XAU/USD - Confluence
Today we are looking at XAU/USD on a 4h chart with a major confluence, I'm loving the look of this shorting opportunity already!
There is so much going on in this chart, I will start by going into the longer time frames then finish off with our entry. If you look at the chart shown below we have recently broken out of our range on the weekly, this has given us our major support level on the 4h chart.
Now going into the 4h chart we have a bearish gartley with our D point just below the trendline making it the perfect reversal zone, this adds extra confirmation to this trade.
The measurements for a valid gartley are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.272 - 1.618
Final X to D: 0.786
Coming back into our original 4h chart we have our weekly trendline acting as a major support level, solid PRZ zone with everything indicating a short position and RSI becoming overbought... We're in for a huge trading opportunity.
Do you want more trading inspiration?
Instagram: instagram.com/lewglasgow/
Youtube: youtube.com/channel/UChDAc_rLyoBZuhmxFpvX9lg
Thank you to tradingview.com/u/tntsunrise/ for the insight on this opportunity.
There is so much going on in this chart, I will start by going into the longer time frames then finish off with our entry. If you look at the chart shown below we have recently broken out of our range on the weekly, this has given us our major support level on the 4h chart.
Now going into the 4h chart we have a bearish gartley with our D point just below the trendline making it the perfect reversal zone, this adds extra confirmation to this trade.
The measurements for a valid gartley are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.272 - 1.618
Final X to D: 0.786
Coming back into our original 4h chart we have our weekly trendline acting as a major support level, solid PRZ zone with everything indicating a short position and RSI becoming overbought... We're in for a huge trading opportunity.
Do you want more trading inspiration?
Instagram: instagram.com/lewglasgow/
Youtube: youtube.com/channel/UChDAc_rLyoBZuhmxFpvX9lg
Thank you to tradingview.com/u/tntsunrise/ for the insight on this opportunity.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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