Retest structure for a continuation push up.
My bias has slightly changed on this pair now thinking of longs. If you zoom in on the weekly it still looks bullish to me.
I won’t jump straight in on this one I’ll monitor price action to get a decent entry and tight stop loss as the closure of the last week was a indecision candlestick so could go either way.
Retest of structure for a continuation push down.
Quite a few confluence to support my bias on going short again on this pair. Most important ones tho is price is currently trading at/around weekly resistance level aligned with the 61.8 fibbo level Which is struggling to push past that area of resistance.
After the liquidity spike we saw on the daily we can now see the market is shifting in to bearish market on lower time frames. However overall the market is still bullish on Higher time frames.
Price has already retraced and rejected the 78.6 fibbo level since then we have created a head&shoulder pattern for extra confluence to support my short idea.
I’m now...
Can we get a Lower High to confirm the market has shifted from a bullish trend to now a bearish trend?
I’ll monitor price action this pair for a short opportunity.
If you do your own Confluence you’ll find a few to support this idea.
Will post an update as it plays out.
Waiting for a rejection around the highlighted area for a short position. If you do your own analyst you’ll see there’s a number of confluence to support this idea.
Let’s see how it plays out...
My bias on this pair is long.
If im going to take a long position. I’d like for price to retrace to the 61.8 fib level giving Us a rejection confirming a 3rd touch on daily trend line/, 61.8 also lines up Nicely with daily resistance now turn support? If so that all could indicate bulls are still in control to get A push higher.
However if we break below...
Overall this pair I believe still has further more downside potential. Now that we’ve rejected some key levels & broken trendline/structure, this makes my bias even stronger for sells on this pair.
After such a strong impulse move down. Let’s wait for price to retrace to the 50/61.8 fib level to get a retest of That broken trend-line before considering shorting...
Gold is overall is bearish by Higher Time frames. We are at a weekly resistance level which seems to be holding price below nicely also this level in-lines with fibbo level, price has already rejected the 50% level. We’ll monitor price action on this pair for a short opportunity.
As mentioned previously Let’s see if price can finish creating its right shoulder. We’ll monitor this trade for for a short opportunity if we see a strong confirmation.
Trade safe!
