롱

XAUUSD 6/22/2020

업데이트됨

Hello and welcome to this analysis on Gold.

Gold has been on a macro uptrend since September of 2018.

Looking at the 6 HR chart, it seems like Gold has made an Inverse Head and Shoulders continuation pattern. The volume fits the volume profile of an inverse head and shoulders as well. You usually want to see low volume on the left shoulder, higher volume on the head, and falling volume pattern on the right shoulder.

I would like to see the price breaks and closes above 1746$ and regain that level as support to enter this trade.

The target of the pattern will be around 1820 as long as the price doesn't trade below the break out point after the breakout.

The major level of the resistant between the pattern and its price target is going to be the red box around 1780$ to 1810$ coming from the top of the previous bullish cycle back in 2012. It is a good idea to take some profit there if you see signs of weakness in that price range.

This trade idea has the potential of 3 rewards to risk ratio.

Good luck trading.

액티브 트레이드

노트

노트

"I would like to see the price breaks and closes above 1746$ and regain that level as support to enter this trade."

This price action is what I mean by regaining the level as support.
The price has closed a few 4 HR candles above the 1746$ level which used to act as resistant, retested the level a few times, and got supported and closed the candles above the level and gave us a good opportunity to enter the trade.

노트

You can manage the trade around the level now. If a high time frame candle destroys this structure and closes below the level it can be a sign of weakness and a good reason to close the trade.

매매 수동청산

노트

Closed the trade manually here. It doesn't have the momentum that I would like to see. Gonna reevaluate and enter the trade again if I see a continuation pattern.

액티브 트레이드

노트

I re-entered the new trade after it faked out below the consolidation range and broke over the highs with high volume.

I decided to exit the trade few hours ago when it broke below the consolidation range to protect the profits on the table.

Don't be afraid to exit and re-enter the trades you can also use hedges to protect your profits.

노트

On the 4 hr chart, it looks like the price has completed a Cup And Handles continuation pattern now. A 4 hour close above 1775$ can be a good confirmation for the pattern. The target of the pattern is around 1800$ it can reach its target as long as it holds above 1764$.

노트

massive reaction from the resistant zone, it also had bearish divergence as well as it entered the resistance zone.

노트

hit the half target take profit.
It has made another cup and handles patterns that just broke out to the upside which is a sign of continuation, however, there is some bearish divergence on oscillators that shows price exhaustion. it might be a good idea to start scaling out of this trade.

노트