Gold formed a double top on 6 October, if you go further back in my charts you will see I highlighting that. As I have said, the market moves in 3 levels most times. And on the 4hr it has made 3 intraday levels down from last week.
If you look at the yellow box support, the price should go back down to test this structure. This is a very dangerous zone, because on the daily chart, we have made 3 levels down from the second leg of a massive double top on the 19th of April , and as the picture paints, I predict a very strong double bottom formation on the daily as well as on the 4hr. So I am in a small sell now, down to that zone, and then I will wait for confirmation of the buy from the zone, and buy it back up
So flip into the daily, give it a look and let me know if you see what I see.
If you look at the yellow box support, the price should go back down to test this structure. This is a very dangerous zone, because on the daily chart, we have made 3 levels down from the second leg of a massive double top on the 19th of April , and as the picture paints, I predict a very strong double bottom formation on the daily as well as on the 4hr. So I am in a small sell now, down to that zone, and then I will wait for confirmation of the buy from the zone, and buy it back up
So flip into the daily, give it a look and let me know if you see what I see.
Transaction en cours:
Sell going great, almost at the marked zone, nearing TP, 125 pip drop so far from entry
Trade fermée: cible de profit atteinte:
180pips from my entry. Patience for the reversal or continuation
Transaction en cours:
This analysis is still valid. We have not broken below the yellow box and retested for a sell, neither have we properly retested it yet to confirm a buy. Patience