strong support, speculate for a bounce price
data news release positive/hawkish (Retail Sales m/m)
Risk low 1.28600
another confirmation if candle daily/h4 close on top 1.29xxx area it will create a double bottom.
risk management wise.
High Probability trade on NZDUSD if you are following the candle formation.
Most likely to form a Head and Shoulder formation. (inverse) and it is a bullish reversal. on Weekly and Daily.
See the chart for details price.
My chart is blank and only draw the H&S formation, no Support, and Resistance or Supply Demand. But I think you guys already know.
Snipe Entry...
Gold still can't break last high resistance, not even try over 1600 and rejected at 1594 area to create a double top.
a test to touch or over the 0.5 fib retrace area (1570 area) should be expected, otherwise, a test to support area around the neckline 1535-1546, I anticipate another drop to 1523-1525. More than that it will break the bullish structure (weekly)...
Price at the moment is consolidating at a strong support area.
Potential creating a cup and handle formation on H4, although I'm not a fan of this pattern, but worth to try (again). Ideally, the Cup&Handle pattern should be formed in Daily TF, but I guess I will found later. An "edge-ucating guess".
small risk with money management wise, entry for Long with TP...
High-Risk trading, medium probability.
Small lot, may cut manually (loss/profit), will be monitoring very close
Fibonacci Retracement, with TP at 0.5 and SL nearest Resistance.
Good luck!
Disclaimer on.
- three bullish candles (daily), retrace to 0.382 and max to 0.5 fib retracement.
- potential flag and wave
- put entry order at 0.382 or 0.5 fib retrace
Trade wise... money management wise.
disclaimer on: this chart is purely solely purposed for my own analysis and my own trading, and I'm not responsible for any trades you are in.
