XAUUSD - Gold 4HR
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Simple Trading - Head and Shoulders pattern
-PLEASE READ BELOW-
Gold has broken from its bullish momentum and is now finding support at 2350. Expect gold to continue to the previous low and make Lower lows. If the Head and Shoulders pattern plays out correctly, 2400 should be the Highest gold goes before reaching the target. Keep in mind that 2 or more candles closes above 2390-2400 could indicate buying pressure.
How to trade the pattern:
Entry 1 is the 4hr FVG, 2400-2413 as this is a 4hr H&S pattern we look for the next FVG on the same time frame.
BULLS: (weekly)
Pay attention to the previous week's candle close. Two weeks ago gold week low was 2395. And last week, Gold's weekly low was 2350. The high of last week was 2430. not only was this considered a bearish week, but Gold also made a huge weekly doji candle. Gold price is uncertain on where price should move next. With a Potential bull flag pattern and a triple bottom, GOLD is certainly still long-term bullish.
**We are currently in a 1000pips range or 100 points. 2390 -2290 If gold fails to remain bullish over the next couple of days, gold may drop to the previous week's support.
BEARS:
Respect the Pattern, take sells around 2395-2400. If a 4hr candle breaks above this 50pips zone, more bullish price action may push the price into the 4hr FVG.
*These are just my thoughts, not financial advice.
-PLEASE READ BELOW-
Gold has broken from its bullish momentum and is now finding support at 2350. Expect gold to continue to the previous low and make Lower lows. If the Head and Shoulders pattern plays out correctly, 2400 should be the Highest gold goes before reaching the target. Keep in mind that 2 or more candles closes above 2390-2400 could indicate buying pressure.
How to trade the pattern:
Entry 1 is the 4hr FVG, 2400-2413 as this is a 4hr H&S pattern we look for the next FVG on the same time frame.
BULLS: (weekly)
Pay attention to the previous week's candle close. Two weeks ago gold week low was 2395. And last week, Gold's weekly low was 2350. The high of last week was 2430. not only was this considered a bearish week, but Gold also made a huge weekly doji candle. Gold price is uncertain on where price should move next. With a Potential bull flag pattern and a triple bottom, GOLD is certainly still long-term bullish.
**We are currently in a 1000pips range or 100 points. 2390 -2290 If gold fails to remain bullish over the next couple of days, gold may drop to the previous week's support.
BEARS:
Respect the Pattern, take sells around 2395-2400. If a 4hr candle breaks above this 50pips zone, more bullish price action may push the price into the 4hr FVG.
*These are just my thoughts, not financial advice.
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