GOLD Humpday I charted everything last night, I seen that price was rejecting 1775.400.
I waited for price to come back around this range to enter into a possible bullish setup.
around 8:30-9am i noticed priced was approaching 1775.400 again.
Waiting for extra confirmation. I entered once price closed above the highest burgundy arrow (1775.400)
exited once price started showing signs of reversal.
Happy Wednesday Traders!
Ftmo
US30 Mean Reversion TradeThis is a daily chart of the #US30 taken this morning. It's important to note that today ties the longest run of the year without the daily bar testing the 20 day moving average.
Back in August, it ran away for 24 days, ultimately to come down aggressively on that day to touch/retest the average. Today, we're extended yet again by 24 days and traders are aware that a mean reversion is imminent.
Be mindful of this in your trading right now. No one can predict when the move down will happen, but it will. It's 1000 points away so expect some big moves.
I anticipate a trend from the open any day now, if not today.
EURUSD / GBPUSD / USDCAD / USDCHF Weekly Forex AnalysisEURUSD and GBPUSD are making short-term bullish bias before the next big drop in this case we are finishing the wave C correction move. USDCHF and USDCAD are opposite to what the XXXUSD pairs are doing meaning we are making short-term bearish moves. But on the USDCAD we are making a wave 4 pullback before the next drop and on USDCHF we are in a leading diagonal pattern corrective phase.
USDCAD Bullish Triangle PatternWe have been dollar strong for a while now, we are trading in an impulse move so it's safe to say the bullish trend/ momentum will last for a while. We are in a 4th wave phase which is a triangle pattern, which is incomplete we still need to see wave D to E form.
A different view but still anticipating the same direction would be we are finished with wave 4 but we are now forming wave 5 as an ending diagonal pattern similar to the USDCHF chart.
USDCHF Bullish Wave Triangle CorrectionUSDCHF will most likely continue to rise meaning that the main objective is the Bullish direction, I wouldn't consider taking the countertrend move even though it's optimum but not worth it. It's safe to wait for a Triangle correction pattern completion before buying still keeping in mind the fact that waves 1 and 4 never overlap.