zone rejected three times then price eventually broke through it.
head and shoulder structure - signal for a sell
price retesting the zone which is also where the golden area for fib retracement falls
#XAUUSD
#GOLD
#ISAIDITFIRST
#READYFORMONDAY
#HAPPYTRADING
May 13 => price bounced off the support and daily trendline
May 14-18 => price broke through resistance but it was a fake breakout and price is now falling back down
Prediction: Im expecting price to EITHER:
1. pull back to the 50%-60% fibonacci retracement area then continue up
OR
2. retest again the daily trendline and support before continuing up
READ HOW...
GBPUSD have been in an uptrend in the higher timeframes since last yr
price just recently did a pull back to the 50-60% fib retracement
im expecting price to continue the uptrend so im waiting for a bullish candle at the support and retest of trendline
SIMPLE ANALYSIS #LessIsMore
FOLLOW THROUGH WITH YOUR OWN ANALYSIS
IF YOU AGREE PLS LIKE MY IDEA AND FOLLOW 🙏🏻
Price correction down to the support line. Continuation of downward trend line. Next support line and trend line support falls at the fib retracement 50-60% golden area.
My entry price was 30000. TP at 29000 SL at 30200
Quick basic analysis with simple graph. Follow through with your own analysis. Happy Trading!
