Hi. I’mk just going over charts looking for flag patterns. I’d like a second opinion if this is one near a resistance and trendline resistance:
1 Like
Yes, looks like correct on both counts. Tall upper wicks on majority of recent daily candlesticks suggest this is running out of buyers for now.
There’s a short opportunity but is it the best available? - price is only likely to fall to the support you’ve marked about halfway down through the long-term downtrend channel. And probably only slowly.
1 Like
I was thinking too. Do you mean the black support line not the blue one?
1 Like
to me that looks correct. good going mate
1 Like
Thanks! I’ve just opened a short position last night, however because of the Brexit/Trade situation it could cause some resistance in price going down.
Nice catch; even I am also using the H1 time frame on this type of trade setup!
1 Like
Yes! Using multiple time frames to draw lines is the best approach
Of course, it is! There is no way to rely on any specific parameter!
I have found that patterns tell a story, but like all stories they have a context.
XAU/USD is specifically trading Gold spot v USD - so USD outlook is paramount.
Context here is the current time period - end of year - and USD.
Good post here on Friday morning:
