Gold rocketed with high momentum candle yesterday creating 300 pips from the lowest wick daily. I'm waiting for a great opportunity to short if all criteria met:
- Chart pattern is a bearish flag as we are seeing a huge drop from 1955 previously
- Support 1884 should be pretty strong seeing from the daily chart
- Fibonacci retracement shows the last retracement is in the 1880-1884 range
- H4 showing ascending broadening wedge pattern
I hope that this is the last wave going up
Criteria to enter:
- Showing weakness/momentum loss candle (Doji or small bull candle than previous one) on 1884
- Wait for the inside bar candle/candlestick pattern such as evening star or bearish engulfing
If entering please make sure have a stop loss around 1900 (FIB 61.8%)
TP is either 1800 or maybe 1767
The best entry should be 1858 as showing more confirmation, but 1884 entry can be sweet with greater reward
Please let me know your thoughts and comments below if you have any feedback on my analysis. Would hear some comments from bullish traders :)
- Chart pattern is a bearish flag as we are seeing a huge drop from 1955 previously
- Support 1884 should be pretty strong seeing from the daily chart
- Fibonacci retracement shows the last retracement is in the 1880-1884 range
- H4 showing ascending broadening wedge pattern
I hope that this is the last wave going up
Criteria to enter:
- Showing weakness/momentum loss candle (Doji or small bull candle than previous one) on 1884
- Wait for the inside bar candle/candlestick pattern such as evening star or bearish engulfing
If entering please make sure have a stop loss around 1900 (FIB 61.8%)
TP is either 1800 or maybe 1767
The best entry should be 1858 as showing more confirmation, but 1884 entry can be sweet with greater reward
Please let me know your thoughts and comments below if you have any feedback on my analysis. Would hear some comments from bullish traders :)
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.
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.