Took a long position on gold trading with the trend
My reasons behind entry
Daily: Yesterdays candle stick closed as a very
strong bullish engulfing candle stick closing above
resistance also respecting both moving averages
as form of support
H4: price has broken structure and formed a
new high and looks to be coming back to retest
level of resistance to see if it can now hold as
a level of support also currently rejecting 0.5
on fibs and the 20SMA
H1: Price is currently rejecting the 50SMA and
0.5 on fibs i like how previous candle stick
closed showing that buyers could now be
holding broken resistance as a level of support
What I dont like is how price formed a double
top but I do like how strong the candle did close
My reasons behind entry
Daily: Yesterdays candle stick closed as a very
strong bullish engulfing candle stick closing above
resistance also respecting both moving averages
as form of support
H4: price has broken structure and formed a
new high and looks to be coming back to retest
level of resistance to see if it can now hold as
a level of support also currently rejecting 0.5
on fibs and the 20SMA
H1: Price is currently rejecting the 50SMA and
0.5 on fibs i like how previous candle stick
closed showing that buyers could now be
holding broken resistance as a level of support
What I dont like is how price formed a double
top but I do like how strong the candle did close
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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.