With last week analysis confirmed, next week presents much stronger bullish signals.
1- The weekly divergence is confirmed plus a crossover in the stochastic indicator further confirming the bullish rally to start. This is triple confirmed with RSI printing above 50.
2- Price printed a bullish break out of the triangle which provided a year end target of $2018...
Last week trading plan to short the pullback proved successful meeting both TP1&2. Please check last week analysis and update the price to confirm.
This week, I expect the bullish trend to resume.
Although Gold is in weekly consolidation triangle, the strong and rare Stochastic divergence (still in formation, so be careful), chart is signalling a bullish...
I am expecting a pullback to last week high 1956
We have a bullish wide RSI divergence, with a stochastic RSI crossover while price at a monthly resistance area and daily 100EMA acting as dynamic support.
We also have a lower low already formed to continue the down trend this week we need a lower high which will be formed by attacking any of the resistance above...
With daily RSI posting a divergence and Stochastic crossover. A pullback to daily trend line expected. This is a counter trend trade. The Risk reward on this trade is attractive.
Check the weekly chart belwo
With daily RSI posting a divergence plus Stochastic crossover.
A pullback to daily trend line expected. The trend needs a lower high to continue. Maybe all the way up to 1.1820
This is a counter trend trade with tps 1.1750 / 1.1790 / 1.820.
The Risk reward on this countertrade is attractive with Risk reward ratio of TPs 4.7 / 6.4 / 7.6.
The Graph says a million word.
1- Double top (text book)
2- Wide Daily Divergence ( text book )
3- Supply Zone
4- COT weekly reports shows Non Commercial positions at net short and growing short
Big move in Play - Sell rallies
Double top already formed, travelling to the neckline started.
Catch it after bull trend line breaks.
It is so simple, I deleted all my indicators from the graphs.
This is a long term trade, it will take months but it is worth allocating 10-20% of your trading capital
If you missed the break out, like me unfortunately, we might have another less riskier entry after bull EMA cross over.
I will buy at the retest of the daily 14 EMA with a tight stop loss at the daily 50 EMA (minus 15 pips for skid marks) -40 pips.
Target at Monthly 50 EMA (1.26535) +200pips which acted as resistance for 2020
That is a +5R potential trade. I love...
Nothing interesting about EURUSD. It has been ranging for days around its 14EMA . Even momentum is flat.
Until it breaks and closes above or below the range. No call.
Unless you are aggressive enough to trade 90 pips range with tight SL at the risk it snaps on your trade. That would be GAMBLING not TRADING
I have a better use of my trading capital.
After ranging for 40 days, Gold started trending upwards using 14 days EMA as support. You can not go wrong buying at the support.
Next stop is 2012 high 1795 then after big figure action around 1804, a small dip to 50 day EMA 1722 ( a dream entry, if you missed my entry at 1680 LOL) and up again to attach 2011 high 1921. who cares if it makes it with an entry...
DXY failed reversal has shown lack of buyers appetite to rally with Bears taking control. With upward move will be faced with road blocks 50% Fibonacci and weekly 14 and 50 EMA. The bath of least resistance is down.
After a weekly morning star reversal failed at the monthly 14 EMA, bears are taking control. 2018 upward channel is at risk of being broken.
The risk of another Covid 19 shut down of US economy is growing with the increased number of cases. This puts DXY back in March mood when DXY took a nose dive to 88.00
The price action has respected Fibonacci levels. If...