Reversal for Gold?
Price is printing a high timeframe trendline touch today ( 22.1.25 )
Price on the lower timefram have been trading in a rising channel since december 30th.
Price have broken out from the lower timefram channel now into a 3rd touch of a higher timeframe trendline.
If price now falls into the lower timeframe channel i will use that as validation for this thesis.
Reasoning for using the lower timeframe upper channel TL is becuase it has 4 datapoints and looks to be in play.
Entry: I will wait for price to fall into the channel then go short with my SL placed above a recent high.
Price on the lower timefram have been trading in a rising channel since december 30th.
Price have broken out from the lower timefram channel now into a 3rd touch of a higher timeframe trendline.
If price now falls into the lower timeframe channel i will use that as validation for this thesis.
Reasoning for using the lower timeframe upper channel TL is becuase it has 4 datapoints and looks to be in play.
Entry: I will wait for price to fall into the channel then go short with my SL placed above a recent high.
Trade active
Short with a 2754 SL ( Above recent high )
Price have fallen back inside of the rising channel, and price have also printed a lower low on the lower timeframe and that should be price tipping its hand and showing it wants to go lower.
TP:2717 For now, plan is to hold this and see if price wants to confirm the dotted line ( trend channel projection )
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.