XAUUSD SELL ALL THE WAY TO 1420!?!?!?!?!
1M – On the Monthly time frame you can see that the market is extremely extended to the up side and from here we are expecting a further retracement. Along with this we can see a clear “W” formation which confirms we want a pullback however it isn’t clear as to where we would want it to pull back to, to do this I have placed a Fibonacci retracement from the impulse leg.
After placing the Fibonacci retracement you can see that the [38.2%] is at [1446.56], a level where this pair has previously faces resistance.
1W - On the weekly we can sees a resistance at around [1440.00] which is now expected to become the support – we can see that the this is a key resistance as the markets has hit this resistance it has had many wicks showing many rejections around that area. This is now expected to become support along with the [38.2%] Another sign for a short would be price breaking the [23.6%] which could act as a potential support at this very time. We can also see a clear bearish pin bar at the top of the weekly. And with price closing bearish for the 3rd week.
1D - On the Daily timeframe you can see that this pair has found a support at the [23.6%] and price has a bullish candle close after tapping the support from here I expected price to go back up the neck line [shaded area] and then I could short from there, It tapped that area however I missed the short but to confirm bearish movement from there price also closed bearish instead of filling the space created by the shadow of the previous candle.
I will want price to break under the [26.35%] and enter when price comes to retest. My target is around 1400-1440 I will take all profits at 1420~ and from there will look for a along again potentially looking at longs all the way to 1600.
More analysis of 4H & 1H for entries for more information message me on telegram: quxntum
Have a nice day :D
After placing the Fibonacci retracement you can see that the [38.2%] is at [1446.56], a level where this pair has previously faces resistance.
1W - On the weekly we can sees a resistance at around [1440.00] which is now expected to become the support – we can see that the this is a key resistance as the markets has hit this resistance it has had many wicks showing many rejections around that area. This is now expected to become support along with the [38.2%] Another sign for a short would be price breaking the [23.6%] which could act as a potential support at this very time. We can also see a clear bearish pin bar at the top of the weekly. And with price closing bearish for the 3rd week.
1D - On the Daily timeframe you can see that this pair has found a support at the [23.6%] and price has a bullish candle close after tapping the support from here I expected price to go back up the neck line [shaded area] and then I could short from there, It tapped that area however I missed the short but to confirm bearish movement from there price also closed bearish instead of filling the space created by the shadow of the previous candle.
I will want price to break under the [26.35%] and enter when price comes to retest. My target is around 1400-1440 I will take all profits at 1420~ and from there will look for a along again potentially looking at longs all the way to 1600.
More analysis of 4H & 1H for entries for more information message me on telegram: quxntum
Have a nice day :D
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