Updated my drawing! Had a nice TP from my previous trade and will be looking to add another short position. Currently, price have broken off from the first level of support, supported by the candle indicated by volume no. 2.
I am expecting more bearishness to 0.72 but price is at a no-man land at the moment although one can still try to squeeze a 1:1 risk...
Very bearish for gold with a nice double top. Looking to enter short at 1227. From the top to neck is around $81. Therefore I am expecting it to go down another $80 should the price breaks over the neck of the double top to around 1131 on the longer term.
Supports to note: 1214, 1197, 1187 to 1157 an 1131.
Structure is still bullish, but I am seeing bearishness in the long term. First, there is the 11 Nov high volume trench (red) which is the cause of the downtrend effect. When price return to this, let's call it "Bear Trench", the effect is a bearish one.
It's the same when price reached the "Bull Trench" (Green), and the effect is Bullish.
On 4 May, there is a...
Double top if not triple top is in the making in the 1hr timeframe (denoted by arrows 1, 2 and 3). However, the price action is still a very bullish at the current moment and I will only look to short when the bear candles forms in the next 2 to 3 candles. if the price DOES forms bearish candles over the next 2 hours, it should be obvious that price is unable to...
A nice rounding bottom. Technically, a rounding bottom from a downtrend can signify trend reversal. Price can retest 1.048 or even 1.045 first before making its move up. Will be looking to look for a long after price bounce off from the mentioned levels with bullish candles. AUD/NZD can make a good run to 1.0669 region.
Price is forming a inverse "cup and handle" pattern. This is a good opportunity to ride the down trend if you miss it. Currently price is making a correction (which is the handle), and I will wait for bullish candles to appear before I place a short entry, preferably if price can break the POC at 0.6999. A good place to TP will be at around 0.6893.