XAUUSD has formed a bullish engulfing candle on the daily time frame.
A bullish confirmation candle has closed further confirming this setup.
RSI divergence and a trend-line break has occurred on the H4 time frame.
Price failed to close below the middle bollinger band on the weekly time frame.
I will post H4 and weekly point of views in the comments below.
SL set below the new support formed at the 61.8% fibonacci retracement level.
I expect price to easily rally through resistance at the 50% retracement level/previous highs.
TP set at the body high of the previous rally. 1:4 risk to reward ratio.
I have entered at the open of the 10/9 candle. I have now moved SL to break even and I have added to my position after the close of the confirmation candle.
This week I am expecting a close above the middle bollinger band (20 SMA) on the daily, and a bullish engulfing on the weekly time frame.
A bullish confirmation candle has closed further confirming this setup.
RSI divergence and a trend-line break has occurred on the H4 time frame.
Price failed to close below the middle bollinger band on the weekly time frame.
I will post H4 and weekly point of views in the comments below.
SL set below the new support formed at the 61.8% fibonacci retracement level.
I expect price to easily rally through resistance at the 50% retracement level/previous highs.
TP set at the body high of the previous rally. 1:4 risk to reward ratio.
I have entered at the open of the 10/9 candle. I have now moved SL to break even and I have added to my position after the close of the confirmation candle.
This week I am expecting a close above the middle bollinger band (20 SMA) on the daily, and a bullish engulfing on the weekly time frame.
Note
Weekly Time Frame: H4 Time Frame:
Note
Still holding currently up $28 or +280 pips in profit.Exactly as expected, broke through and closed above the middle Bollinger Band on the daily time frame and a bullish engulfing candlestick pattern formed on the weekly time frame.
Daily POV:
Weekly POV:
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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.