Short idea based of the daily, lots more to it but not prepaired to share my edge with respect to my mentor - Ask if you want to know who my mentor is and ill point you in the right direction. Accepting the risk on this trade, high probability top down move.
Overall, the projection for the pair was downwards due to the HTF. On the 1HR we noticed, after we broke out of a larger bearish flag, we impulsed and then formed a 1HR bearish flag, got in on the RRE as the flag hadn't formed the third touch for a RE and the pattern was too tight to warrant a RE as per my trading plan - Instead we rejected the double top within...
Looking at the overall structure, I belive that, technically, Gold could be looking down on the short term scale. I will be waiting for a confirmation of this bearish flag pattern. I will wait for price to go up for a third touch and on this touch I will want to see some sort of corrective move for the sell.
Potential break and retest of a head and shoulders pattern zone. We will wait for a clear break and close below the zone and a wick back in as the retest for entry.
As per the analysis on screen this is what we are seeing:
- Break and retest of daily trendline
- Impulse and then a symmetrical triangle formed on the 1HR / 4HR
We are now waiting for a lower time frame break and retest of this pattern for a sell.
BTC Thoughts
As some of you may have seen, there has recently been a lot of good news for the Bitcoin and Cryptocurrency in general, with many articles surfacing which are making the coins look very investable.
These are my thoughts, one of two possible scenarios (Obviously - The market can do whatever it wants but these are my views):
Bitcoin breaks below...
I feel that GBP/USD is due for a pull back on the daily after a sharp move downwards followed by a break of the trendline and a double bottom accompanied by RSI divergence. But, as always, we have planned for every scenario as is shown in my analysis.
