XAUUSD - Hanging man & a shooting star
Updated
I see a special topping candlestick pattern evolving on the daily chart.
Yesterday we printed a hanging man and today we broke to new highs.
When the daily cycle is topping you can find very often the
hanging man - shooting star combo at the top.
Today's candle can easily turn out to be a shooting star.
The hanging man shows that the selling interest started to increase during the day though the buyers pushed up prices by the close. A shooting star next day confirms in this case sellers are back again at the end of the day though at the beginning buyers were able to push price to new highs.
Notice the extremes in the MACD and TSI:
The daily cycle should be close to its top. Many traders are waiting for a tag of 2000$ so that's the reason I don't think they are going to get this. Just like the short traders at 1800 when I posted the gold Arrival idea.
Let's see what we have at the close.
Yesterday we printed a hanging man and today we broke to new highs.
When the daily cycle is topping you can find very often the
hanging man - shooting star combo at the top.
Today's candle can easily turn out to be a shooting star.
The hanging man shows that the selling interest started to increase during the day though the buyers pushed up prices by the close. A shooting star next day confirms in this case sellers are back again at the end of the day though at the beginning buyers were able to push price to new highs.
Notice the extremes in the MACD and TSI:
The daily cycle should be close to its top. Many traders are waiting for a tag of 2000$ so that's the reason I don't think they are going to get this. Just like the short traders at 1800 when I posted the gold Arrival idea.
Let's see what we have at the close.
Note
Shooting star under construction.Note
Note
Note
Note
The Ascending triangle starting to lose its meaning. More and more it looks like A 100 SMA crawling. When we break the 100SMA price will be at 1940 in 10 minutes.
Note
The 5 day RSI close to 100 .This will collapse when smartmoney handed the bag to retail.
Note
I have a feeling this was all. The late bulls who bought today Are the bag holders who will have a nervous week As gold drops into the DCL.
Note
This idea is in the profit now.I never buy into a 48 day cycle without a decent correction.
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.