XAUUSD Week10 Trading Strategy 1 Long Term
Tool Box:
1. Dow Theory - First HH Printed after Bearish Channel Breakout. - Bullish
2. Candle Sticks - Bullish Engulfing at Channel Breakout - Bullish
3. S & R - 2050-2070 Range will play as Strong Resistance.
a) Trendline
b) Cup Neckline
c) Fibonacci Level
This Range could be considered a Strong Resistance as has been respected multiple times which could result downtrend. - Bearish
4. Trendline - Trendline acting as resistance.
5. Fib - Currently in range between (0.786-1)
6. Chart pattem - Cup & Handle
7. Seasonals and Timecycles - USD Index reflects Bearishness as per seasonals. Whereas Gold reflects Bullishness as per seasonals (+VE 8/12).
8. Divergence - RSI has given Divergence - Bullish
Biased: Long
Bullish Idea (Long Term):
Buy 1: HERE
Buy 2: above 1850
SL: 1735
TP 1: 2050 - 2070
TP 2: 2347
TP 3: 2690
Bearish Idea:
As it can be witnessed, 2070 has been a Strong
Rejection Area and this could be a "Double TOP"
Pattern and we can Witness a serious price action.
1. Dow Theory - First HH Printed after Bearish Channel Breakout. - Bullish
2. Candle Sticks - Bullish Engulfing at Channel Breakout - Bullish
3. S & R - 2050-2070 Range will play as Strong Resistance.
a) Trendline
b) Cup Neckline
c) Fibonacci Level
This Range could be considered a Strong Resistance as has been respected multiple times which could result downtrend. - Bearish
4. Trendline - Trendline acting as resistance.
5. Fib - Currently in range between (0.786-1)
6. Chart pattem - Cup & Handle
7. Seasonals and Timecycles - USD Index reflects Bearishness as per seasonals. Whereas Gold reflects Bullishness as per seasonals (+VE 8/12).
8. Divergence - RSI has given Divergence - Bullish
Biased: Long
Bullish Idea (Long Term):
Buy 1: HERE
Buy 2: above 1850
SL: 1735
TP 1: 2050 - 2070
TP 2: 2347
TP 3: 2690
Bearish Idea:
As it can be witnessed, 2070 has been a Strong
Rejection Area and this could be a "Double TOP"
Pattern and we can Witness a serious price action.
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.