Friday 6th June we observed price spend the majority of the early hours of the London session ranging between support and resistance zones Within a 4Hour ascending triangle pattern from the higher timeframe, the interesting scenario was that within this "4hour" higher spectrum, there was a nice, neat 1Hour Descending triangle forming within the space, as it continued to form, it was almost making a slight statement to the market watchers. Was this our clue as to what was about to occur or was this just a coincidence?
For me personally , I take into account everything that gets presented in front of me on any given day, after all, that is what the charts do, the flow and move unknowingly to upper or lower levels, our job is simply to analyse which way that price is MORE LIKELEY to travel, so as mentioned on the previously published detail Friday morning, we marked it out with some trend lines, stating the precise positions for support and resistance forming a nice near descending triangle WITHIN the higher timeframes Ascending pattern and continued to observe price unfold.
Eventually, price, in the late afternoon timescale for London, early hours of New York made its move, the floodgates opened and the news releases initiated what was to be the next breakout on XAU.
We had a choppy start to the breakout on lower timeframes as we edged into the apex of the pattern, however, sitting tight and waiting patiently before we took our execution, there was 1 final hurdle to overcome, the 4hour EMA, sitting slightly below our breakout zone of support.
It was too high of a risk to just enter for the scalp on a sell without seeing clear momentum through the EMA, but as soon as we had that final conformation it was an all systems go approach to execute and secure a nice 1:4rr scalp on the short.
personally i closed the trade at some relevant support below our initial entry, however with some sturdier hands and more patience, we could of easy doubled our profit margin for the trade and allowed it to continue to run for a few more hours.
it was money in the bank though and overall a successful end to another profitable week.
10k in 2 weeks, we will take that for now and continue our mission to build consistent results in the market.
All eyes on gold for its next position, my analysis is for a deeper correction before we see some sharp upturns in the market on this golden rocket!
good luck traders.
Learn, Earn and Grow Together
For me personally , I take into account everything that gets presented in front of me on any given day, after all, that is what the charts do, the flow and move unknowingly to upper or lower levels, our job is simply to analyse which way that price is MORE LIKELEY to travel, so as mentioned on the previously published detail Friday morning, we marked it out with some trend lines, stating the precise positions for support and resistance forming a nice near descending triangle WITHIN the higher timeframes Ascending pattern and continued to observe price unfold.
Eventually, price, in the late afternoon timescale for London, early hours of New York made its move, the floodgates opened and the news releases initiated what was to be the next breakout on XAU.
We had a choppy start to the breakout on lower timeframes as we edged into the apex of the pattern, however, sitting tight and waiting patiently before we took our execution, there was 1 final hurdle to overcome, the 4hour EMA, sitting slightly below our breakout zone of support.
It was too high of a risk to just enter for the scalp on a sell without seeing clear momentum through the EMA, but as soon as we had that final conformation it was an all systems go approach to execute and secure a nice 1:4rr scalp on the short.
personally i closed the trade at some relevant support below our initial entry, however with some sturdier hands and more patience, we could of easy doubled our profit margin for the trade and allowed it to continue to run for a few more hours.
it was money in the bank though and overall a successful end to another profitable week.
10k in 2 weeks, we will take that for now and continue our mission to build consistent results in the market.
All eyes on gold for its next position, my analysis is for a deeper correction before we see some sharp upturns in the market on this golden rocket!
good luck traders.
Learn, Earn and Grow Together
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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.
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.