I will make a try with a very tight SL because price is on a bottom of a channel.
I am not a pessimist and It looks like being fully healthy.
Tight SL, with no TP.
Wish everyone who try to short a pair from current a lot of success and joy!
If you look closer on Gold on weekly time-frame you could see that this asset is very fixed in Fibonacci Grid. If you ask my opinion which Technical analysis method is preferable in Gold's moves analytics I would recommend Fibonacci although MAs and Harmonic patterns are also good with it.
Looks like possible Double Top could forms on EURGBP chart. Be careful if you short a pair.
Let's do hope for a best!
It is very promising sign that possible C point has formed in a winter, the season when huge rises had happened in this asset previously.
Good luck to everyone!
I suppose that AB=CD pattern is one of the most important in trading. So, never underestimate it. Moreover, last Monthly Candle looks really promising for Bulls.
Divergence in my opinion is one of the most accurate and reliable signal - it works very very often. So be careful if you keep a long position in Gold.
44SMA is above of 77SMA for many days - looks like it is a good Bullish sign!
We could see on Weekly chart that price of this pair has been moving in long-term flat since last 3-4 years. That's why I suppose that huge move could happen sooner or later. If you look through my last USDCAD ideas you could find that I would prefer to long a pair now rather than to short it. However 44&77 HMAs cross is a very strong signal usually, especially...
I have published Bearish setup yesterday based on a fact that 44&77HMAs have crossed on Weekly chart. However, looks like ABCD could form on 30m chart. So, I prefer to extend my view of this pair with Bullish perspective.
I have been choosing Bullish side for this pair for many weeks and months & I have loosen a lot of my capital because of it. I suppose that it is a fork stage now. If price stays above a "Double Bottom zone" I will reopen longs again, however I do suppose that Bearish direction for a pair is very probably because of ABCD pattern & very Bearish Heikin Ashi February...
I have posted my opinion 2 days ago about this pair. You can see now that it is very difficult to trade this pair. However, I suppose that ABCD is very strong figure and I probably make a try to trade it. One more try to long a pair. However, huge risk of falling exists because of Bearish ABCD on higher time-frame. That's how do I see the pair's potential.
Looks promising.
Double top ahead? Who knows?