After price broke down the neck line of head and shoulder at 1290, theoretically we would move down about 60 points which give us target around 1228-1230.
The question is... Are we going reach there in one go? or Will we see the retracement back to test the neck line at 1290?
It's very obvious here from the chart and volume profile that if price decide to move back to retest, we will see a lot of selling pressure at 1290.
Between 1290 and 1230, there is hardly any volume at all! It seems like everyone is playing by the book here.
Caution!
When we see something very obvious, especially pattern like this, there is a good chance that it would fail.
I suggest, ride with every trend, if you see a reversal signal around 1268-1273, go with it and wait until there is a sell signal at 1290.
Big players might send the price rip through that 1290 roof and liquidate all short.
If there is a sell signal at 1290, just get out of buying position and see you at 1230.
The question is... Are we going reach there in one go? or Will we see the retracement back to test the neck line at 1290?
It's very obvious here from the chart and volume profile that if price decide to move back to retest, we will see a lot of selling pressure at 1290.
Between 1290 and 1230, there is hardly any volume at all! It seems like everyone is playing by the book here.
Caution!
When we see something very obvious, especially pattern like this, there is a good chance that it would fail.
I suggest, ride with every trend, if you see a reversal signal around 1268-1273, go with it and wait until there is a sell signal at 1290.
Big players might send the price rip through that 1290 roof and liquidate all short.
If there is a sell signal at 1290, just get out of buying position and see you at 1230.
تم فتح الصفقة:
Seeing some movement here despite the quiet market environment,
Gold is moving higher and form a higher high on 4 hr chart,
Now will we see the higher low?
We are possibly moving toward retest of 1290 neck line.
Gold is moving higher and form a higher high on 4 hr chart,
Now will we see the higher low?
We are possibly moving toward retest of 1290 neck line.