XAUUSD Trade Idea# Price is currently trading in a down channel
# Channel resistance was met as well as the resistance level and pivot at 1286.50
# The previous candle printed a doji that pinned the 21MA (sell signal)
# Targeting support at 1270
Entered short @ market price 1283.05
# SL @ 1290.14
# TP @ 1270 provisionally
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Xauusdtradeidea
Bears possibly setting up on goldWhen checking the weekly time frame you can notice the higher lows and equal (more or less) highs which provides the emerging ascending triangle pattern.
Price is now around the resistance area on the weekly time frame so I will be looking on H4 for a good entry to short this instrument (1000 pip potential) HOWEVER price is currently in an up trend when checking trend bias using the top down method - its not favorable to sell in an up trend so we would need a convincing quality setup to swing down with the bears to around the 1247 level...
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