Currently it seems that gold is poised to move higher, but is currently moving in a rising wedge. We haven't seen much of a pullback lately. My hypotehsis is that we will move to ~1460, where I will be looking for a short with pullback all the way to 1360-1380 area.
Seems that oil is currently moving in broadening wedge - I expect some resistance at 58 and at 59, which would offer shorting opportunities with good RR. I still expect oil to test the bottom of the triangle (yellow rectangle).
As we see now, oil price is moving in a symmetrical triangle, currently, we are expecting test of 52-53 level. The big trade will come after breakout or breakdown of the triangle, until then it's only short term play. Will update the idea later on. Currently holding short with mentioned target 52-53.
After huge run up, now is the opportunity to short, SL above 1412, 1st TP 1360, 2nd TP 1315. Divergencies forming on all higher timeframes with DSI screaming pullback needed before resuming trend.
Enjoy! PS: Was good to exit our recent try on GOLD short. Now we can short higher! :)
This is one ballsy idea, however it's definitely one of the options and would nicely backtest broken trendline. Lets see how this unfolds, but this is something I will definitely keep back in my mind with all that bearish bias around.
Recent break out from the handle was obvious, or perhaps too much obvious. Therefore we can look at a small contrarian play now. SL above 1350, 1st TP - 1305, 2nd TP 1250.
I will start to load up again below that level, if we get there. Lets see :)))
Gold broke out from the flag it was forming recently and now seems to be backtesting the structure. Also oscillators are showing basing patterns, therefore there is high probability we will be heading to 1300 again. SL 1265, TP 1295
After yesterdays FOMC, we have seen a flush in GOLD. However, from broader perspective GOLD is still flagging - if that scenario is confirmed target of 1300 very much possible, with a prospective follow through to 1300+.
Hi all, I just wanted to share this contrarian view on current development in USOIL. This is definitly one of the most viable scenarios, taking into consideration overall bearishness of the market. However, if lower trendline fails (and is not recovered), go full on short with TG 61.
Now we are at critical inflection point, USDJPY just approached descending trendline from above, after b/o from triangle. If my thesis proves to be correct, its amazing opportunity to buy right now. With weakness in DXY and everybody calling bull run in gold, its a little ballsy, but the RR right here is great. Wait for reversal candle on daily to buy.
DXY forming and ABCD pattern? We will see soon enough. Nice breakaway gap today in the morning, with follow through during the day could signify a trend change. With FOMC looming, this could some forshadowing play. GL to all!
Bullish Bat forming on GBPUSD - BUT a number of different scenarios, we can see reversal around 1.28 or 1.27. If price falls below recent low from late august - this theory is invalidated. Multiple divergencies forming across different timeframes. DXY playing prime, possibly showing signs of topping (ascending wedge, etc.). Caution advised