Hi Traders,
Looking at GOLD today which has been falling.
We have the DXY breaking out of an eight-year range, which has investors concerned and this has resulted in the commodities market falling.
We have a bear flag on gold in the 4-hour time frame.
I will be waiting for an impulsive break of the bottom-most support area of this flag.
I need to see strong volume accompany this break. Once I see this, I will wait for a small retrace back into the support zone before entering my short position.
My target will be previous weekly support.
I’m looking at a possible risk to reward of 1 / 4 with this setup ( Assuming all my criteria are met for my entry )
Let's keep an eye out for this pattern.
Hope you all have a great Thursday.
The Vortex Trader
Looking at GOLD today which has been falling.
We have the DXY breaking out of an eight-year range, which has investors concerned and this has resulted in the commodities market falling.
We have a bear flag on gold in the 4-hour time frame.
I will be waiting for an impulsive break of the bottom-most support area of this flag.
I need to see strong volume accompany this break. Once I see this, I will wait for a small retrace back into the support zone before entering my short position.
My target will be previous weekly support.
I’m looking at a possible risk to reward of 1 / 4 with this setup ( Assuming all my criteria are met for my entry )
Let's keep an eye out for this pattern.
Hope you all have a great Thursday.
The Vortex Trader
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.