Currently longing short through the US session. Reflecting back on preview trend following the support and resistance which is very well supported when trading gold. Went long on XAUUSD on wednesday around the 1700 area catching 100 pips each time after consolidating within each zone highlighted on the chart. Can see gold finishing shy of 1740 for the end of May!
On this chart we can see it’s created a clear head and shoulder and can expect to see the 1700 price range reached again this month.
Sometimes simplicity is key!
As previously seen if you follow me this is the setup from the current week, heading into next week.
-Strong resistance at 1690 area where we seen previous rejections including a interesting spike and dramatic drop before close on Friday.
- Strong support at 1535-1540 as shown on chart (which i don’t see retesting for a couple days due to fundamentals
My...
So here is my current setup on BTCUSD:
Current zone: $8700, looking to bounce around this area
$8700 area being a strong support zone (previous rejections in this area)
Target area 1 would be $8870
Target area 2 would be $9000 seeing high end of $9600-$9900
So if you look at the previous chart we ran through our first TP at 1660 and ended up stopping at 1689 again which was previous highs before consolidating on the 1hr chart and rejecting down to 1642 due to fundamentals. From the setup you can see the the 11year high of 1700 is still inbound!
