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Headshoulders

Friday 23, N.Y Gold & USDX: Very very interesting...See charts! Happy Friday guys, I was tired & late getting into the Asian session earlier. But as soon as I locked-horns with my 42" monitor I saw that Gold & Silver were in a mild upside rally. I soon took a long position & recommended one for you in Silver which was rallying stronger than gold. The gold price struggled at resistance from 2490 to 2500, not strong resistance at 2490 but volume is always lighter in the Asian session. We quickly booked a profit, I am hoping you did as everything happened so fast in a Long trade which only lasted 40 minutes or so. What happened next? Plz read on below. I saw that price kept getting rejected at the 20 EMA on the lower-time-frame. I decided to go Short & I recommended a very small lot-size Sell-stop below where price was I think from memory my Sell-stops were around 2489 or thereabouts. Next, I distracted myself on another project on the 'hotcopper' forum with a bullish lithium company I am very heavily invested in called Raiden Resources RDN is the ticker, if you want to check it out, I will never sell Stock trades but this thing is looking good, but you google the stories on Raiden Resources if you wish. So, I had no Stops on my Short because I generally do not like Stops because I find 9 times out 10 the Market-Makers will hunt your stop down so that Mr & Mrs Market-Maker make their big fat wealthy private bank clients wealthier. Maybe that's a bit harsh, but I often wonder. So the Gold price found support because I took my eye off the field & forgot to book profits and the Gold price started to properly find support and some strength above 2490. Guys, that is enough on that. Look what concerns me in Friday trading are these bullish Head 'n' Shoulders patterns & on multiple timeframes. We are still about 0.31% from the trigger line & look they probably won't play out today, but what about next week? If the USDX does turnaround next Monday & it certainly could do that because it is very oversold on the Stochastics. However, the path of least resistance for the USDX is further down because it's below its moving averages & how many bloody times do we go Long & then close out of the trade & look at a higher-time-frame & exclaim to ourselves, 'I am an idiot the trend was down / the path of least resistance was down - Why did I go Long'. I used to do it all the time when I was a very green, greedy & gullible trader. Well I still get greedy! I will monitor these H & S's on the ASDX. I see where the boss speaks today, The Fed Chair, Mr Powell at 10am Eastern Time USA & Canada and we also have another chat from FOMC member Bostic. My feeling is that Mr Powell has maybe felt a bit anxious lately & he may give our market a bit of a boost today by reiterating the theme of interest rate reduction(s) next month which of course will bode well for Gold & Precious Metals in general. Further on the Economic Calendar today, we have Building Permits at 08:30am & then New Home Sales at 10am, the latter having a bit more weight and bearing on our trading. Unless you are looking to Short the Gold price today, with our 2 speakers hopefully talking up an interest rate reduction & if the other 2 mentions on the economic calendar come in a bit bearish then this will be poor or the USD but more than likely supportive of the Gold price and getting back above 2500, which I think is where the 50EMA sits on the 1 HR Chart. So recapping, my feeling is that today will be bullish for Gold depending on New Home Sales mostly but Mr Powell's endorsements rate reductions for the US economy commencing next month will shrug off any bearishness in the Gold price. In addition to the Head 'n' Shoulders patterns for the USDX (see the 1st set of charts), I have scouring Precious Metals searching for other H & S's patterns so I will be posting these charts so that you have a road-map for the possibility of taking these H & S trades which are predominately bullish ones, I will post these below very soon & I have tradingview alerts set for when price gets near the neckline. Cheers, Chris
EIGHTCAP:USDX
by Easy_Explosive_Trading
Bulls HnS's Prec.Metals below. Plz-read-Friday Gold Commentary! There are some bullish Head 'n' Shoulders patterns today in Precious Metals. 1st up see charts for Palladium XPDUSD. This is a bullish H & S's on multiple timeframes. 5m played out earlier in Asian session but we still have setups on the 1HR, 2HR and 4HR charts. If Mr Powell gives the market the boost and shot-in-the-arm that I think he will today because I am guessing he has been a bit on edge lately like a trader who just lost 30k in a day. I am hopeful we will get a good run today Long in precious metals. Mr Powell speaks at 10am Eastern USA & Canada. Be aware that some of these setups have already retested and others have not, but I will do my best to guide you through it with an alert if Entry becomes noticeable to me in the charts later. This is of course if you are a newer trader. I know most of you are experienced.
EIGHTCAP:XPDUSD
by Easy_Explosive_Trading
2
BTC → if breaks up get a long positionhello guys. let's dive in BTC! 1. Pattern Recognition: Left Shoulder: The first peak formed before the head. Head: The highest point in the pattern, showing a peak above the shoulders. Right Shoulder: The final peak, which is lower than the head but roughly in line with the left shoulder. 2. Key Levels: Neckline: The blue line around $57,571.68 marks the support level that connects the lows from the left and right shoulders. Breakout Zone: The chart highlights a yellow resistance zone just above the current price. If Bitcoin breaks above this zone, it could lead to a bullish breakout. 3. Bullish Scenario: Upside Potential: If the price breaks above the yellow resistance zone, the next target could be around $62,343.58. This would confirm the pattern and signal a potential continuation of the upward trend. 4. Bearish Scenario: Failure to Break: If the price fails to break above the resistance zone, it could result in a pullback to the neckline of around $57,571.68 or lower. Summary Pattern: Head and Shoulders identified on the 15-minute chart. Neckline Support: Around $57,571.68. Resistance Zone: Key area to watch for a breakout just above the current price. Bullish Scenario: A break above resistance could lead to a move towards $62,343.58. Bearish Scenario: Failure to break resistance might lead to a drop back to the neckline or lower. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Long
by melikatrader94
13
Gold Bullish 6 Year OutlookPast chart history shows gold price went into a bear market from 1980 to early 2000's and again in 2011 to 2020. Currently, we are trading in the bull cycle which lasts on average 9 to 10 years. Analysts, projected a price of gold to hit 2500 by the end of this and we seem to be right on track. Price is trading inside of a bull flag where buyers and sellers are repositioning themselves. What will drive the price of gold higher by the end of this year? What about the year after that and so on? Looking back further on the weekly chart a cup and handle technical pattern is breaking out. Projected price of this breakout caps out at around 3010. Will be interesting to see if and how the price action of this commodity will reach 3k by 2030.
COMEX:GC1!Long
by supertokki52
BTC → it will touch the $85Khello guys... the chart shows a forming head and shoulders pattern! a double one! I think it will touch the gray area to form the next double right shoulders, afterwards, it will reach the neckline level (I've shown it as a dashed-line)! if the dashed line breaks up the price will touch the $85k level! let's see! ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Long
by melikatrader94
34
Why Bitcoin may move down to 12.5k1.) The 50/200 day EMA are about to complete a death cross (the 50/200 day MA have already done so, not shown above) 2.) The weekly price action has formed a rising wedge 3.) Price stalled out at the first area of resistance, failing to reach as high as the candle close from July of 2021 4.) Weekly RSI has printed a head and shoulders pattern and looks like it wants to move down. Note that there could be an interim re-test of the neckline that provides a small rally before breaking down. 5.) 12.5k is the next area of support after losing 16.5k. 6.) Volume has gone down as price corrected, indicating weakness. For Bitcoin to return to bullish, it needs to get back above the 50/200 day EMA and MA, and we should see a strong reaction following the death crosses that quickly cross back over.
INDEX:BTCUSDShort
by dudebruhwhoa
7
SPY 410 Target Now ConfirmedTraders, A couple of weeks ago you'll remember I expected a bounce off of our 200 day SMA which coincides with the bottom of my channel, making a strong area of confluence and support. But I wasn't sure if that was the end of our drop? Turns out, after testing the underside of our neckline for a patent classic retest, we have now broken below the 200 day SMA and channel. Tomorrow will provide confirmation. As of now, I will say that our $410 target down is certainly in play. And look how it coincides with the RSI! We should hit 410 right about the time the RSI is also finding its support on our long-trending touch and go. Best, Stew
AMEX:SPYShort
by stewdamus
💱 NZDUSD - Head and shoulders. Bear potential NZDUSD is forming a false breakout and reversal pattern. There is an opportunity for a decline to 0.59000 TA on high timeframe: 1) False breakout of global range resistance 2) The market considers liquidity in the area of 0.59600 as a target TA on low timeframe: 1) A false breakdown in the "head and shoulders" format is formed 2) Price starts realization of the pattern after breaking its base 3) I am waiting for a fall to 0.5985 and 0.59600. Key support📉: 0.5985 Key resistance📈: 0.60000
Short
by AndeWave
11
GOLD👑 (XAUUSD) KEY LEVEL TO WATCH 👀AND WHYGreetings, Traders! Welcome back to another insightful technical analysis, this time focusing on the fascinating world of gold, the XAUUSD pair. Our vigilant observations have led us to unravel the mysteries of this precious metal's price action. Let's jump right in and explore the intricacies without delay. Our journey begins with the emergence of the initial left shoulder back in February, marked by a price of 1959.74. Progressing onward, we encountered the pinnacle of this structure, the head, which reached its zenith in May, peaking at 2081.82. Completing this intriguing triad is the formation of the right shoulder, which reached its peak in July, reaching 1987.39. Now, a pivotal focal point commands our attention—the breakout level, a potential game-changer: the NECK LINE BREAKOUT at 1891.76. Envision this scenario—a bar confidently breaches the 1891.76 mark, accompanied by a surge in trading volume. This event serves as our trigger, setting the stage for the next phase. Following this breakout, a meticulous retest of the breakout level becomes paramount. With our groundwork laid, our gaze turns toward specific targets that vividly illustrate the bearish perspective. Let's outline these noteworthy targets: - Firstly, we pinpoint the 38% retracement level at 1821.37. This value is derived from applying Fibonacci principles, drawing a line from the neck line breakout (1891.76) to the summit of the head (2081.82). - Moving along the path, we encounter the 62% retracement level at 1776.36, further illustrating the potential downward trajectory. - Progressing with our analysis, we reach the 79% retracement level at 1743.62, presenting yet another checkpoint in this bearish narrative. - Finally, we culminate our journey at the grand finale—the 100% mark. This aligns with the identical distance between the neck line breakout (1891.76) and the towering altitude of the head (2081.82), completing our cascade of bearish targets. As we navigate the unfolding of events in the upcoming week, our vigilant focus remains fixed on gold, closely monitoring how price action aligns with our analysis. Stay tuned for updates as we observe how this intriguing scenario continues to evolve. Keep a watchful eye on gold and its unfolding price dynamics. Happy trading, and may the market be in your favor! Best regards, TCPLTP
FXOPEN:XAUUSDShort
by TradeChartPatternsLikeThePros
3