Gold 4H chart potential Double Bottom
This is a 4H chart on Gold
- Recently the price encountered a strong support range and started producing rejections
-In the process the price has been forming a potential double bottom
There are 2 ways in which this pattern can be played with a Long position:
1.) Wait for the price to close above the neckline of the Double bottom ( green line )
2.) Wait for the price to close above the Red line and possibly above the 200 EMA (Green). This is a more agressive entry but can bring a higher RRR
-MACD crossing above the Zero line can be taken as an extra confluence
- Recently the price encountered a strong support range and started producing rejections
-In the process the price has been forming a potential double bottom
There are 2 ways in which this pattern can be played with a Long position:
1.) Wait for the price to close above the neckline of the Double bottom ( green line )
2.) Wait for the price to close above the Red line and possibly above the 200 EMA (Green). This is a more agressive entry but can bring a higher RRR
-MACD crossing above the Zero line can be taken as an extra confluence
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Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
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.
Website - rtedinvesting.com/
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
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.