XAUUSD - Top Down Analysis
Taking a look at my chart on the monthly for most people you will not understand my strategy at first glance, so ignore the first chart, and let's dive into my top down analysis.
Let's Begin.....
Starting with the Monthly. Chart Below
Key Takeaways
== Technicals ==
* Bearish RSI divergence
* RSI is also overbought
Technical Summary
* I believe this pair might start to top off
== Fundamentals ==
The latest from the Jackson Hole Symposium
* BoE Gov. Bailey: It is too early to declare victory on inflation.
* Powell at Jackson Hole: The time has come for policy to adjust
* Fed's Powell: Inflation has declined significantly, we're now much closer to the goal.
Let's move onto the Weekly!
Notes Include:
* Daily candle closed as a Doji
* RSI Bearish Divergence
* We are in a bit of a bullish channel
Fundamentals for next week forecast for lots of positive US economic data forecasts
I'm starting to think this could be a bull trap whereby most traders believe gold will rise based off the latest comments from the Jackson Hole Symposium
Now the Daily!
Reasons I'm looking to go short
* At a rising resistance level
* Gold didn't close above the last candle on today's close
* The last close above/below was a close below
* RSI also on the daily is showing bearish divergence
If I'm wrong, gold will need to close above the last candle on the daily timeframe. I'll then wait for momentum to stall to add an additional short.
With that said, knowing I might be wrong, the first trade will only be a 0.25 lot size on a 100k account with the second position doubling in size to 0.5 once we close below the next only if we trend higher.
Here's the 4hr
In summary on this timeframe I'm waiting for a candle to close below the last
See the example of a close below the last on the chart that I illustrated
And finally what I'm waiting for on the 1 hour timeframe
If you understand my strategy, awesome! That's the plan. That's it - That's all
Trade Safe
Let's Begin.....
Starting with the Monthly. Chart Below
Key Takeaways
== Technicals ==
* Bearish RSI divergence
* RSI is also overbought
Technical Summary
* I believe this pair might start to top off
== Fundamentals ==
The latest from the Jackson Hole Symposium
* BoE Gov. Bailey: It is too early to declare victory on inflation.
* Powell at Jackson Hole: The time has come for policy to adjust
* Fed's Powell: Inflation has declined significantly, we're now much closer to the goal.
Let's move onto the Weekly!
Notes Include:
* Daily candle closed as a Doji
* RSI Bearish Divergence
* We are in a bit of a bullish channel
Fundamentals for next week forecast for lots of positive US economic data forecasts
I'm starting to think this could be a bull trap whereby most traders believe gold will rise based off the latest comments from the Jackson Hole Symposium
Now the Daily!
Reasons I'm looking to go short
* At a rising resistance level
* Gold didn't close above the last candle on today's close
* The last close above/below was a close below
* RSI also on the daily is showing bearish divergence
If I'm wrong, gold will need to close above the last candle on the daily timeframe. I'll then wait for momentum to stall to add an additional short.
With that said, knowing I might be wrong, the first trade will only be a 0.25 lot size on a 100k account with the second position doubling in size to 0.5 once we close below the next only if we trend higher.
Here's the 4hr
In summary on this timeframe I'm waiting for a candle to close below the last
See the example of a close below the last on the chart that I illustrated
And finally what I'm waiting for on the 1 hour timeframe
If you understand my strategy, awesome! That's the plan. That's it - That's all
Trade Safe
I manage forex accounts for HNWI and sophisticated investors.
Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
LinkedIN
➡️ linkedin.com/in/forexdaytrader
Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
➡️ linkedin.com/in/forexdaytrader
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