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Watching gold play into the buyers handsThat was a spectacular drive by the bulls yesterday. I lost a manual sell order and have a long term buy in that is currently 133 pips in profit at the time of writing this tutorial. So let me get down to the key points on the table for gold, # Price is trending bullish so buying is favorable # Price broke out of a falling wedge pattern to the up side (bullish continuation) # There is a retracement currently taking place form the recent 1300's high made * Take into account the 1285 support/resistance level that is indicated with a dotted line * Take into account that the dotted line is also around the 61.8% Fibonacci retracement level when measuring the last bullish move that commenced at 1160.00 (D1 time frame view) > Now for price to pull back to the 1285 level +/- > Then for price action to confirm with a buy signal like a bullish engulfing or hammer etc If you want to understand the thought process behind identifying these kind of high probability set-ups, then please join my mailing list on www.profitfxza.com Stick to your trading plan and your profit will stick to you
FOREXCOM:XAUUSD
by Cmasterza
GBP USD hitting old resistanceAs you can see from our arrows on the 4h chart that price has touched 1.28802 a number of 17 times just in this chart, this is classed as strong resistance and not to be ignored. The current 4h candle that is forming is hovering around this resistance level at the moment and has already touched this level and retraced a little, this gives us an indication that it may be used as resistance yet again. Now we have stated before that there is no need to wait for confirmation candles at such key levels as you may miss out on a good opportunity, so we are in this trade but with a tight SL. We are looking at further downside movement to around the 1.26230 level and could even break and test 1.25362 support, but remember don't get too greedy when trading as the market will eat you alive! And ALWAYS use correct RISK MANAGEMENT.
Short
by Apex_Gregg
2
GBPJPY : LONG : DAILY #FREEMONEY #EVERYTIME #LETSRUNITBACKDaddy has been doing this for a while, you can trust me. I haven't completely left forex or anything, I just had to lose my entire life savings in cryptocurrency in order to realize there is no gateway to heaven for an extended amount of time. When crypto opens those legs again I will be there <3 In the meantime GJ is looking too good for me to miss out. If we break this area that we're currently testing we'll be heading to 140 zone, otherwise lets ride this to 150. (Beware of congestion) When you hit profit remember who put you on
Long
by TheHonorableCnote
1
EURCHF SHORT TRADE SETUPOn the daily timeframe, price reversed from a weekly resistance (also neckline of higher timeframe H&S pattern) that lined up with the 3rd rejection of descending trend line and broke out of an ascending trendline. Currently, the price is making a pullback to retest the broken ascending trend line which also lined up with minor resistance zone, 50.0 Fib ratio, and moving averages. Once price reached and reversed from our confluence level, we will able to go short on this pair after a proper breakout of our Counter Trend Line (CTL). Kindly follow me on Instagram @TheKissForex. Thanks for reading!
Short
by Veejahbee