This is a very simple setup, nothin' crazy.
It doesn't take a rocket scientist to determine we are in a bullish sentiment overall with this pair, however, the daily is starting to give us some signs of slowing down which gives me more confidence in taking a short setup on the smaller time frames.
The variables for this setups are price, ema's, resistance, and support
Price has been reacting to $1530 pretty well the last few days and even in the past, what I like about going short here is the fact that price looks trapped under it.
To confirm this we also have three ema's fanning to the downside which may imply a continuation down as well.
My only issue with this is "obstacle #1" which is labeled on the chart, this area might act as support, if it breaks we should definitely get a drop to the $1500 area as I see nothing else holding this up.
The take profit is just a simple level of support where we have some wick action in the past. The take profit zone is anywhere between the green lines.
My trigger for entry will be either a bearish harmonic that completes at $1530 region tomorrow on a 5min chart. OR I'll wait for a clean 4HR candlestick pattern closing below $1525
-Enjoy
It doesn't take a rocket scientist to determine we are in a bullish sentiment overall with this pair, however, the daily is starting to give us some signs of slowing down which gives me more confidence in taking a short setup on the smaller time frames.
The variables for this setups are price, ema's, resistance, and support
Price has been reacting to $1530 pretty well the last few days and even in the past, what I like about going short here is the fact that price looks trapped under it.
To confirm this we also have three ema's fanning to the downside which may imply a continuation down as well.
My only issue with this is "obstacle #1" which is labeled on the chart, this area might act as support, if it breaks we should definitely get a drop to the $1500 area as I see nothing else holding this up.
The take profit is just a simple level of support where we have some wick action in the past. The take profit zone is anywhere between the green lines.
My trigger for entry will be either a bearish harmonic that completes at $1530 region tomorrow on a 5min chart. OR I'll wait for a clean 4HR candlestick pattern closing below $1525
-Enjoy
Note
Gold has broken the $1530 Area, look to go bullish now, wait for pullback to the $1530
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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.