GOLD: Breakout of Structure and bullish price action for a LONG!
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the XAUUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Higher timeframe:
Lower timeframe:
As previously forecasted, we were expecting an upside movement, which it happened during the closing session of Friday and proceeded on Monday with a potential formation of further bullish continuation, after the sharp breakout of the LTF channel.
When, where and why would we step into the market?
Gold, is definitely a very high volatility market, we could expected some extension to the downside, in order to complete the LTF correction after breakout.
Currently, the market is performing following our bias and a deeper correction would be an interesting opportunity to enter long, targeting the top of the main structure or at least the previous swing high, start of the corrective move.
Any trade position with a RR not greater than 3:1 will be avoid, however, if the market performance wouldn’t complete the structure, dropping sharply till the bottom of the main structure, the trade setup would be invalidated and no action will be taken on it.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Higher timeframe:
Lower timeframe:
As previously forecasted, we were expecting an upside movement, which it happened during the closing session of Friday and proceeded on Monday with a potential formation of further bullish continuation, after the sharp breakout of the LTF channel.
When, where and why would we step into the market?
Gold, is definitely a very high volatility market, we could expected some extension to the downside, in order to complete the LTF correction after breakout.
Currently, the market is performing following our bias and a deeper correction would be an interesting opportunity to enter long, targeting the top of the main structure or at least the previous swing high, start of the corrective move.
Any trade position with a RR not greater than 3:1 will be avoid, however, if the market performance wouldn’t complete the structure, dropping sharply till the bottom of the main structure, the trade setup would be invalidated and no action will be taken on it.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
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