The model shows Gold entering into a zone, which was used both as support & resistance multiple times in the past.
This is following a pull out of a downtrend, into an uptrend. As the price approaches our key resistance level, we see a sign of uncertainty in the markets: A big red candle in the midst of green candles. Frankly the Direction of Gold in the coming...
The Chart shows a trendline connecting consistently higher highs starting from April (in the daily chart). and two lines showing a resistance, the previous high observed near the end of February.
The Entry trigger was double bottom observed in the 4-hour timeframe with some bullish confirmation, close to the mentioned trendline.
Stop loss put in place...
Level A: 0.71087 - 0.71499
Level B: 0.72118
These were determined by 4 or more "touch and retrace" points on the 4 hour chart. Three Major reactions were observed with price action around these areas, and are labelled on the chart.
Scenario 1: When a trend drives the price toward Level A the trend weakens, and we see more signs of uncertainty as to where the...
I'm relatively new to this, so comments and criticism are welcome!
OANDA:GBPUSD
Supports & Resistances were determined in the 4-hour timeframe by 3 or more "touch and retrace" points over the past three to four weeks(25 days to be exact). The major Resistance during this timeframe was at the 1.42077 price mark, and the major support between 1.4100 and 1.4080,...
