XAUUSD broke the 4 hourly support level, and also broke out of the Bull Pennant forming on the daily chart. Potential formation of a Double Top. Currently testing a relatively strong daily SD zone. Bearish Marubozu formed with strong volume, forming a Bullish Harami with the next candle near the top of daily SD zone. SD zone is in line with Fibonacci retracement ratios, around 61.8% and 50%. If price rebounds, potential sideways market and should be traded in accordance with SR zones.
Bearish in the short term (Scalps and Swings). Look out for continuation patterns. Enter with caution and keep stop loss tight.
Bullish in the mid term (Swings). Look out for reversal patterns at 50% Fibonacci retracement area and enter after confirmation of reversal. Keep stop loss slightly below support and beware of potential fakeout.
Bearish in the short term (Scalps and Swings). Look out for continuation patterns. Enter with caution and keep stop loss tight.
Bullish in the mid term (Swings). Look out for reversal patterns at 50% Fibonacci retracement area and enter after confirmation of reversal. Keep stop loss slightly below support and beware of potential fakeout.
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Am a new Price Action trader who is currently using Candle Patterns and Zones to determine price action. Please give constructive criticism on how I can improve as well as anything else I can look at!
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Two Bullish candles rebounding from the SD zone were formed in the 4 hourly chart after I made this analysis. With this, price has been reaching lower highs and higher lows, while volume has been decreasing. This suggests consolidation and potential formation of a symmetrical triangle. Considering the current economic uncertainty and impending recession catalyzed by COVID-19, gold will be highly sought after as a safe haven asset, suggesting a good chance of an upward breakout.
Trading the Breakout: TP level should be in line with the previous impulsive move that formed the Bull Pennant. Set SL slightly beneath the top of SD zone to avoid fakeouts.
Trading the Breakout: TP level should be in line with the previous impulsive move that formed the Bull Pennant. Set SL slightly beneath the top of SD zone to avoid fakeouts.
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Testing out bolding of words on comments
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Following my mid term view, the Bull Pennant has broken upwards and price has broken the top Daily SR level. Price should continue on this long term Bull Run for months to come, so long as economic sentiment is bearish. Will cover more short/mid term trade ideas for Gold, but am currently looking to focus on other currency pairs to widen my knowledge.
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