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Headandshouldersformation

Gold's Hourly Chart - M_Top Breach @ 2513.25 - Recovery? Hello, I was saying all week that the USDX was going to be strong in it's recovery from selling off the past few weeks. I didn't think the economic data was all that bad during Friday, I think the damage set-in once the USDX started to rally on the retest and close above 101.50. As the NY session opened on Friday I saw a lot selling of the Gold-price as the USDX was making a sustained rally above 101.50 and then it skipped back under this level and buying of the Gold-price started to occur but it was a bull-trap. The Gold market sold off and as can be seen on the hourly chart a breach below 2513.25 and the selling intensified. It is always harder to navigate in real time, I get it. You can see here on the hourly that the 200 EMA is starting to slope down and the 9 EMA is about to cross it. But it's not all bad. When Asia opens on Monday there is a bullish Head n Shoulders that has formed on a 5 minute chart. (Please see below). Indications are that this will retest and execute taking the market higher. However, for the market to recover, buying will have to continue following this pattern to keep the Gold price above important key moving averages. Otherwise, this 5M pattern will play out bullishly for a time and the Gold price could sell off again. The Gold market got its liquidity during Friday, so lets see where price goes.
EIGHTCAP:XAUUSD
by Easy_Explosive_Trading
GBPSGD Bullish H&S's Breaking-OUT currentlyGBPSGD_2024-08-16_01-24-33_19b08.png A trade I am currently in, I tried to post it about an hour ago but I was told the resolution was no good. 4HR, D, W left to right. GBPSGD is yearly very bearish & has been making some strong moves north lately. I was in this pair trade the other night in relation to another bullish head & shoulders. Perhaps look for a pullback. I think it has more to run. See my diagram on how to trade heads n shoulders if you are unsure. Cheers Chris
Long
by Easy_Explosive_Trading
PEPE PUSHES WITH FRACTAL INVERTED H&SWe could see PEPE repeat some good things as we come to a fib support that's "been done before" - An inverted H&S has formed (or tea cup and handle if you wish) and threatens to reverse us back to the upside, this chart structure looks very familiar to the last move we made to the upside back in April 2024 -A DBW forms on the 5 min TF with the overall downward move hitting a technical support at 0.0000096, signaling a potential trend reversal to the upside. (Price could push as low as 0.0000094 range to touch our trend line) -RSI is currently oversold hovering at 17.53, giving us further evidence of a turn around
Long
by CryptoSmith01