XAUUSD (GOLD) - Bearish Trade Possibility?
Self journaling:
Price is diverging on 1H bar close below 2357.95 (bearish engulf) I could see price push down ot 38.2, 50% or 61.8% for a formation of a Higher Low
Ideal situation is to TP at 38.2 because the trend broke out but its at a top of channel so touching the bottom is possible as well.
The best trade in these situations is waiting for price to come down to a level form a higher low and show curve to upside to take another long position.
Price is diverging on 1H bar close below 2357.95 (bearish engulf) I could see price push down ot 38.2, 50% or 61.8% for a formation of a Higher Low
Ideal situation is to TP at 38.2 because the trend broke out but its at a top of channel so touching the bottom is possible as well.
The best trade in these situations is waiting for price to come down to a level form a higher low and show curve to upside to take another long position.
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.