see all in chart nice P\L ration so you can choose any option
Now we're at the border support line so have a chance to make one more higher high
Market entry 45.7 Sl: 46.1 TP: 43.5 (Near PP bounce) Technical purposes: - Channel resistance - Divergence in RSI - R1 Weekly Pivots
Classic pattern in action tgt projection to 127x
so there is many technical arguments on this trades (especially much more on lower timeframes), but i really wanna see how this trade would behave I'm bearish on gold until it goes through 1400 and stay there for at least one month
bearish bias all details in chart marked by view zones)
If price stay above this area i'll try to long this avoiding my bearish scenarios with 1x-2x tgt's IH&S projection showing 78 as target and last low at 26.06 as critical zone to miss bullish scenario
Here we can see some possibility for gap closing to continue further drop down Note that Weekly and Monthly showing right shoulder projection around 3x but if it makes lower low 20$ per barrel is really near
All in chart
would try to take here small scalp
after IH&S break price vastly moving to channel resistance and have a mass of resistance on the way up so i can try to make a portion of shorts for correction or continuation of bearish momentum otherwise if price goes over 50.6 we're able to see new high soon
waiting neckline to form to short it and waiting for right shoulder formation
lets see if it possible to close the gap now
today we can se third attempt to break wedge support but still hold i expect bounce at 47.1 where i putted buy limit order SL for this trade 30 pips
Long the wedge breakout buy stop around 48 SL 46.9 TP 50.4