The overall imbalance first had to be refilled to look for selling opportunities.
I see the dollar gaining strength this week. As you can see all my USD pairs I posted are all bullish momentum. I see same with this pair. Goodluck with the trading week.
Wait for Gold to form a Head and Shoulders to get a Sell entry. Then sell to the support area, and wait for bulls confirmation. Or wait for overall breakout of Trend line to enter buy. This sell is just a short retracement. Overall structure is showing me Bulls are still in control! Trade what you see, and use what you know! Goodluck! NB! This is only what I...
It made a false breakout to the top, but then respected the 61.8 fib and bears took over. There is a strong support, but I believe it will be broken. Enter sell with retest on Trend line which was broken, that will be your safest entry.
Structure broken. Bearish confirmation. Wait for retest and sell!
There is just to much confluence for a selling opportunity on gold!
Falling wedges tend to breakout to the upside. But short term we still bearish. If gets reject at Trend line of wedge, look for your buy setups
If you look at the daily chart, it has formed a nice cup pattern. This is the reason Im looking for buy opportunists. Using the AB=CD strategy, I will be waiting for it to come to the 61.8% fib retracement, forming the C, and buying from that area, if price action shows me its going to go up! Your thoughts area welcome though!
Chart clearly explains it... a simple AB=CD pattern
I hope this plays out. It can go down further, but DXY is losing strength. Your comments will be well received!
Can we see the USD gain strentgh today?This is my forecast for USDZAR, let's see if it plays out. It already made a small Higher High. And aslo, if you look at overall structure of chart, it is actually still Bullish.
Is there any harmonic specialist out there that can advise if this pattern is valid?