Xauusdtrade
Head and shoulder patternToday is the last day of September so it seems that the inside bar on the monthly time frame will close as such unless there is a massive move today:
The head and shoulder pattern is only to be traded at the end of a trend (its a reversal pattern so do not use mid trend!)
I'll be waiting for the neck line to break before considering to take an entry. A price action signal after the neck line breaks would be ideal. For now, this pair is on my watch list and I will publish live updates in Forex Bootcamp.
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XAUUSD Trade Idea# Price is currently trading in a down channel
# Channel resistance was met as well as the resistance level and pivot at 1286.50
# The previous candle printed a doji that pinned the 21MA (sell signal)
# Targeting support at 1270
Entered short @ market price 1283.05
# SL @ 1290.14
# TP @ 1270 provisionally
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Price action >> Gold = UPFOREXCOM:XAUUSD
*Trend bias = up
* Good support @ 1280
* Bullish engulfing pattern completed and we have the wicks indicative of new lows being rejected
Going long @ market price 1285.53 with
Stop loss below the lows @ 1275.84 and provisionally targeting the 1296-1300 level
Don't bet the farm and always exercise good risk management.
GOLD CRAB PATTERN AT 1306.8REVIEW OF GOLD:
MACD already told us the downward momentum is gone.
RSI is Overbought
All these telling me Gold is facing Daily Resistance.
I will look into a small time frame to find.
Any bearish pattern: Double Top, Pin Bar, Bearish Engulfing and short.
Trade with care and use good money management.
If you don't understand the setup please ignore the trade.
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Looking to trade the bounceXAUUSD
I'm looking for price to return to a short term support level around 1220.78
1. A buy signal would need to print like a hammer or bullish engulfing pattern in order for the setup to be valid
2. No congestion (if there is it means the bulls are battling and the support may fail
Note the support levels drawn with dotted lines.
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