MY MONTHLY OUT LOOK IN GOLD / LONG TERM SHORT AND LONG GOLDMY MONTHLY OUT LOOK IN GOLD / LONG TERM SHORT AND LONG GOLD
Xauusdtradeidea
Sell signal from price actionThe engulfing bar is a great signal from price action. Notice the inside bar false breakout pattern on D1 time frame.
This is a good example where the support was broken and tested from the under side as resistance and a sell signal from price action completed.
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XAUUSD Trade Idea# Price is currently trading in a down channel
# Channel resistance was met as well as the resistance level and pivot at 1286.50
# The previous candle printed a doji that pinned the 21MA (sell signal)
# Targeting support at 1270
Entered short @ market price 1283.05
# SL @ 1290.14
# TP @ 1270 provisionally
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Bears possibly setting up on goldWhen checking the weekly time frame you can notice the higher lows and equal (more or less) highs which provides the emerging ascending triangle pattern.
Price is now around the resistance area on the weekly time frame so I will be looking on H4 for a good entry to short this instrument (1000 pip potential) HOWEVER price is currently in an up trend when checking trend bias using the top down method - its not favorable to sell in an up trend so we would need a convincing quality setup to swing down with the bears to around the 1247 level...
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