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We have been following GOLD for several days now. Price really struggled on Friday to go anywhere below 1226. Opening today we saw a gap to the down side and Gold immediately closed it and pushed further up. As of now we will see the 1230 to 1226 get tested again. To be sure of our buy we have placed our entry at 1236 as our entry with a stop loss at 1220. From...
USDJPY has finally reached the top of the trend line. we now have consolidation happening. If price comes below the consolidation box 111.900 this will be a great area for shorting. We can expect to see 105 area if this happens. as of now we are currently waiting to see if the trend holds. RSI is making lower highs. Patience is key, so if we see price jump about...
As historic trend coming up we should get a nice movement back to the previous trend line. As Opec comes we should have a good setup for a bullish run. We can see alot more movement down towards these levels before we make a run back up. Remember when trading oil to risk minimal Percent as the market is very bearish at the moment.
If you reference my earlier chart with the ABCD pattern it will help you understand why I missed this the first time. There are times where your focus is so much on one thing and you fail to see the other possibilities. In this case I didn't see the harmonic pattern.
Gold has completed an ABCD pattern and has the opportunity to rise up within the rising channel. With current political events and instability I will not be trading this pair, but figured I would post to keep you guys up to date with my thoughts. Be mindful of the over all trend while trading this setup. See chart for more details.
EURCAD has possibilities of completing an ABCD pattern and once completed a harmonic pattern. See chart for highlights of Fibonacci, PRZ,, Harmonic pattern projection and price structure to support a possible sell on this pair.
GBPNZD is added to this weeks watch list. IT has potential of continuing the major down trend and to retest the lower support line. Awaiting for it to fulfill all the trading criterias to confirm a higher success rate.
XAUEUR, price is currently in a rising channel and looks to be heading back to the 50 Fibonacci level and lower trend line of the channel. PRZ's are marked out and be mindful of the possibility that PA can go to the PRZ at the 61.8 Fibanccia level. With this in mind SL has been placed below it.
Potential reversal on UK100. Harmonic Pattern is complete, Fibonacci levels are presenting support and also price action is entering into a PRZ. Other cafeterias should also be considered before entering this trade.