Bearish Pennant after Downtrend
Bullish Breakout occurred so that previous sellers in the continuation pattern get liquidated
The bulls got depleted after reaching 50% Fib, Gold could start moving in its intended direction once more!
With a downtrend market structure, I'd say that the price should surpass the previous low, so that's where my T/P is
It's 6 R/R trade, with S/L at 1975.341 and T/P at 1865.2
Bullish Breakout occurred so that previous sellers in the continuation pattern get liquidated
The bulls got depleted after reaching 50% Fib, Gold could start moving in its intended direction once more!
With a downtrend market structure, I'd say that the price should surpass the previous low, so that's where my T/P is
It's 6 R/R trade, with S/L at 1975.341 and T/P at 1865.2
Note
Also, if you notice, the volume is dropping during the uptrend as well.The bears are coming back, babyyyyyy!!!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.