XAUUSD, 1hr tf, upper zone rejection with bearish divergence
Updated
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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