XAUUSD May 28 - Update
!!! This is not a trading advice, Please do your own analysis !!!
Price moved as I expexted. Intersection of green support line from 1850 and bottom of descending white channel combined with -275 cci was a perfect buy position entry point where i engaged my trade with 4$ SL which is more than what I almost always used for high expected return trades (2.5$) because I also wanted to cover 1880. I closed the position at 1898, a little early actually considering price hit 1900 but ı wouldn't want to risk my profits. I am holding a sell position from 1900 now. Price might hit upperbound of white channel momentaryly. So I placed my SL right above it for now.
Conclusion: I expect drop to 1851-1853 (Fib61 of 6 Jan 2021) and which also has a support cluster between 1852-1855. Also where major uptrend channel passes.
This idea is invalid if price passes 1905. Above 1905, I expect price go up to 1923 which is Fib61 of Aug 2020! Do not forget to closely watch DXY which seems like returning in falling wegde!
Price moved as I expexted. Intersection of green support line from 1850 and bottom of descending white channel combined with -275 cci was a perfect buy position entry point where i engaged my trade with 4$ SL which is more than what I almost always used for high expected return trades (2.5$) because I also wanted to cover 1880. I closed the position at 1898, a little early actually considering price hit 1900 but ı wouldn't want to risk my profits. I am holding a sell position from 1900 now. Price might hit upperbound of white channel momentaryly. So I placed my SL right above it for now.
Conclusion: I expect drop to 1851-1853 (Fib61 of 6 Jan 2021) and which also has a support cluster between 1852-1855. Also where major uptrend channel passes.
This idea is invalid if price passes 1905. Above 1905, I expect price go up to 1923 which is Fib61 of Aug 2020! Do not forget to closely watch DXY which seems like returning in falling wegde!
Trade closed: stop reached
idea is invaild, look for buy oppotunities around 1900
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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.