Gold pushed back up with help from the FOMC News released. To push the market up once again retest Weekly Resistance Zone.
Entry Confirmation: 2 Bearish Candlesticks Engulfed 2 Previous Bullish Candlesticks on the 15 Minute Timeframe.
This happened in the same Weekly Resistance Zone.
There’s a possibility of Gold Selling Back to Weekly Support
The market has completely broken below the 1 Hour Keylevel and this 1 Hour Keylevel is in line with the 61.8% Fibonacci Level.
The trend has already been confirmed on 4H timeframes with a bearish Trendline and lower high points being respected on the 1H timeframe
This is the reason for my sell limit.
Anticipating a bearish engulfing, pin bar to signal the...
Observing a bearish trend confirmed with lower highs and lower Lows on the 4H timeframe. GJ is currently respecting my 4H bearish Trendline in confluence with a 1H Lower High area (Keylevel ).
The market has already given us a strong bearish candlestick on the 15-30 minute timeframe. I’m awaiting a break and retest of the 1H key level (support) then I can look...
On the 4H and 1H chart you can see that the market broke above Resistance and retests it turning the zone into a "New Support
Zone" and a Higher low point which indicates a UPTREND. After my higher timeframes analysis I went down on the lower timeframes to seeks and ideal entry setup. I found Entry on the 15 minute chart ...
ENTRY CONFIRMATION: Strong Bullish...
The market reaches 4H Support Zone
However , the market did not transition from the Downtrend so we wait until we see a transition happening before we look for entries.
Bearish Trendlines identified which was broken in confluence with a Resistance zone that was also broken and Retested
(15 M ,30M and 1H)
Bullish Engulfing (ENTRY)
DETAILS:
Entry - 161.863
Stop...
Bearish Engulfing at 1H Resistance on the 5 Minute Chart.
Downtrend Trendline Drawn on both the 1H and 5 Minute Charts.
Rejections of 4 H Resistance at 165.937 is observed on both the 5 minute and 1Hour Chart.
Also to Highlight that 4H Chart Is Also Rejecting The Resistance Zones.
Issues: There is a noticeable Support zone on the 1H chart that could...
Market Respects 1 Hour Support .At the support zone the market breaks trendline on the 15 & 5 minute timfleframes. Bullish Engulfing at support on the 5 minute chart give confirmation of my 5 min entry.
The setup is simple this was a scenario where, the market broke below a strong level of support zone. Then it formed BEARISH EVENING STAR Candlestick Pattern at the SUPPORT ZONE forming a new RESISTANCE which gave me enough confluence/confidence to execute my trade.
