GOLD BREAK OF BULLISH MARKET STRUCTURE
Updated
XAUUSD just broke bullish market structure. It failed to break Higher high and created a double top which will be confirmed as it breaks below 1705.
Will be entering short as it breaks below 1705 and confirms it on hourly chart TP 1 will be 0.5 Fib which is 1672.05 and TP 2- 1658.42. will go for TP 3 1617 if it breaks below golden pocket of 0.618.
My SL will be 2%
I'll be entering short only if it actually confirms the double top by breaking below 1705. that will confirm market has actually flipped to bearish
Will be entering short as it breaks below 1705 and confirms it on hourly chart TP 1 will be 0.5 Fib which is 1672.05 and TP 2- 1658.42. will go for TP 3 1617 if it breaks below golden pocket of 0.618.
My SL will be 2%
I'll be entering short only if it actually confirms the double top by breaking below 1705. that will confirm market has actually flipped to bearish
Trade active
so it broke below Ascending broadening wedge pattern. An ascending broadening wedge is a bearish chart pattern (said to be a reversal pattern). Target of these pattern are usually at bottom of the Ascending broadening wedge i.e. 1614.95. If, I were to trade this pattern I'd have entered short by aiming target for 0.5 fib and 0.618 fib levelsTrade active
Employment report came out positive for the DXYTrade active
closed Trade 1 at 1675Trade active
Tapped 0.5 fibonacci levelTrade closed manually
Closed manually after tp1 and tp2 because Gold broke the 1674 area
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