- An institutional candle from prior has been retested (purple zone)
- A possible new institutional candle has been made on the daily timeframe recently
- Yellow zones are areas of support ie double bottoms/equal lows on the daily timeframe so consider them good TP areas
Hope this helps widen your trading arsenal!!
Happy trading, best of luck :)
4hr TF chart
VERY messy I apologise - Many markings and lines for the daily TF also
- There is a clear bullish channel on the daily TF
- You can see highlighted in the ellipses repeated bearish engulfings creating higher highs
- The 16 EMA has moved above the 48 EMA just after the first visible bearish engulfing high
- Price has rejected just after the...
Sorry for the late publication guys I'm new to the whole publishing thing.
- Huge upwards movement on XAUUSD upon rejecting a double bottom level, (somewhat of a 'triple bottom' almost)
Lots of key levels of support and resistance, looking for price action to break through each level, if not then may be thinking about closing for partial profits.
TP 1: 1900 for...
Net downwards movement since the start of Sept, potential for a huge fibonacci here, much clearer on the daily timeframe.
Enter sale upon 3 failures to break either the 71% or 78% marks.
Hopefully we can ride it down to just above the 0% mark (key level or support)