XAUUSD Quick AnalysisSo far I have had a breakout from a key daily level I have marked on my chart. I believe this will end up forming to be a false breakout with bearish momentum to the downside to my other market level.
Or with how things are going at the moment, we could see the bearish momentum continues strongly towards the downside.
Have a wicked week trading everyone and continue the journey!
Priceactiontrading
XAUUSD DOWNSIDE TOWRADS $1800 - $1790Gold is bearish intraday below $1820. The price may drop to support at $1800 and could continue to fall towards $1790 support. The sellers would need to clear support levels around $1793, where the SMA100 one-day and the previous week’s low meet. A recovery towards resistance at $1814, where (200 SMA) four-hour and Fibonacci 38.2% one-month coincide would allow to test $1819 supply area. Daily and 4H charts show bearish momentum. For now, XAUUSD appears to be forming a consolidation pattern between $1830 and $1800, a break may cause more more volatility in Gold.
XAUUSD, 4hr tf, bearish scenario
Possible scenario for XAUUSD.
Price going up inside this channel and the recent drops on Friday confirm a break below the support.
It looks like XAUUSD making a bearish flag or possible rising wedge. If it plays out as bearish flag, the drop on XAUUSD gonna be massive.
This upwards movement is a retest of broken trendline.
We could see XAUUSD continue decline further.
Sell XAUUSD 1815
Stop loss 1825
Take profit 1750 (6.5R)
Use only 1-2% risk
Good luck
EURAUD, 4hr tf, AB=CD pattern
Yesterday we got our stop loss hit for this pair.
I still think a retracement will soon come as this pair hitting resistance right now.
We could see the movement of EURAUD making an AB=CD pattern.
Keep in mind we have RBA in 50 mins so expect some volatility in all AUD pairs. Use proper risk management.
Sell EURAUD 1.6065
Stop loss 1.6130
Take profit 1.5935 (2R)
Use only 1-2% risk
Good luck
Bitcoin TA. Simple Price ActionFirst, I want to say I am strictly a Price Action trader. I like to keep my charts simple and clean and analysis the same. So if your looking for some long drawn out reason for BTC to be doing what it is doing then this is not for you.
Weekly/Daily
Price has made a Head N Shoulders pattern on the Weekly timeframe indicating that price may be heading to lower numbers.
We have a Descending Triangle into support on the Daily timeframe as well also indicating lower numbers. If we break, retest and support flips to resistance, we can look forward to 20K possibly.
General EURUSD Analysis If you saw my most previous EURUSD analysis video, you'll see that it hit my TP perfectly.
On the 4H chart, we can see a wedge pattern forming but also making its way back to the trendline.
I'm not confident in looking for any setups at the moment as there could potentially be huge momentum depending on if it breaks the wedge pattern to the upside or the downside.
XAUUSD, 1hr tf, buy the end of wave-4I planned a sell setup before but missed my entry.
We missed the chance to enter sell and it does really go towards our target at 1816.
So we will now try capitalizing the buy opportunity.
I am using the same elliott wave setup. Right now we might complete the ABC correction of wave-4. Next is 1 more push up for wave-5.
Our target will be around 1840-42 which is the next resistance area.
Buy XAUUSD 1816
Stop loss 1811
Take profit 1841 (5R)
Use only 1-2% risk
Good luck
GBPAUD, 4hr tf, broadening wedge pattern
I do respect the idea that GBPAUD might drop along with EURAUD. We're also near the horizontal weekly resistance right now.
If i draw a trend line connecting the low and high of GBPAUD recent movement. It will look like a broadening wedge pattern.
In terms of Elliott Wave, this is a broadening ending diagonal.
Sell GBPAUD 1.8610
Stop loss 1.8670
Take profit 1.8410 (3.3R)
Use only 1-2% risk
Good luck
EURAUD, 4hr tf, sell at weekly resistance level
As you can see price now at horizontal weekly resistance which is 1.5900 area.
We do have an impulse to the upside recently, but after an impulse, there is always a correction. Usually the correction will be in 3 sub waves ABC.
As we are already completed wave A and B. I think EURAUD might drop once again to complete wave-C.
Sell EURAUD 1.5900
Stop loss 1.5940
Take profit 1.5700 (5R)
Use only 1-2% risk
Good luck