Just a thought. i also think gold is disrespectful look at that long wick that probably stopped out many
Price has a very strong support> Ill be expecting longs but i also know there's a possibility for a short but the probability is lower but there. Overall view : On the weekly and monthly TF,price seems like its in a Symmetrical triangle. That's very good insight as we know symmetrical triangles are continuation pattern. Have a good day and week,bless up.
Ill be expecting price to retest around the 1770.00 support area then break its resent highest high. But i'll take a position when i see a retest from a breakout as Gold has been super respectful with its retests. the recently formed spinning top pattern leads me to have a possibility that price may not reyest its support but it could also be a impulse then we'll...
i'm not a professional trader so understand its just an analysis and not a signal I spotted the descending triangle,i've had so many good trades just by spotting it and acting fast i'm going to go to the lower TF to find a better entry though.
Apply risk management. Good trading to everyone.
Gold respects chart patterns the most through my understanding of being in the markets every day. if today's candlestick closes off with a bullish engulfing,then expect buys towards the top of the trend line.
If you look back to previous price movement on the daily you'll see price does not respect doji's or spinning top patterns,so we cant enter a position because we see those patterns But we do have two strong or potentially high probible resistant lines so analyze from the daily or Higher TF then scale depending on your acc size. Trade with probability and risk...
Overall price movement is bearish If price breaks my 148.712 support line then ill be expecting a breakout then retes And understand people,patience is required when trading and trading using probability is helpful as your analysis may not follow through but if you have two options for a buy and a sell,you're less likely to fail! I hope you all have a good day...
i'm still a bit new to trading.
On the 15 min there might be a reversal i'm closely watching the 30min TF for a bearish engulfing to give me confidence to stay in the trade and the 1hr TF there's a reversal candlestick in the making,a hammer.
I'm still fairly new to trading so don't move fully off my analysis. summary for Gold: As we can see on the daily TF,there's a clear double bottom which lead me to believe price would be bullish for the week but on the 4hr TF we see a head and shoulder pattern formed recently,leading the bears to stay in control. i think price is going to make a triple bottom then...