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Tradingsetup

GOLD SETUP - IT COULD GO EITHER WAYGold is on a trend downwards in other words bearish but it has a lot of room upwards as well to mean bullish. With that said, I have drafted how I see it going as you can follow on the chart above. My believe is it will continue with the trend downwards if it respects the resistance lines. If it breaks them then we go bullish. If it respects them then we continue bearish and we have a lot of room downwards as well. Remember to trade with good risk management and respect the market with realistic expectations. As I always say, your management of your expectations may as well be the only key you need to find your success in this industry. Good luck.
TVC:GOLD
by Capital75official
Crude oil's rising wedge...As we can see crude oil is looking for support at trend-line and the 200MA plus 50% fib retracement level. Saudi arabia's increased output by 10M barrels was the cause for this decrease in price. Today United states Crude oil Invetories were down 237M barrels vs the forecast and that plus F.E.D decision gave some fuel to the price. Technically we can see the channel that oil's price is moving,plus the Elliott wave formation until wave 4 and the rising wedge that is forming by the price movement. I am long until 53-55$ area,a strong resistance exists that will form the wave 5 of Elliott's waves formation. After this movement the rising wedge must 'break' and crude oil has to decide. Usually rising wedges are breaking downwards and the news feed behind this movement of the price will propably be the failure of O.P.E.C agreement on crude oil's ouput once again as happened before a lot of times but we will see.. TARGETS LONG AT 53-55 AREA AFTER THAT 2 SCENARIOS 1)LONG UNTIL 57-60$AREA 2)PROPABLY SHORT AT 44$(SUPPORT AND 61.8 FIB LEVEL)AREA AND SECOND AREA 40$(STRONG SUPPORT AND 78.6 FIB LEVEL) HAPPY TRADING GUYS!!
TVC:USOILLong
by The_Greek_Trader
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