GOLD - Double bottom fake rally

2023년 2월 6일

I don't think the DCL is printed yet, but we are finding support at 1860-61.
I see a good opportunity here for a fake rally before the final daily bottom is printed at 1829$.

We will see what the daily close will look like, but right now the hourly is showing a double bottom what is a beloved pattern of many traders who are waiting for new highs in gold.

I will trade it for 24-36 hours as a possible tag of the 50 MA (1885-90$) on the hourly, and there is a chance of backtesting the breakdown zone between 1900-1910$.

Any drop below 1860$ invalidates the idea.


Time window: 12-48 hours.

2023년 2월 7일

노트

Starting to look like a raisiing triangle false rally

2023년 2월 7일

노트

Breaking out

2023년 2월 7일

노트

Unfortunately, Price couldn’t break out from the raising triangle

2023년 2월 7일

노트

We have 2 problems:
1. Time window is max 48 hrs. By tge close tomorrow I want to be out of this trade
2. The pattern is starting to look
Like a flag:



If it pops to the upper trendline 1888 I will close the position.

2023년 2월 7일

노트

Daily also shows a bear flag:

2023년 2월 8일

매매 수동청산

Price: 1887$

2023년 2월 8일

노트

A nice beer flag has formed: