Today is an interesting day for the XAUUSD pair.
observation and patience will be key for any intentions before placing and executing a buy or sell position.
In the higher timeframe 4hour we have multiple situations to take note of, not overcomplicating any market scenarios and looking at the point blank facts that are presented to us in the present moment.
take note of.
1)A Double top formation (some may say its a triple top with the centre closures)
2)Most recent candle closures failed to break previous highs.
3)The 4hour EMA is close to our current price which will have either a reaction or break so observe with caution.
4)A strong trend line that has been well respected previously since 25th May.
5)A strong support zone that has had multiple touches.
6)Observe the lower time frame DESCENDING triangle chart pattern which could indicate a potential correction to the downside with a short term bearish movement.
7)1.30 Red folder news release.
I will be looking to enter on either a break out of the 1 hour descending to the upside for a scalp into the 4Hour resistance above price, or wait for clear break to the sell side aiming towards lower coordinates that align with 1 hour candle closures at resistances.
this is my first published analysis on trading view.
good luck to any traders out there creating their own life to attain freedom.
earn, learn and grow together - its time to exit the rat race !!
observation and patience will be key for any intentions before placing and executing a buy or sell position.
In the higher timeframe 4hour we have multiple situations to take note of, not overcomplicating any market scenarios and looking at the point blank facts that are presented to us in the present moment.
take note of.
1)A Double top formation (some may say its a triple top with the centre closures)
2)Most recent candle closures failed to break previous highs.
3)The 4hour EMA is close to our current price which will have either a reaction or break so observe with caution.
4)A strong trend line that has been well respected previously since 25th May.
5)A strong support zone that has had multiple touches.
6)Observe the lower time frame DESCENDING triangle chart pattern which could indicate a potential correction to the downside with a short term bearish movement.
7)1.30 Red folder news release.
I will be looking to enter on either a break out of the 1 hour descending to the upside for a scalp into the 4Hour resistance above price, or wait for clear break to the sell side aiming towards lower coordinates that align with 1 hour candle closures at resistances.
this is my first published analysis on trading view.
good luck to any traders out there creating their own life to attain freedom.
earn, learn and grow together - its time to exit the rat race !!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.