Currently, price action is at the support zone on the 4hr tf. If we look to the Daily, we can see that the market structure is in uptrend.
If we look left on the 4hr tf, we see that this support zone has not been broken/still respects the zone.
If price breaks and retest then the support has becomes a resistance zone . This means price action will be short untill...
This is my trading idea, I havent enter yet but I think this trade is valid for the following reasons;
- trendline structure still respected
- price action is in demand/supply zone
-fibs from low to high has not reacht 50/61.8 level
-daily price is bearish
looking for 4H confirmation patterns will confirm sell opportunity.
At this moment price action is in a falling wedge. Daily chart shows a bullish doji star 80-90 % meaning price action will go up.
If the trendline resistant is respected then will look for a sell entry.
If the trendline resistant is broken then will wait for the retest and enter long to the next daily resistant.
This is for educational purpose only, let me know...
For educational purpose, UC have a strong bullisch moment, market structure is bullisch for the pas days. On the daily time frame we see a clearly a double bottom. The initial tp is the neckline of this.
UC is
Here is my view on Gold. We see a strong bullish moment that hits daily resistance. Price can fall and break the trendline structures and continue bearish towards daily support or price can bounce or the daily support and continue bullish.
Here we can see that price has been respecting the trendline structure since sept '18 (blue and black arrows). Currently price is heading towards support, more than likely price will bounce as it did in the past. I will be looking for confirmation patterns such as engulfing, morning/evening star and pin bar confirmation. Forex is very risky therefore, proper risk...
