Sive Morten
Special Consultant to the FPA
- Messages
- 18,668
Greetings everybody,
So it seems that my "gut feeling" yesterday hasn't failed us.
Still, on the daily chart market is coiling around K-area. Actually, if it keep doing it next week - this becomes a bullish sign, suggesting attempt of upside breakout. But today, gold stands at the point where short-term bearish setup is still possible, despite recent upside action:
On 4H chart our pennant was broken up. But, actually the only thing that has happened is a kind of AB-CD action that we've discussed yesterday:
Yesterday we said that if you want to try go short - wait at least for "222" shape that could give a better price for entry and minimize the risk. Now actually we have it:
Also price stands at 5/8 level. Despite that setup could fail, but the point where price stands right now provides perfect risk/reward ratio, as call it "culmination" point. This is the last point where bearish setup is still possible. Overall upside price action also looks not too fast. Thus, if you search chance to make scalp trade - maybe this one might be interesting.
So it seems that my "gut feeling" yesterday hasn't failed us.
Still, on the daily chart market is coiling around K-area. Actually, if it keep doing it next week - this becomes a bullish sign, suggesting attempt of upside breakout. But today, gold stands at the point where short-term bearish setup is still possible, despite recent upside action:
On 4H chart our pennant was broken up. But, actually the only thing that has happened is a kind of AB-CD action that we've discussed yesterday:
Yesterday we said that if you want to try go short - wait at least for "222" shape that could give a better price for entry and minimize the risk. Now actually we have it:
Also price stands at 5/8 level. Despite that setup could fail, but the point where price stands right now provides perfect risk/reward ratio, as call it "culmination" point. This is the last point where bearish setup is still possible. Overall upside price action also looks not too fast. Thus, if you search chance to make scalp trade - maybe this one might be interesting.
