After break of trendline, price went up to the supply zone, created a double top formation, and we see bearish divergence on the rsi, you can entry right away after candlestick confirmation or wait for break of neckline. Stop above supply zone, exit at 0.72860
AU STILL travelling South, I shot AU @ 0.7681.. and now that DOLLAR is gaining more strength - I will hold my short for a while. I wont get off until 0.7300 or 0.72 somewhere around there ;) but watch out as AU might pop a little till around 0.75050 and then down again.
Happy trading y'all
Dr.
Options are paying pretty good, Waiting for a stretch with stocks resuming sell.
After that probably some consolidation + continuation for metals market, this stage would confirm a bull cycle.
shorting AU due to:
- bearish pin bar on 4hrly, followed by bullish attempt to break and hold above 100Ma (4hr) which FAILED to do so.
Following candle was bearish engulfing 4 hourly candle.
Short with stop above the high of first candle mentioned, Target at 0.618 retracement of last swing up - just above 0.69
Please Look at the secondary chart down below, below for bigger view
This setup are base on the following reason.
1. AUDUSD still in major downtrend (as in alternate chart below). As well as, still moving at high speed (confirm by the how much price has been re-trace in the past when hit support.)
2. Major support/resistance line as shown in the chart below...
After 52 days of consecutive downside action from the most recent high (daily) , is this now time to go LONG and back the bulls?, here on the 4 hour chart we have a nice double bottom play out and i believe we are heading back up to retest the 38.2 retracement. in confluence with this particular FIB retracement on the 6th of july we located a minor area of...
I have been adding to my silver position for months and months along this most recent bottom. At this point, silver seems like it has been beaten down to it's absolute bottom. It is currently sitting along the .764 fib level, which also happens to be the bottom of the donchian channels. The RSI is as oversold as it was at the beginning of the '08 bubble. Bullish...
