As per my previous short which has since hit all 5 take profits we are now looking for long setups.
This is as per the below analysis:
We believe there will be a quick and fast break of the previous low before reversing back up into the trading range and defining a bottom.
We hope this low comes off...
Having been a by stander for the last 4 weeks I think now would be a good time to possibly have a shot at shorting gold.
RSI is also above 80 on the daily chart.
After a potential double top and touch of the upward channel line this would be a good risk to reward with 5 targets set out below.
This is not a quick trade, or at least it shouldn't...
Following my previous idea of a gold short we find gold having retraced to the 382 fib level and a previous order block.
I feel we could see a decline in gold from here as show above.
Targets shown in trade for potential partial profits.
Above we have my idea around gold and the possibilities of a short opportunity.
We have seen gold trading above it's equilibrium, having followed the DXY and in what is considered a low demand period.
We have a possible rising wedge pattern forming as well as a strong order block shown by the increase in volume on the right hand side.
We are also...
Following up on my previous long on Oil we have found some resistance around this area.
I have given a trade opportunity of 1:10 aiming for the 50% fibonacci level and touch of the trendline.
This should be taken with caution as Oil is coming through on a strong trend.
Please see my analysis of USD/CAD where we have formed a wedge pattern. We expect price action to reach the top of the wedge and either rebound breaking down through the wedge or continue up breaking the wedge.
"The US Dollar has plummeted more than 2.8% off the monthly highs with a break below confluent support at the monthly open / opening-range...
Please see above my idea based on gold and the current count I have which plays into the weekly count.
Gold is long term bullish however we cannot ignore the short term possibilities of a short.
Please see above an example of a possible Wyckoff distribution that is taking place on the US30 - this is using Wyckoff 2.0 theory as an upward slope of distribution.
I have illustrated my thoughts on the above chart regarding volume profile as well as effort vs result.
Please leave a like and comment below.
See above an idea based off Wyckoffs re-distribution that could take place.
We have had a somewhat spring with a possible test happening now signaling that gold should become bullish after a "test" which is where my order is placed.
We should then not break below the low of the spring which would invalidate my schematic.
1825-1830 could be a...