Get started

Discretion

Prediction friday: XAUUSD BearishGoodmorning, Remember this is just for educational purpose. To build discretion as a trader and continue to improve. Today we predict a move at XAUUSD. The price is in an uptrend. After it hits a pretty significant structure level it developed a Head & Shoulder pattern. The head and shoulder pattern broke and also the previous outside return was broken to the downside. This means that the uptrend is no longer valid and we could see a reverse. When we drop down to the 240 chart we saw the price pushed back into the .786 fibonacci level. (also got a .618 level hit on the current impulse at the daily chart) It developed a nice double top. I think we could see a push lower into the next support area's. I also updated the previous prediction. Lets see what happens.
OANDA:XAUUSDEducation
by TimBrent
PREDICION FRIDAY - EURUSD wedge breakoutTraders, First REMEMBER: These predictions are just for the fun. And are not actually trade's i look to take. It is for building my discretion into the markets and note things to keep improving my trading. ENJOY! :) Daily: The daily price is very bearish and putting in some desceleration candle's. This usually means the bulls are getting out of their positions which means selling pressure. The price is near the descending trendline which is pretty respected during the previous outside returns. This is also a nice indication. The price also touched the 50% retracement. The 50% retracement is not a fibonacci number but it is very respected in the markets. The 20 EMA Is also touched with an Doji signal. 240: The price is creating a nice wedge pattern. The 50% retracement is hit with a rejection candle with a big wick on the upside of the candle which means sellers where active after the bulls where pushing the price up! The 100 EMA seems is also respected. Potential entry: It could be an entry after the wedge pattern is broken to the downside. Potential targets: Targets i would've looked to set into the next previous support. (The red line, scroll to the left to see the support) Potential stoploss: Stoploss i would've look to set 1 ATR (240 chart) above the high of this potential retracement. This because than i put my SL above all these levels i used for my intial analysis.
Education
by TimBrent