Expecting XAUUSD 0.17% to make one of 2 paths (obviously?). We can take advantage of both setups providing your strategy gives you the right confirmation, your timing is right and your stops are well placed.
We are currently sitting at the bottom trend after an impulsive breakout move downwards to the 2.618 extension - of which price has consolidated for now. We can expect price to firstly rally upwards towards 100% which would also be the 0.618 retracement of the impulse. This will likely be the area which holds the most resistance.
If this is not that case, and the consolidation continues slowly dragging the RSI back to the bearish trend then we have indication of a possible short to around the 3.618 extension area.
I will remain long for now with very tight stops shooting for 100%, but if stops are hit it will prompt a change of view due to a change of formation on the chart.
Bullish - In Yellow - 1st
Bearish - In Red - 2nd
We are currently sitting at the bottom trend after an impulsive breakout move downwards to the 2.618 extension - of which price has consolidated for now. We can expect price to firstly rally upwards towards 100% which would also be the 0.618 retracement of the impulse. This will likely be the area which holds the most resistance.
If this is not that case, and the consolidation continues slowly dragging the RSI back to the bearish trend then we have indication of a possible short to around the 3.618 extension area.
I will remain long for now with very tight stops shooting for 100%, but if stops are hit it will prompt a change of view due to a change of formation on the chart.
Bullish - In Yellow - 1st
Bearish - In Red - 2nd