It is paramount that you look related ideas in combination with this idea to understand it fully.
We have run into a price consolidation region on Gold price chart. it could possibly be a bearish flag but we need to break lower than the consolidation zone for confirmation. But, if we break higher than here, we are looking forwards to 0.382 monthly Fibonacci retracement level at 1748. Higher levels are not confirmed yet, since 1748 is also the upper line of a strong bearish channel that we have been trading for over 5 months now (You can see it in the related ideas).
If we break the lower than consolidation line, the flag targets extend as far 1655 before it retests 1680 from lower. But, we need to break possible flag lower line as well as 1680 to see 1655.
Unless any of these two possibilities happen, we are not sure about the direction of the trend.
Please be careful, if you want to go short, please wait for a proper H4 rejection from or near the upper line of the consolidation zone. If you want to be extra safe, you might want to wait till the flag and 1680 both are broken to lower.
And if you want to buy, you might want to wait for the consolidation region upper line to break (need 1733 broken which is also 0.236 fibo monthly) to safely buy up to 1744-48.
Take extra care of your capital, Happy trading and Happier profits :-)
We have run into a price consolidation region on Gold price chart. it could possibly be a bearish flag but we need to break lower than the consolidation zone for confirmation. But, if we break higher than here, we are looking forwards to 0.382 monthly Fibonacci retracement level at 1748. Higher levels are not confirmed yet, since 1748 is also the upper line of a strong bearish channel that we have been trading for over 5 months now (You can see it in the related ideas).
If we break the lower than consolidation line, the flag targets extend as far 1655 before it retests 1680 from lower. But, we need to break possible flag lower line as well as 1680 to see 1655.
Unless any of these two possibilities happen, we are not sure about the direction of the trend.
Please be careful, if you want to go short, please wait for a proper H4 rejection from or near the upper line of the consolidation zone. If you want to be extra safe, you might want to wait till the flag and 1680 both are broken to lower.
And if you want to buy, you might want to wait for the consolidation region upper line to break (need 1733 broken which is also 0.236 fibo monthly) to safely buy up to 1744-48.
Take extra care of your capital, Happy trading and Happier profits :-)
ความคิดเห็น:
It has bounced from the top line of the consolidation region, we are one step ahead in our analysis alhamdulillah. Now all we gotta do is wait for the decision of the lower line :-)
ความคิดเห็น:
False Break high yesterday, we are still in the consolidation zone
ปิดการเทรด: ถึงเป้าหมายการทำกำไร
