Description and Analyse from SFSFX Team MarlyForex and Jackmyattfx
Display: FX_IDC:XAUUSD
Description: As shown above we have FX_IDC:XAUUSD . This pair currently bearish , this move was made quite obvious early November after giving us
a strong pinbar as shown at the top of the channel. We are trending nicely making LH & LL supported by current Trendline Resistance. ( Tweezer Top )
On the Monthly Chart we have a Bullish Spinning Top , which could be interpreted as a potential HL.
On the Weekly Chart we have a Morning Star of Trendline Support Followed by a bullish Continuation.
On the Daily Chart we currently have a Tweezer Top Close, although the higher time frames seem quite Bullish i still stick to my bearish bias which is supported by correlation in other pairs and expected USD strength in the weeks ahead.
Indicator/s: EMA ( Monthly ) 50,20 EMA's acting as magnetic Resistance heading south. 200 EMA is acting as Long Term support
( Weekly ) All Ema's acting as Magnetic Resistance with the 20 crossing below the 200 early November, followed by a cross of the 50 early December ( BEARISH CROSS)
( Daily ) 200 EMA Magnetic Resistance, 50 EMA near term Resistance, 20 EMA acting as near term Support.
( 4HR ) All EMA'S acting as near term Support
Duration: Long Term ( SWING )
Decision: Keeping it pretty simple i am waiting for a break below D Supp: 1162.62 ( Trendline Break ) This will also cause price to break below the 20 EMA which will be my entry. Targets
will be at key levels first being TL Supp just below MW SUPP: 1146.00 and the second being the low closes of December's candles.
This would be accompanied by positive correlation with AUDUSD:
FX:AUDUSD -0.55%
Trade Setup:
Entry: 1159.56
TP 1: 1141.70
TP 2: 1127.30
SL: 1170.48 (Near Term Daily Support)
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
Useful Information:
TREND: Bearish
INDICATORS: Moving Average
ATTACHED CHART : YES
Display: FX_IDC:XAUUSD
Description: As shown above we have FX_IDC:XAUUSD . This pair currently bearish , this move was made quite obvious early November after giving us
a strong pinbar as shown at the top of the channel. We are trending nicely making LH & LL supported by current Trendline Resistance. ( Tweezer Top )
On the Monthly Chart we have a Bullish Spinning Top , which could be interpreted as a potential HL.
On the Weekly Chart we have a Morning Star of Trendline Support Followed by a bullish Continuation.
On the Daily Chart we currently have a Tweezer Top Close, although the higher time frames seem quite Bullish i still stick to my bearish bias which is supported by correlation in other pairs and expected USD strength in the weeks ahead.
Indicator/s: EMA ( Monthly ) 50,20 EMA's acting as magnetic Resistance heading south. 200 EMA is acting as Long Term support
( Weekly ) All Ema's acting as Magnetic Resistance with the 20 crossing below the 200 early November, followed by a cross of the 50 early December ( BEARISH CROSS)
( Daily ) 200 EMA Magnetic Resistance, 50 EMA near term Resistance, 20 EMA acting as near term Support.
( 4HR ) All EMA'S acting as near term Support
Duration: Long Term ( SWING )
Decision: Keeping it pretty simple i am waiting for a break below D Supp: 1162.62 ( Trendline Break ) This will also cause price to break below the 20 EMA which will be my entry. Targets
will be at key levels first being TL Supp just below MW SUPP: 1146.00 and the second being the low closes of December's candles.
This would be accompanied by positive correlation with AUDUSD:
FX:AUDUSD -0.55%
Trade Setup:
Entry: 1159.56
TP 1: 1141.70
TP 2: 1127.30
SL: 1170.48 (Near Term Daily Support)
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
Useful Information:
TREND: Bearish
INDICATORS: Moving Average
ATTACHED CHART : YES
