1) == 2117 indicate should be top for today, but be careful Gold still unpredictable
DR today 1756 - 1748
dear Gold lover,
another day in paradise? did you get another jackpot?
they said the US economy recovered faster than expected, so they pull out all the money from foreign country
to invest back in the US, as you can see index get higher and higher
but as a law of investment, if they buy stock they sell the Gold they hold...
see the H4 chart, it is going down...
We saw gold falling out as we had indicated in our previous illustration, there is a minor short term down trend retracement structure forming. Our previous illustration for a swing short position but we decided to bring the view out for the intraday traders.
Remember my criteria: Safe trade - Only place an order at the price that has such a high winning probability that you are willing to trade with your precious money. If the market does not enter these price ranges, stand outside to save the money. Keep it and wait for the right time.
My account has no orders now. I shared 2 SELL positions last week: (1) 182x -...