XAU/USD Bullish Shark
Updated
Hey guys,
Today I am looking at Silver, with a bullish shark formation on the 4 hour time frame. Normally for this pattern I would feel more comfortable if the B point was at least 0.382, but the level of support at the PRZ is very strong. The support is holding as high as the weekly timeframe, which is why I am feeling drawn to this trade.
Shark Ratios are as follows:
C = 1.13-1.618
D = 1.618-2.618
X to D = 0.886-1.13
There have been a few spikes below the support- my stop loss has been placed below all of these (still with a 1:3 risk). As always I will be watching the candles to signal a reversal before entering.
I will update everyone as I go! :)
Good luck guys.
Today I am looking at Silver, with a bullish shark formation on the 4 hour time frame. Normally for this pattern I would feel more comfortable if the B point was at least 0.382, but the level of support at the PRZ is very strong. The support is holding as high as the weekly timeframe, which is why I am feeling drawn to this trade.
Shark Ratios are as follows:
C = 1.13-1.618
D = 1.618-2.618
X to D = 0.886-1.13
There have been a few spikes below the support- my stop loss has been placed below all of these (still with a 1:3 risk). As always I will be watching the candles to signal a reversal before entering.
I will update everyone as I go! :)
Good luck guys.
Note
The strength of the support level is clear to see..
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