Multi Timeframe Analysis
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Recommendation:
XAUUSD failed to pierce last week's high. We have a high probability drop from Monday to Thursday to the neckline of the over extended W formation marked on the chart. After reaching this level, it's awaiting game to ascertain where gold will go next.
Take a Short market order position upon the confluence of valid entry rules on the 4H or 1H chart.
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Recommendation:
XAUUSD failed to pierce last week's high. We have a high probability drop from Monday to Thursday to the neckline of the over extended W formation marked on the chart. After reaching this level, it's awaiting game to ascertain where gold will go next.
Take a Short market order position upon the confluence of valid entry rules on the 4H or 1H chart.