About meI swing trade and analyse plain charts.
Fundamental analysis + technical analysis always.
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My third attempt to buy XTIUSD after 2 previous stop outs.
Price is in an uptrend, approaching support.
TPs based on fibonacci levels.
An economic recovery may boost oil prices to 47.5 or 50.0 levels.
Conversely, a worsening epidemic and oil supply increases may cause oil price to drop.
Nothing is certain, but I personally think it is worth the risk in view of...
Potential economic recovery following a potentially successful vaccine will boost demand for crude oil as industrial production ramps up
Breakout of D1 ascending triangle with retracement
TP based on Fibonacci levels
D1 downside breakout of sideways movement and retracement
H4 bearish gartley, downside breakout of uptrend and retracement
Price at resistance level
Not a fundamentally backed trade as XAU may be bullish due to market uncertainty.
Nonetheless, an interesting technical analysis which we can watch to see if it plays out.
I will be staying out of this trade.
Many patterns seen, I avoided chart drawings to keep the chart clean
H4 bearish gartley
Inverted head and shoulders (left shoulder 27 May 2020)
Head and shoulders pattern (left shoulder 8 July 2020)
Downside breakout to uptrend
Support and resistance levels drawn
Price approaching resistance
I see similar bearish patterns across most GBP pairs which...
H4 bearish gartley
H4 head and shoulders pattern
Possible downside breakout to uptrend
This trade offers a decent 1:6 RR
Pointers against this trade
- XAUEUR is on a D1 uptrend, bulls may push prices higher
- A global risk off may lead to buying of gold which may drive XAUEUR prices up
- With these 2 factors in mind, this is not the most perfect...