#XAUUSD : WHY DO I HIGHLIGHT MA50H4
The failure to break above above the 4H MA200 (1,666.79) was confirmed as the price was rejected today strongly back to the 4H MA50 (1,648.85), which is the current short-term Support.
As mentioned yesterday, this is a sign of (short-term at least) profit taking.
If you took the short, you are advised to book the profit and wait until we close a 4H candle below the 4H MA50 in order to continue selling (TP # 1,620).
Otherwise, I will go long again if we close a candle above the 4H MA200 and target the 1D MA50 (now at 1,684.76 and falling).
Remember, only a break above the 1D MA100 (1,729.33), which is unbroken since May 05, can be taken as a bullish trend shift in the long-term.
Continue to trade with confirmed break-outs because as you see it is one of the few efficient strategies in this volatilie setting, which will get even more aggressive starting today (German CPI, U.S. Home Sales) and peak next Wednesday with the Fed Rate Decision.
I hope you enjoyed this week's profit.
Have a wonderful weekend.
As mentioned yesterday, this is a sign of (short-term at least) profit taking.
If you took the short, you are advised to book the profit and wait until we close a 4H candle below the 4H MA50 in order to continue selling (TP # 1,620).
Otherwise, I will go long again if we close a candle above the 4H MA200 and target the 1D MA50 (now at 1,684.76 and falling).
Remember, only a break above the 1D MA100 (1,729.33), which is unbroken since May 05, can be taken as a bullish trend shift in the long-term.
Continue to trade with confirmed break-outs because as you see it is one of the few efficient strategies in this volatilie setting, which will get even more aggressive starting today (German CPI, U.S. Home Sales) and peak next Wednesday with the Fed Rate Decision.
I hope you enjoyed this week's profit.
Have a wonderful weekend.
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