XAUUSD - BEARISH PENNANT
Updated
XAUUSD
The price is currently forming a Bearish Pennant Chart Pattern. Expecting an impulsive move from XAUUSD which I can conclude to speculating a SELL at 1930 as price rejects the trend line where fibonacci cluster is also a factor. The stochastic oscillator has also formed a lower peak leading the price chart. You might as well order a SELL STOP at 1915 with 100 pips SL.
CONFLUENCES:-
1. Bear Trend (H4)
2. Bearish Pennant (H4) (Chart Pattern)
3. Fibonacci Cluster
4. Bearish Harami (Candle Pattern)
5. Price rejects Trend Line
SELL - 1930
TP 1 - 1918
TP 2 - 1907
SL - 1940
The price is currently forming a Bearish Pennant Chart Pattern. Expecting an impulsive move from XAUUSD which I can conclude to speculating a SELL at 1930 as price rejects the trend line where fibonacci cluster is also a factor. The stochastic oscillator has also formed a lower peak leading the price chart. You might as well order a SELL STOP at 1915 with 100 pips SL.
CONFLUENCES:-
1. Bear Trend (H4)
2. Bearish Pennant (H4) (Chart Pattern)
3. Fibonacci Cluster
4. Bearish Harami (Candle Pattern)
5. Price rejects Trend Line
SELL - 1930
TP 1 - 1918
TP 2 - 1907
SL - 1940
Comment
SL - Set at BEPTrade closed: stop reached
Previous entry got stopped out.Re-enter - 1928
TP 1 - HIT
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.