ANOTHER POSSIBLE OUTCOME ON GOLD!!!
At the beggining of the week i spotted a Head and Shoulders pattern (check link bellow) and was just waiting for a sell signal ...well that idea is still Valid but as i am busy analysing it thoroughly , i've spotted something Quite different but amazing ...
In this scenario as you can see ,price is trading in an ascending channel and on the support trendline we do have the 3rd touch ,now what triggers me is price reacted from that support but its still trading around that area ...so as i move on to the lower timeframe i spot a reversal pattern and its 3rd touch is violating the ascending channel... And when i check market structure its making HH and HL and has not broken the previous HL yet.
So the plan is to wait and see if price will strongly reject the 1762-1758 support zone ..if it does then i will be entering a buy position targeting new HH...
If you have a different idea please comment down bellow ,I'd be happy to hear more outputs.
( THIS IS NOT A SIGNAL)
In this scenario as you can see ,price is trading in an ascending channel and on the support trendline we do have the 3rd touch ,now what triggers me is price reacted from that support but its still trading around that area ...so as i move on to the lower timeframe i spot a reversal pattern and its 3rd touch is violating the ascending channel... And when i check market structure its making HH and HL and has not broken the previous HL yet.
So the plan is to wait and see if price will strongly reject the 1762-1758 support zone ..if it does then i will be entering a buy position targeting new HH...
If you have a different idea please comment down bellow ,I'd be happy to hear more outputs.
( THIS IS NOT A SIGNAL)
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