1949 from way left is a key level, price previously bounced off of it last week as strong resistance, yesterday broke through (red folders day USA).
Key levels marked as grey boxes
Plan is internal liquidity sweep to keep going up.
Or retest key levels .
Attached idea of gold price channel as another guide
Red price channel = 7month decline (delayed quantitative tightening monetary policy due to Russia invading in February 2022, March 2022 FED implemented rate hikes 25bps then 75bps to tackle high inflation)
Blue price channel = potentially the new bull trend (FED more dovish, “inflation may have peaked”, lowering from 75bps to 50bps for December’s upcoming FOMC...
Will the green support hold? 3rd time testing.
First jan 2017
Second feb/March 2020
Third april 2022
Both distance and time it took to hit the green support were shorter than the one before. At this rate price could go up & back down to touch the green support with a year from now.. if retail support holds.
At the risk of catching a falling knife (no choch)
Looks messy but makes sense to me so mehh
Bias is bullish
Looking for buys above 1962.87 4hour TF/ 15 min TF above 1959.32 (depending on candles closes)
Used 4hr TF for TP's
1st TP @ 1979.24
2nd TP @ 1983.45
3rd TP @ 1997.92
4th TP @ 2003.96
5th TP @ 2050.20
Looking for sells below 1918.70 4hr TF safe / but also a risky entry on the 15 min TF...
Either breakout below or bounce off support.
Focusing on the 1hour candle close for the setup, price has failed to close below 1782 strong support if that breaks then it’s invalid unless price closes back within the range.
Also price has almost met the support of the purple trend channel… within the trend channels I jotted on the last post, if price does break...
Two overlapping price channels. Original range is black, secondary range is the coloured levels green blue & red all together.
Orange were resistaces from ATH.
Purple is a temp channel.
Cluster of resistances,
price spiked original mid channel resistance which was the same area as the secondary channels 3rd resistance & lines up with the short term purple...
Not a perma anything, but...
Breakdown of market structure.
zoom in current PA,broken supports holding as resistances.
4hr tf short term previous up trend market structure broken making lower lows (not marked on chart, just levels)
News could potentially bust through and invalidate the breakdown.
depending on resistances holding then bearish (then depending on supports)
Resistances breaks then bullish
wait for confirmations. use lower time frames.
be aware of data and volatility, it being fryyyday today!
Bi-Lateral Symmetrical Triangle on the resistance of the price channel.
This pattern price consolidates then goes either way, so either break the resistance of the price channel or bounce off the resistance of the price channel.
1765 resistance, which was also the cuppa's resistance to validate strength, struggled to break.
Still within price channel, temp support broken, retest may happen.
Lower TF's like 1min was usefull for entry pickings off resistance.
Broken support retest / 1765 retest could also serve as an entry if missed.
Main Pivot Point 1758 will be first test or...
Cup & Handle formation.
Price is still within the channel, this formation could break price above.
Probably noticed charts don't have a lot of support & resistance zones or crutial areas marked, I use all TV broker charts so they don't look too hectic.
Orange level is the support, formed since sundays low wick testing 1680. This support has held, guided price to resistance of the consolidation range.
The light blue is short term support within the consolidation range.
I’d enter a sell from the break of the support is basically what I’m getting at here
(Im already in sell, used lower time frame after closing...
After all the volatile news end of last week & Sunday night when Sydney & Tokyo session opened carrying on the momentum (session was already closed Friday so Sydney & Tokyo session missed it)
Large drop, usually a corrective pullback in price happens which bounced off a major support 1680 zone.
Next usually see a consolidation where buyers & sellers take a...