JICPT| Gold fell to test confluence zone for possible rebound
Hello everyone. Gold price fell following rise in U.S Consumer confidence from what I previous mentioned pivot level $1808. In the linked idea below that I published 12 days ago, I highlighted levels on the weekly and daily and explained why those are trouble levels for buyers.
I'm always interested in seeing how different timeframes conflict with each other and how the 'decision' has been made. Let's have a look at the weekly and daily charts.
On the weekly, the descending triangle pattern definitely works, in line with the pivot level on the daily. So, bearish on the weekly.
On the daily chart, it's uptrend if you start from the recent swing low from Sept. 29th. With the demand zone, uptrend line and MA line, price is likely to go up and terminate the weekly descending triangle pattern. So, bullish on the daily.
Rumor has it that we need to refer to the big picture. That's true.
It's also said that trend started to change from the small timeframes. Please correct me if I'm wrong.
The diverge created order flows that both buyers and sellers coming for what they think the future would be. If you follow the small timeframe, in this case, you would grab some swing trade. That's fine. If you wait till both timeframes tell you one thing, that'll make you big money.
What do you think? Give me a like to support me. Thanks.
I'm always interested in seeing how different timeframes conflict with each other and how the 'decision' has been made. Let's have a look at the weekly and daily charts.
On the weekly, the descending triangle pattern definitely works, in line with the pivot level on the daily. So, bearish on the weekly.
On the daily chart, it's uptrend if you start from the recent swing low from Sept. 29th. With the demand zone, uptrend line and MA line, price is likely to go up and terminate the weekly descending triangle pattern. So, bullish on the daily.
Rumor has it that we need to refer to the big picture. That's true.
It's also said that trend started to change from the small timeframes. Please correct me if I'm wrong.
The diverge created order flows that both buyers and sellers coming for what they think the future would be. If you follow the small timeframe, in this case, you would grab some swing trade. That's fine. If you wait till both timeframes tell you one thing, that'll make you big money.
What do you think? Give me a like to support me. Thanks.
Commento:
Yep. Reacted to the zone.
plan your trade and trade your plan
