Hello my friends,
Previously XAUUSD closed with a solid big bearish candle on daily timeframe during Wednesday. After that, it consolidated inside marked zone for whole day at Thursday. It actually looked like an inside bar which is a continuation pattern to the downside for me.
It also break below the ascending trendline so i think the short term trend is bearish for now.
In my opinion this is the C wave of ABC correction from higher timeframe.
Taking a deeper look into 1hr chart to time our entry, there is a bearish divergence exactly at the resistance so we could try capitalize this opportunity.
Sell XAUUSD 1950
Stop loss 1958
Take profit at 1926
RR ratio 1:3
Use proper risk management
Only risk 1-2% of your equity
Good Luck
Previously XAUUSD closed with a solid big bearish candle on daily timeframe during Wednesday. After that, it consolidated inside marked zone for whole day at Thursday. It actually looked like an inside bar which is a continuation pattern to the downside for me.
It also break below the ascending trendline so i think the short term trend is bearish for now.
In my opinion this is the C wave of ABC correction from higher timeframe.
Taking a deeper look into 1hr chart to time our entry, there is a bearish divergence exactly at the resistance so we could try capitalize this opportunity.
Sell XAUUSD 1950
Stop loss 1958
Take profit at 1926
RR ratio 1:3
Use proper risk management
Only risk 1-2% of your equity
Good Luck
Trade closed: target reached
Closed this trade at TP2Booked +160 pips
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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.