As I earlier speculated, I thought that the market would respect the fib 38,2 level and then retrace back. Now we have finally gotten a beautiful price action confirmation on the 4h chart, and I smell reversal. We have a beautiful shooting star, its' high is JUST on the 38,2 fib level so everything looks good. Finally we have the price action, and it is...
As I described earlier we are going short, however this time we can find our dear PRICE ACTION confirmation on the daily chart AS WELL as the 4h chart which means CONFLUENCE. We have a daily doji at the resistance level, and are probably about to get a low doji close in 3 hours when the candle closes. Everything is looking good so far, check out my previous...
If we take a look at the daily chart we can see a high doji close, which indicates bullish momentum. However on the 4h chart it has just breached through the resistance (the candle is not closed yet, 18 min left to closure). Due to the fact that we are in a semi-bearish momentum right now, with the RSI below 70 I don't want to go against the trend, that'd be...
XAUUSD 0.08% going short, 4H CHART! I am ALREADY in the trade. I did enter the position right after the bearish engulfing candlestick formation, with a stop-loss on 1258,90 and TP 1240. You can see exactly how I positioned myself on the red-green box! ANALYSIS : We have a resistance line which is between the fib levels 50% and 61,8% level, so not only do we have...