We can clearly spot a breakout on the daily chart and golden cross over playing out (Price action above EMAs). However, I will suggest we wait for a pullback before taking a position.
Buy Position
Entries - $1860 and $1832
Stoploss - $1751
Take profit - $1958 and $2037
Lotsize: This actually depends on your trading amount. However, here are my recommendations...
GOLD(XAUUSD)
Gold is 0.1% higher this morning Monday 24th of May, 2021, as it is trading along Friday’s closing price.
From the daily chart (D1), we can see a bullish channel breakout with price current at $1880 range. Also, alongside side the breakout is a golden crossover. Where price action is above EMA 55, 100 and 200.
Golden crossover is at play as we can...
GOLD (XAUUSD) H4 ANALYSIS COUNTER-TREND POSITION FOR DAY TRADERS
Having spotted a bearish engulfing candle which is one of my favorite prophecy candles..lol. It indicates room for a short position before we go on our swing bullish trade.
Sell Position
Entries – Instant or 1887
Stoploss - $1893
Take Profit - $1857 & $1835
Lotsize: This actually depends on your...
Most of the time, the strategies that appears simple are the most important ones.
So also in life... Like they say, it is the simple things that matters the most.
The above chart shows btc price action cycle pattern.
For starters this explains how price moves. We know that prices moves in 'impulse and correction' wave-like pattern (for every impulse wave, it is...
H4 chart clearly showed us a bullish reversal pattern. See the 3 boxes that formed a high, higher high and higher low at the upper part of the chart... some head and shoulder formation.
This move saw Eth drop down to $1900.
At the moment we can see a double bottom formation at the Buy/support zone below the chart.
Buy position;
E - Ladder your buys from $2100 -...
H4 shows a double bottom formation... which might see price retest $30,000 or $31,000 range to confirm that zone as a support line.
Buy position for daily traders;
E - ladder your buys from $34,500 - $31,000
SL - $29,500
TP - $49,500 - $50,500
Note;
E - Entry Price
SL - Stoploss
TP - Take Profit
Having noticed a bullish reversal pattern on the daily chart... were a high, higher high and higher low was formed (follow the small boxes on the chart). All thanks to Elon's tweets about bitcoin and some irrelevant news that came out of china which spiralled into FUD amongst many traders/investors (Fear, Uncertainty and Doubt).
Price tanked to $30,000 a major...
