Gold Projection - Triple Top
Last Monday Price confirmed a Gold Double Top, meeting most parameters
Second Peak
1. Had a Highest High testing the Upper Shadows of the First Peak High.
2. Price respected the Highest Close of the First Peak.
3. Confirmed Neckline.
Volume was the only issue, as the Second Peak printed a Higher Volume, suggesting that Buying interest was higher.
Late in the week price moves off the neckline and has made a 618 retracement of the second peak.
A number of traders seeing the Double Top near ATH, will go short and set Stop loss orders beyond the First Peak Highest High. Aggressive traders 1 point, and conservative traders 1 atr.
The intraday (4hr) ATR is 13. A high percentage of Stop Orders will lie below 2500.
The trade idea is for a liquidity move next week to set a Bull Trap at this level, and thereby
bring about a Triple Top.
Keep a close eye on Volume, as a trap will see Volume print lower as price moves higher.
Second Peak
1. Had a Highest High testing the Upper Shadows of the First Peak High.
2. Price respected the Highest Close of the First Peak.
3. Confirmed Neckline.
Volume was the only issue, as the Second Peak printed a Higher Volume, suggesting that Buying interest was higher.
Late in the week price moves off the neckline and has made a 618 retracement of the second peak.
A number of traders seeing the Double Top near ATH, will go short and set Stop loss orders beyond the First Peak Highest High. Aggressive traders 1 point, and conservative traders 1 atr.
The intraday (4hr) ATR is 13. A high percentage of Stop Orders will lie below 2500.
The trade idea is for a liquidity move next week to set a Bull Trap at this level, and thereby
bring about a Triple Top.
Keep a close eye on Volume, as a trap will see Volume print lower as price moves higher.
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.
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.