I took a small long on this swing low as mentioned in the comments of our previous analysis a bit. Just keep in mind everything is very volatile so trading these technical set ups with fib can be tricky. I like this one going into the NY session, though. Good luck =)
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Another test of the .618. I've scalped this a couple times now this morning but really the breakout is the move I'm really looking for here. My chain of illegal lemonade stands has really taken a hit from the pandemic and all so we need a big move here to keep the Pop tarts coming
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Do I need to spell this out = )
Do I need to spell this out = )
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obv yes it can and will break down if market conditions turn but betting against gold lately has just not been the right play.
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Beware of things like...sharp wicks downward before breakout. I have known XAU to do this often in a situation like this..
Try to take advantage of them with fib tools...know your % fib levels and be ready to trade them
Try to take advantage of them with fib tools...know your % fib levels and be ready to trade them
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Neat. Watch 1727
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Needs to break 1727 def or it could be literally another whole day of 1715 tbh
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LPT; on the 1 hour we only trust the close
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Breaking news; gold does things
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A bounce from the 618 again
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And then towards the 272 which is convenient because it’s the premise of our analysis on the hourly above...repeating patterns at all timeframes...these are clues
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Well that happened
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Ideally the open breaks 1740 decisively and trends up through Friday close. Best scenario for bulls
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Short
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Scalped those drops but now just watch the H1 and wait for another entry
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If the hourly closes blue then no moon for gold today oh well
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Keep in mind... this is your daily. So anything above the yellow zone is dangerous both ways. But the daily is pretty bullish
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Back to the 50% @ 1715 again would be a choice entry...like 1715-1717
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I'm just gonna take a nap and if I wake up and xau is still in the 20s then I'm done for the week fs and new analysis on Sunday. This can repeat uptrending on the 1h several times each with higher lows. The fluidity of reacting to the fib channels continues until either that channel fails or it does break out the top. More often than not in certain scenarios though, take a rejection for what it is and move on. Decent but not what I hoped, tbh ive been awake for like 3 days and I really need to sleep and I just can't follow it anymore
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Not literally 3 days. Just too long =)
