Gold looks prime for BIG September Historical data of gold shows that September has always been a very significant gain month for this particular commodity. Using this we can create some confluence and frame what is going on right now.
From just a raw price action standpoint gold looks to have created a local bottom, with a nice double bottom formation, having the 2nd low being higher than the first. On the daily we have two candles around the support forming a BELT HOLD candlestick pattern, that would be confirmed by a third, engulfing candle stick.
Assuming this level holds we could see some major upswings, as gold retests the daily fibos of its current lower move.
DOLLAR STRENGTH, could potentially impact any gold gains however with the risk off environment being so strong and everyone looking forward to the impending recession of the US economy, its not difficult to form a hypothesis that includes both the USDX hitting new highs and gold returning to new highs as well.
This analysis is for a BUY SWING, that would involve a pretty substantial Stop loss of at least 250 pips if entering the trade now, however with GOLD, upswings can come very rapidly. This creates the potential for an 1800+ pip retracement, so this pair is sure to reward any PATIENT traders this month, if these current levels hold.
I dont use RSI, MACD, or other technical indicators when considering my analysis.
Candlestickpattern
EURUSD before NFP Yesterday this pair broke below 0,9980 confirming the downside move.
Today is the first Friday of the month and we have NFP coming out.
There will be volatility during the news and we could see further confirmation to the downside.
The levels below the parity will act as resistance and we will expect that price should reject them and eventually form a new low.
Once we break below 0,9900 we should see 0,9800 next!
Stops should be above 1,0090 in case of price rejecting the mentioned levels.
A new sell zone on EURUSD Yesterday EURUSD tried to continue falling down but instead of that we saw some strength in the pair and price moved up to 1,0065.
That's why we won't sell until the market breaks below a previous low or it reaches our new sell zone.
The new zone is above the 1,0090 high and in case of price visiting that area, we will look for another rejection.
Today we should wait for another sell signal.
We are definitely not looking to buy!
It's time for the next drop on EURUSD There was a weak rejection at 1,0050 but we haven't yet seen the move down towards 0,9900.
This is what we expect to see today but mind that price can re-test 1,0050 again.
A move below 0,9980 will confirm the next drop on EURUSD.
There are also better trading opportunities with other USD pairs, however we should see this scenario developing here as well.
EURUSD sells There was a pullback after the initial downside move on EURUSD and today, we will look to sell.
The best entry opportunity would be a rejection of the 1,0050 level.
Stops should be placed above 1,0100 and the target remains 0,9800!
Entries only after confirmation from the candlesticks!
Trend Continuation- bearish channel
- bearish pin bar candle
- under 200 ema
exit:
1.43100
enter:
1.4500
stop:
above pin bar candle
risk/reward :
~3x
The next target on EURUSD - 0,9800On Friday we had a reaction of the sell zone and an impulsive move to the downside.
The next target will be below the previous low- 0,9800.
Everyone who is currently in a short trade can move stops and expect this pair to continue lower.
New entries could be made after a pullback that will give us a better risk to reward ratio.
Don't look to buy!
Did you see what Bitcoin just printed!? 🥵Bitcoin 1Week Chart just got even more Bearish with a Three Outside Down candle pattern.
What is that?
A three outside down pattern consists of 3 candlesticks that form near resistance levels. It' best to find this pattern at the top of an uptrend and the Inside version at the bottom of a downtrend.
The 1st candle is bullish, the 2nd must be a bigger bearish candle that forms a bearish engulfing, and the 3rd candle forms a lower high. Typically, a 4th candle candle confirm and forms an ever more bearish reversal pattern.
CLICK HERE FOR PATTERN IMAGE
How to Trade Three Outside Down Patterns
1. Watch for a smaller bullish candlestick to form.
2. Identify 2nd bigger bearish engulfing candlestick.
3. Watch for 3rd & 4th candlesticks to form lower highs.
4. Take a short position once price breaks below the 3rd or 4th candlestick based on risk tolerance. 4th candle means less risk.
5. Place stop above the 4th candle or based on your own risk tolerance.
When trading candlestick patterns you aways want to use confluence of other indicators:
For this instance we have:
✅ Higher volume on 2 Red Candles than Green.
✅ RSI in falling Wedge
✅ Stochastic RSI cross down
In my opinion its only a matter of time before Bye 19.5k 👋👋👋
ETHEREUM CONTEXT ANALYSIS QUICK UPDATE (BEWARE!)This is just something that I must alarm people about especially those that are way too new in the market right now regarding the Ethereum price action. Please don't get jebaited by this candlestick, I swear to gosh I will frown at you for even considering buying here with the SP500 and NASDAQ so much red and no confirmation. If you don't want to short, that is absolutely fine to wait for confirmation which you should always do.
The rule of hanging man candle stick is that it reverses to the downside if the next day candle DOES NOT close higher than it and will most likely fail. This is especially stronger in a bear market, a trending market more specifically. Be warned and manage your risks!
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EURUSD sells We shared our sell zone yesterday and also saw the reaction from it already
Today, we may see another test of that same area and rejection again.
That means, we may have another chance to sell.
The target remains below 0,9900 but right now you can leave it as an open take profit. Once the move begins, then we will be able to determine specific targets.
Also, today is the Jackson Hole Symposium, which could lead to bigger fluctuations in price!
Bullish/bearish idea I will be watching price for the next 24hrs . Price looks like it may try to buy the weekly and daily candle are currently green . Above 21,802 I’m looking to place a buy and risk 1% of my account value to gain 3%.
I will place a short if price goes below 21,293 and risk 1% of my account to make 3% .
What does Gold do in this current area?Price often movs back between these two white lines. These are both significant S&R.
Starting at the green slash: Bullish engulfing which closes higher than previous candles. This is followed by four more bullish candles.
Finally, close to a resistance, price makes a doji. I expect that this is where many were taking profits.
The very next candle is another bullish engulfing which breaks above and closes above the yellow support. This is pre London.
Price continues bullish until it hits the upper white line-very strong resistance.
Once here, Gold makes long upper wicks to the resistance. The first and last shooting star are big clues that price will potentially be moving back down.
Many times in bearish movement, there will be a reaching wick followed by a strong close, which is what we see here.
The first bearish candle pushes price below, but closes above. The second candle pushes well through and closes far below the yellow support now turned resistance.
There is a piercing pattern created with the two candles at the yellow circle.
Price moves back up to the yellow resistance, creates a doji, and pushes back down. Comes back up and closes at the yellow resistance again. Now, Gold created a double top at the green box.
Since the Double Top was created, We can see Three Black Birds signifying more bearish movement.
Will price stop at the yellow circle? Or, continue to push down to the other yellow line and white line?
A Breakout Signal!With significant price movement from the previous trade, the candlestick indicates a breakout signal where the price closed above the MA200 line backed by high volume due to buying interest.
MACD and OBV indicate a divergence signal and confirm the price uptrend towards the next price resistance.
Precaution since RSI is at indexer 70; becoming overbought or overvalued. It may be primed for a trend reversal or corrective price pullback.
Let's save EG in WL and watch out price uptrend towards the next price resistance.
R 0.570
S 0.515
EURUSD sell zone Yesterday, we said that the pullback has already started
Today, we will see when is it going to end and the potential sell zone.
What we want to see today is another push higher to 1,0027-1,0101.
Once we see price around those levels, we want to watch out for possible exhaustion in price and that will give us a signal for potential short positions.
Targets will be below 0,9900. Once we see that reversal to the downside, we then will be able to determine specific tp levels.
It's time for a pullback on EURUSD We saw EURUSD reaching 0,9900 and then bouncing back with more than 100 pips move.
This will probably result in a pullback before the next selling opportunities.
Now expecting a move up to 1,0060 and then possible short positions again.
Any long positions right now are considered risky as they're against the main move, so make sure to use less risk!
A new low on EURUSD Yesterday we saw a breakout of 0,9950! Those are historical levels for this currency pair but that doesn't mean we shouldn't be looking for further continuation down.
We are now expecting to see price even lower. The next target is 0,9900 and basically the round numbers after that.
Entries could be made with aggressive stops and after any small pullback.
You don't even have to use a fixed TP but instead, you can have an open target and just move stops into profit every time price creates a lower structure.
