Looks like silver has broke out of the consolidation after recent plummet. This 1 hourly is showing a lovely flag pattern which in my opinion confirms the price wants to continue upwards. I am now in for the longs. Any thoughts people?
Time for this pair to decide which way its going to head next, im forecasting a break out downwards from this structure. Look for sell set up once breakout is confirmed. Same goes for a buy if it breaks to the up side.
Im currently short on this pair i was from just abouve 0.77000.
Looking for the continuation downwards in this 4 hour pattern, to the bottom of the higher timeframe consolidation just abouve 0.75000.
Then well see. If it breaks there could be much more downside.
Any comments or advice from more experienced wave pattern traders?
As you can see on the chart Gold is almost at the monthy downwards trendline and nice round figure of 1400. ITs holding a daily, 4 hourly uptrend back to previous highs, my two cents says it will hit 1400.
USDCAD Has in the past couple of days broken past the 200EMA daily, very bullish sign would anyone agree?
Since MAY its tried to do this a number of times. Once succeeded its now pulled back to what i percieve as pretty strong support: the price area that used to be strong resistance, the 200ema daily, the 21 ema weekly, previous highs.
I plan to enter long if i...
So Gold has broken its trendline after previous rally. Also Gold has broken below daily 50 ema which confirms a correction is taking place. Short sellers might fancy trading it down short term until support. There should be a good buy opportunity for bulls around the support shown on the chart, around 1190-1200.
What are your thoughts eveyone?
The USD/CAD has come back up to weekly and daily resistance of previous lows. It seems to have broken the daily downwards trendline. So the start of a new up trend could be possible. Notice the 4 hourly consolidation as the market decides what it will do. A breakout of this wedge could be a good trade opportunity in either direction, back to nex levels of support...
Here there seems to be another double top forming on the 4 hourly chart, also possibly on the daily. Negative divergence shows weakness in the second peak. If the double top confirms, if the price closes below the resistance, a short trade could be initiated, and look to follow it down again to 4300 area.
NOTE: Im new on this website, quite new to trading. Realy...