Gold/XAUUSD: Scalp from Fib golden zone
IDEA:
The daily chart shows a clear bearish channel, as well as seen on the 1h time frame. We can also see a bounce and failure to pusher higher than our 0.50 Fib level. At the moment just looking for a quick scalp towards 1915.00 and 1908.00.
CONCLUSION:
We have 3 areas of confluence and reason for entering our sells here:
Trade risk/reward ratio: 1:2.10
Always remember to apply proper risk management. The above are only for speculation and educational purposes and should not be construed to be investment advice of any kind.
The daily chart shows a clear bearish channel, as well as seen on the 1h time frame. We can also see a bounce and failure to pusher higher than our 0.50 Fib level. At the moment just looking for a quick scalp towards 1915.00 and 1908.00.
CONCLUSION:
We have 3 areas of confluence and reason for entering our sells here:
- Bounce off daily bearish channel resistance
- Another bounce off 1h bearish channel resistance
- Failure to push above 0.50 Fib level
Trade risk/reward ratio: 1:2.10
Always remember to apply proper risk management. The above are only for speculation and educational purposes and should not be construed to be investment advice of any kind.
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