Potential buy here on the break of the daily resistance but only if we close above which at the moment we are not doing! Looking to fill this wick tomorrow.
Confirmations: Double Bottom Weekly support continuing to be respected 4hr rejection 0.707% Fib short term 23.6% Fib long term from march crash
GJ very choppy with brexit on the lower timeframe so we're looking on the daily here with the current structure noted. Buys on the third touch of the trendline or with a closure above 139.00 and the 61.8% fib area. Sells if the trendline is broken and the 38.2% fib also broken.
Daily descending channel in play here! Also have strong higher timeframe support and resistance providing perfect confluence with key Fibonacci levels! Buys and sells clearly marked up - lower timeframes very choppy so entry taken only with candle body closure above and below on the daily timeframe.
Hopefully this shows why multiple timeframe analysis is so important! Not only did we identify key support and resistance levels but we also now know areas where price may retrace & gives us targets!
Daily chart as the 4hr very choppy! Triangular structure forming here, with sells valid with a candle closure below the daily support and previous lows to target the fib extensions. For buys, we need a break of structure, break of the 38.2% fib level and closure above the 4hr resistance. Anything inbetween = a no trade area - too choppy!
So we always try to have a plan for both sells and buys but the #loonie looks long here. It's currently sitting just above one of the strongest levels of support I've ever seen: Key Key psychological 1.30 level Weekly 61.8% Fib Retracement! (WEEKLY FROM JUNE 2017 SWING LOW!!!) Previous September lows when the DXY was crumbling couldn't break this level! So as...
Probably the most simple outlook we've had on gold for a long time. Clear ascending channel creating Higher High's and Higher Low's, ideal buys would be off the 3rd trendline touch, with sells only applicable with a break of the structure. Also, above 1915 and below 1930 is a no trade zone for me - the grey area represents DAILY resistance. Strong resistance...
Potential INverse Head and Shoulders here could lead to further bullish dollar! Taking note of the major descending trendline currently meeting the ascending channel - break or bounce we're prepared either way!
2 possible scenario's here coming to election season important to have both bias! For buys I want to see the ascending channel respected and to close above on the 4hr to retest the weekly highs as we did this week; this is a risky trade as we simply can't seem to close above 12k anymore so stops to BE as quickly as possible. 2nd target is the all time highs...
Still holding the falling wedge with the dollar showing good strength this week. Both bearish TP's hit this week. Come back sunday to see our prediction for next week - we're short!
YOU WOULD HAVE GROWN YOUR ACCOUNT 30% OFF ONE TRADE IF YOU TOOK THE SHORT OFFERED ON WEDNESDAY! Like with GU, GJ was not sure what to do with itself this week. We saw a break of the ascending channel which could have been a nice impulse but very risky trade. The only other option would have been a sell to test the lows once price pushed back into the 61.8% fib...
FAKEOUTS GALORE! GU proved a worthy adversary this week given the fundamental impacts of brexit and elections. We were sat in 3% profit on Monday above 1.30 and held until BE tuesday before we got caught in another fakeout. Nice little double bottom forming for next week but I want to see the weekly close above 1.30!
There was the opportunity to take a safe 1:3 RR (aggressive traders could have taken a 1:6) However, with the uncertainty in Europe with Covid and Lagarde not promising anymore stimulus, the fundamentals just didn't line up - especially with the RBA having big news this week.
No trade this week on EJ as we weren't looking short, purely because of the strong support which price is struggling to break!
Still holding the descending channel, any meaningful break needs to clear for further dollar strength!
Took 2% here on the red circle. Nas not sure what it wanted to do this week! How to make this a better trade - reduce the stop loss for better RR! However, given it's election and stimulus season, better to have that bumper.
Really tasty 1;15RR here with the 10 pip stop off the demand area!