Hi fam...I hope y'all are having a profitable week!
My week is currently slow, but looking at how GOLD is behaving, gives me hope that I'll be banking few profits soon.
So here I am looking at 2 possible scenarios. The first is a Buy signal that will occur after the price has formed a bullish reversal (or candle) pattern above the Weekly Neckline 2 that will lead the price to bullish break and retest the New Monthly Resistant and 8 m.a, triggering what I call, an H&S B-E.1 signal. This signal is for a trend-continuation that will lead the head and shoulder pattern to its level 2 and 3. And as for the second scenario, the price might bearish drop for the current double top L1 that will (or probably) form on or below the Weekly H&S Neckline. That will happen after the price has bearish broke and retested the patterns neckline (Weekly Neckline 2) with its accumulation phase. I call that signal a Double Top A-E.2 signal, because it signals the start of a trend. Thus when the price has triggered the double tops signal, a drop for level 1-3 will occur.
That's it for today. I hope you found value in this. If you have any questions, feel free to contact me. Have an awesome day ;)
My week is currently slow, but looking at how GOLD is behaving, gives me hope that I'll be banking few profits soon.
So here I am looking at 2 possible scenarios. The first is a Buy signal that will occur after the price has formed a bullish reversal (or candle) pattern above the Weekly Neckline 2 that will lead the price to bullish break and retest the New Monthly Resistant and 8 m.a, triggering what I call, an H&S B-E.1 signal. This signal is for a trend-continuation that will lead the head and shoulder pattern to its level 2 and 3. And as for the second scenario, the price might bearish drop for the current double top L1 that will (or probably) form on or below the Weekly H&S Neckline. That will happen after the price has bearish broke and retested the patterns neckline (Weekly Neckline 2) with its accumulation phase. I call that signal a Double Top A-E.2 signal, because it signals the start of a trend. Thus when the price has triggered the double tops signal, a drop for level 1-3 will occur.
That's it for today. I hope you found value in this. If you have any questions, feel free to contact me. Have an awesome day ;)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.