XAUUSD - Bullish Engulfing
Updated
XAUUSD has formed a bullish engulfing candle on the daily time frame.
A bullish confirmation candle has closed further confirming this setup.
RSI divergence and a trend-line break has occurred on the H4 time frame.
Price failed to close below the middle bollinger band on the weekly time frame.
I will post H4 and weekly point of views in the comments below.
SL set below the new support formed at the 61.8% fibonacci retracement level.
I expect price to easily rally through resistance at the 50% retracement level/previous highs.
TP set at the body high of the previous rally. 1:4 risk to reward ratio.
I have entered at the open of the 10/9 candle. I have now moved SL to break even and I have added to my position after the close of the confirmation candle.
This week I am expecting a close above the middle bollinger band (20 SMA) on the daily, and a bullish engulfing on the weekly time frame.
A bullish confirmation candle has closed further confirming this setup.
RSI divergence and a trend-line break has occurred on the H4 time frame.
Price failed to close below the middle bollinger band on the weekly time frame.
I will post H4 and weekly point of views in the comments below.
SL set below the new support formed at the 61.8% fibonacci retracement level.
I expect price to easily rally through resistance at the 50% retracement level/previous highs.
TP set at the body high of the previous rally. 1:4 risk to reward ratio.
I have entered at the open of the 10/9 candle. I have now moved SL to break even and I have added to my position after the close of the confirmation candle.
This week I am expecting a close above the middle bollinger band (20 SMA) on the daily, and a bullish engulfing on the weekly time frame.
Note
Weekly Time Frame: H4 Time Frame:
Note
Still holding currently up $28 or +280 pips in profit.Exactly as expected, broke through and closed above the middle Bollinger Band on the daily time frame and a bullish engulfing candlestick pattern formed on the weekly time frame.
Daily POV:
Weekly POV:
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