XAUUSD 5/5/21
Took a long position on gold trading with the trend
My reasons behind entry
Daily: Yesterdays candle stick closed as a very
strong bullish engulfing candle stick closing above
resistance also respecting both moving averages
as form of support
H4: price has broken structure and formed a
new high and looks to be coming back to retest
level of resistance to see if it can now hold as
a level of support also currently rejecting 0.5
on fibs and the 20SMA
H1: Price is currently rejecting the 50SMA and
0.5 on fibs i like how previous candle stick
closed showing that buyers could now be
holding broken resistance as a level of support
What I dont like is how price formed a double
top but I do like how strong the candle did close
My reasons behind entry
Daily: Yesterdays candle stick closed as a very
strong bullish engulfing candle stick closing above
resistance also respecting both moving averages
as form of support
H4: price has broken structure and formed a
new high and looks to be coming back to retest
level of resistance to see if it can now hold as
a level of support also currently rejecting 0.5
on fibs and the 20SMA
H1: Price is currently rejecting the 50SMA and
0.5 on fibs i like how previous candle stick
closed showing that buyers could now be
holding broken resistance as a level of support
What I dont like is how price formed a double
top but I do like how strong the candle did close
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