I'm back with another 5-0 pattern but this time on the 4h timeframe with XAU/USD.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Excellent trading opportunity with over 1:3 risk to reward.
The D point seems to be a good area of support to go long as shown below.
Wait until price reaches $1300 before acting upon the analysis, as always I will be analysing this pair further before entry.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Excellent trading opportunity with over 1:3 risk to reward.
The D point seems to be a good area of support to go long as shown below.
Wait until price reaches $1300 before acting upon the analysis, as always I will be analysing this pair further before entry.
Note
Quick update on Gold, price is quickly approaching the PRZ and I'll be looking to go long once I can confirm the move.The area around $1300 is a good area of support and has proved to be a central point in the market which price returns to over the past 3 years.
Note
Update on the 1h chart, this is what I see happening, pay attention to this chart for a reversal at $1300.Note
Here is an updated view on what is happening on the 1h chart.Price is respecting the resistance trendline right now and trading within a rising wedge, expecting further downside to complete the pattern at $1300.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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📈 Master the Art and Science of Trading: sixfigurecapital.com
Related publications
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.