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Breakdown

Double top formed near the ATH is breaking downBy March '23 gold did a strong breakout near the 2000 quote. After that, the prices did not continue to flow and stucked inside a congestion at that level. At 04 May '23 the prices tried to overpass the previous top but failed. This failure gave us a doji candle, at the previous top, a very bearish signal, and besides that, it also gave us a double top formation. The congestion kept going for some more days until a sequence of bearish candles appeared (16 to 18 May '23) breaking down the support of the previous bottom and confirming the double top formation. As I have posted before here , I have started a long term position in gold, and I remain bullish in it. But the chart gave us these bearish signals that are too strong to be ignored, so I decided to hedge via futures contracts and started a short trade at the 1981.60. As the GC is a heavy contract for margin purposes, I'm actually trading the micro gold contract (MGC). This price level is basically the same I did my entry at the spot through GLD, so my resulting position is currently neutral. That is, if prices fall, I profit in MGC and loss in GLD, on the same proportion; if prices go up, I profit in GLD and loss in MGC. And giving up this profit if it goes up, is my cost for this hedge. If I stop the GLD I get short directional, otherwise, if I stop the MCG I get long.
COMEX:GC1!Short
by thessia_
XNGUSD Bull Pennant Pattern Short then LongXNG has had a big week with a big bullish momentum move into a symmetrical triangle and then a breakout into a bull flag pattern to finish out the trading week. A Bollinger Band squeeze as the symmetrical triangle was underway preceded the breakout. PRice crossed the POC line of the volume profile where trading volume , liquidity and volatility all are the highest Equities and equity funds like BOIL, KOLD, UNG, UNL, LNG had corresponding moves. The Luxalgo ECHO indicator, a predictive AI tool, suggests that from here XNGUSD will retrace 5% or so perhaps targeting the mid/basis line of the Bollinger Bands and then resume its upward trend. the retracement would be 50% of the uptrend which started the morning of 5/18 which was a 10% move. The indicator is predicting the uptrend resumption for 5/22. By extension, equity instruments that mirror natural gas prices presumably will have similar moves. I conclude that my profits achieved in BOIL options after the big move should be prtially taken off the table to buy some KOLD calls or BOIL puts instead to hedge for the prediction of the algorithm tool.
FXOPEN:XNGUSDShort
by AwesomeAvani
GBPJPY Technical Analysis 24.04.2023 1h chart– Previous Weekly candle closed Bullish at 166.820 creating new Weekly High for 2023, Daily closed small Bearish candle leaving a Rejection wick at the Previous Daily Support area. – Buys on close above 167.180 targeting Daily Resistance at 167.500, Leaving Runners to the 4h / 1h Resistance at 167.750 – Sells on close below 166.590 targeting 15min previous Resistance formed during the London session on last Friday at 166.230, Leaving Runners to the 4h Support formed at 165.860. – The probability for price retesting Daily Support formed on Friday 14th April 2023 is High knowing the last 4 weekly candles closing Bullish and we haven’t had any price retest to the previous broken Weekly Resistances on the left.
by SalimFX20
GBPJPY Technical Analysis 21.04.2023 1h chart– Previous Daily candle closed Bearish at 166.980 forming new Daily Resistance around 167.500. – Buys on close above 167.260 targeting 4h Resistance at 167.570, Leaving Runners to the 1h Resistance at 167.870. – Sells on close below 166.840 targeting 4h Support at 166.520, Leaving Runners to the next 4h Support at 166.280. – Retail Sales m/m data for the UK Economy to be released 1hour before London open, followed by Flash Manufacturing PMI and Flash Services PMI during the London session.
by SalimFX20