Breakout or Fakeout?
Refer to previous post for Context.....
Price Broke past crucial level 35 and Filled the Fair Value gap at Fib level 61.8%. i don't use fibs but pretend thats it there lol.
next zone to watch is 1922....
Price broke trend and is heading towards 1922. BUT, is this a Breakout or Fakeout? Gold is like to head back to where the trend first started in my opinion, but i can't read the future, so lets trade the confirmation
Scenarios to watch:
1) Breakout confirmed - H4 breaks and closes below 22.... hey Alexa, play MC Hammer - Cant touch this, we look for more shorts, we are heading to where the first rally started, next stop 1903
2) Fakeout (Gotcha) - H4 tests 22, but Supply fails at this zone, we are heading back up to 1935
Good luck trading.
Price Broke past crucial level 35 and Filled the Fair Value gap at Fib level 61.8%. i don't use fibs but pretend thats it there lol.
next zone to watch is 1922....
Price broke trend and is heading towards 1922. BUT, is this a Breakout or Fakeout? Gold is like to head back to where the trend first started in my opinion, but i can't read the future, so lets trade the confirmation
Scenarios to watch:
1) Breakout confirmed - H4 breaks and closes below 22.... hey Alexa, play MC Hammer - Cant touch this, we look for more shorts, we are heading to where the first rally started, next stop 1903
2) Fakeout (Gotcha) - H4 tests 22, but Supply fails at this zone, we are heading back up to 1935
Good luck trading.
Note
Asian Range didn't do much, lets see what LN session does for usNote
we are at 22, lets see which Scenrio will be confirmed by the H4 candle..... LETS GONote
well done to all that followed through, Short taken from Scenario 1 and we prevailed!Hey Alexa, play MC Hammer - cant touch this MAX VOLUME.
people that followed took a short from 1946 to 1922, then 1922 to 1917!!! absolutely crazy that we can make money from doing nothing! we go again tomorrow.
will post new scenarios tonight! Goodbye guys
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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.