I don't think the DCL is printed yet, but we are finding support at 1860-61.
I see a good opportunity here for a fake rally before the final daily bottom is printed at 1829$.
We will see what the daily close will look like, but right now the hourly is showing a double bottom what is a beloved pattern of many traders who are waiting for new highs in gold.
I will trade it for 24-36 hours as a possible tag of the 50 MA (1885-90$) on the hourly, and there is a chance of backtesting the breakdown zone between 1900-1910$.
Any drop below 1860$ invalidates the idea.
Time window: 12-48 hours.
I see a good opportunity here for a fake rally before the final daily bottom is printed at 1829$.
We will see what the daily close will look like, but right now the hourly is showing a double bottom what is a beloved pattern of many traders who are waiting for new highs in gold.
I will trade it for 24-36 hours as a possible tag of the 50 MA (1885-90$) on the hourly, and there is a chance of backtesting the breakdown zone between 1900-1910$.
Any drop below 1860$ invalidates the idea.
Time window: 12-48 hours.
Note
Starting to look like a raisiing triangle false rally
Note
Breaking out
Note
Unfortunately, Price couldn’t break out from the raising triangle
Note
We have 2 problems:1. Time window is max 48 hrs. By tge close tomorrow I want to be out of this trade
2. The pattern is starting to look
Like a flag:
If it pops to the upper trendline 1888 I will close the position.
Note
Daily also shows a bear flag:Trade closed manually
Price: 1887$
Note
A nice beer flag has formed:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.