Current levels I'm looking out for.
Price could break the previous LH retest and continue to the upside, But if we get a break and close below the previous LL then i'll be waiting for a break, retest and then a trend continuation to the downside.
Uptrends and downtrends are quite simple. Here’s the definition for each:
Uptrend: This describes when the price of a price is moving upward or getting higher. An uptrend is characterized by the chart’s peaks and lows reaching new highs as the trend progresses. So, if you look at the chart over time, it may be zigzagging, but it’s generally going up.
Volatility over the next hours will likely rise dominated by speculations about the outcome of the US elections. Market analysts will look not only for who wins the presidency but also for the future composition of the House and the Senate. Possible short position but be mindful as this is a bullish market so ideally, I would wait for support to be retested and...
Levels to look out for.
Bearish news for gold:
Meltdown, the formal end of fiscal stimulus talks was only the beginning of a down week for gold, which also struggled with the covid-related gloom. The fate of the precious metal hinges on the elections, yet surprise stimulus from central banks could also move XAU/USD.
Bullish news for gold:
- A higher gold...
levels to look out for.
Bearish GB news:
- Moody's downgrades the UK's credit rating
- OECD warns of UK economic scars
- UK economy was not doing that great, GDP figures for August badly disappointed
- Brexit talks turn sour
- New lockdown rules imposed for the UK coming into play this Thursday, Nov 5th, 2020.
Levels I'm currently looking at and what id like to see:
- Bullish push to the recent highs then look for evidence to go short.
- Or a break of the current trendline and then a retest of that trendline for a trend continuation to the downside.
- Only looking for shorts (for now) as the higher timeframes are showing bearish price action.
You can have two pending orders, a "Buy Stop" and a "Sell Limit" so either way you can get in on the right side and catch the momentum of the market. Once an order has been triggered then cancel the other. Be cautious of the London/New york crossover sessions.