+4R Tricky NZDUSD BreakdownAnother trade breakdown
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Tradebreakdown
XAUUSD Pre-London Analysis (6th Jan 2023)Summary:
* LTF are forming bullish structure
* Already corrected most of ADPs Move
* Price will either break sturcture to go bearish since 1840 is a strong level
* Or price will continue to further correct the move up to 1845.0
Waiting for London Open to bring the move
NOTE: Lots of news later on today aswell
Breaking down James Storm's trade Breaking down James Storm's 300 pip Gold trade.
This Gold trade is based off of a few important things:
1. Fibb
2. Trendline
3. Key levels of Support and Resistance.
The entrance was stated to be around 1645 and TP target was 1675.
The entrance matches up with the 38.2% Fibb retracement.
Also, check the candles here:
I would almost call the two candles following the drop into this area as a Tweezer Bottom (the second candle close is a bit higher than the first candle's open).
The next candle is an inverted hammer.
This is followed by a Bullish Engulfing.
These four candlestick patterns are all potential indicators of Bullish movement ahead AND that the bears are losing out. Shorts are leaving the game and Buys are entering.
Why would 1675 be a good potential TP?
Several reasons:
1. It's the -27% Fibb target
2. It's the upper side of a strong level of Support and Resistance
3. It's a clean round number in an increment of 25. Gold often likes 25, 50, 75, and 100.
Bro's a fantastic trader.
NZDUSD ShortBreakdown of NZDUSD.
First entry was no entry. Just used the short tool to gage entry levels for future entries. - Did not take that because PA stayed above 200 EMA (Light blue line).
1) Price breaking below 50 & 200 EMA.
2) Lower High after bear pullback.
Breakdown
3) Price breaks below 50 & 200 EMA. & Most recent low.
4) Lower low. confirmed and entered.
5 ) Waiting for second live entry if price creates a Lower low.